Handling payroll internationally is a complicated task … Papaya Global Printing Payslips…
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Over the last five or six years …Papaya Global Printing Payslips… functions on the supplier side and also on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very dreary and I want I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business maintain separate
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially beneficial for international organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of preserving different savings account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of reasons most significantly policies compliance information security and banking guidelines then there are the large numbers they add additional intricacy the global Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the standard payroll model there’s frequently a frustrating variety of different systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in big amounts and or extremely really basic there’s no genuine consistency structure we’re living in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a service invests in worldwide payroll the less of a photo they see a lack of visibility likewise reaches payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of international companies have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors poorly interacted hires and terminations along with lack management and system configurations and then when you round it all off and the information is delivered to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they rely on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s a good question I constantly toss this back and say what is it what does not require to be consisted of ideal and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy any place you look right ultimately constructing a knowledge base is definitely important however all over you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to kind of progress with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely vital that payroll and finance teams work better together than ever um I’m always surprised when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more essential to contribute to sort of the level of complexity there’s more and more advantages being organ or being offered by organizations throughout the world so again you’re simply seeking to include increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine challenges or genuine difficult sort of pay utilizes to play to pay people I think yeah I imply over the last well yeah a number of decades I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and a period that you understand that we are working in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from an expense viewpoint from an effect viewpoint on employees it is definitely critical that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging effect on individuals’s well-being and many other aspects if people aren’t paid uh I have actually always been amazed entering into this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment solution is an excellent initial step um offering an end-to-end payroll solution for your staff members internationally again I believe is another big um procedure once again lining up and guaranteeing you have standardization International processes all of those things are absolutely key to success success of companies and minimizing the variety of tools platforms and savings account they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand how how essential a function it is which’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everyone that’s involved in those processes and also so think of sorry I’m simply I was just gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and in fact see what was going on and kind of try to return to everybody so moving on look why do companies choose to primary different savings account there are Papaya Global Printing Payslips services out there doing precisely this for specific nations and I have actually worked in a service or many organizations doing precisely that I can say it does not always feel effective and it does create more work I understand we’re not deliberately doing that we’re not developing additional work for anybody where we do not need to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the requirement I believe individuals have got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I believe this is a process that needs taking a look at it needs changing but eventually individuals are really stuck with what they recognize
with right um modification is a hard thing we all don’t like modification um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having keeping multiple bank accounts however there’s a substantial quantity of complexity chooses establishing a bank account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the complexity is huge but I think the sincere answer is modification um people haven’t had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change however we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century or so there is a lot to monitor and this method does posture a number of obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Printing Payslips
I find time and time again the employees typically misclassified unconsciously they do not understand the conditions of employment or contract and are told by the customer why it’s optimum generally to the client why you ought to be used or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and health care benefits of the worker can be impacted and a number of times it can be years before this all falls out and by that time it’s too late years have passed they have not contributed to pensions And so on so it’s a huge impact that they never knew they were walking into you couldn’t agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy business are taking out insurance versus misclassification however normally premiums are only covering the cost of legal fees whilst the typical claim evaluated against employers relates to to 40 or half of the base salary of employee is there any point in getting insurance coverage and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes charge and interest in many cases I haven’t seen it a minimum of so uh the the other location that I do believe if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK