Handling payroll internationally is a difficult task … Papaya Global Saudi Arabia…
How much revenue does the company make? Papaya Global Saudi Arabia
Over the last 5 or six years …Papaya Global Saudi Arabia… functions on the supplier side and also on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it remains 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 really really bleak and I want I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll also go over a recap which needs to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and handling them ends up being more and more complex Worldwide organizations are aiming to discover Solutions and brand-new methods to enhance processes specifically from a payroll and cross-border payment standpoint lots of companies keep separate savings account just for payroll while some have multiple accounts in various nations does it make sense for companies to keep separate bank accounts sometimes in different nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies streamline the episode complex processes of
Ensuring precise, effective, and timely payroll payments is a complex difficulty for businesses running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, discover how business forecast payroll expenses to enhance working capital, and discover how simplifying global payroll payments can transform them from a challenging job into a tactical property.
due to different guidelines, compliance requirements, information security concerns, and banking guidelines. The large number of staff members and businesses contributes to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems often lead to manual processes, data silos, and a lack of integration, causing inconsistencies and ineffectiveness. Regardless of residing in a period of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to offer insights and options to simplify and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a service spends on global payroll the less of an image they see an absence of presence also encompasses payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide companies have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes improperly interacted hires and terminations in addition to absence management and system setups and then when you round everything off and the information is delivered to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they count on the necessary several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s a great concern I constantly throw this back and say what is it what does not need to be consisted of best and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity any place you look best eventually developing a knowledge base is definitely critical however all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is enabling us to kind of move forward with that it also also to contribute to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing teams work more detailed together than ever um I’m constantly amazed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more essential to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being offered by organizations throughout the world so again you’re simply wanting to add more and more payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real obstacles or genuine challenging type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s actually handling the payment side of things but you know in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to produce extra handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and an era that you understand that we are operating in today there is no reason that we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any company has from an expense viewpoint from an impact perspective on workers it is absolutely important that it’s done properly and on time so what we imply 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 detrimental effect on people’s wellness and lots of other elements if people aren’t paid uh I have actually always been astonished entering this Market sort of the last 5 to 10 years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just see when things fail. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally as well. For that reason, it is vital to guarantee that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the very first Global Payments first payroll payment option is a fantastic preliminary action towards providing a comprehensive payroll option for employees worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and checking account essential for global payroll are key factors in accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things don’t go as planned. Eventually, we do not do it for the appreciation.
anyway we know how how essential a function it is and that’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 everybody that’s involved in those procedures and likewise so imagine sorry I’m simply I was just gon na state envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and actually see what was going on and type of shot to return to everyone so moving on appearance why do companies choose to primary different bank accounts there are Papaya Global Saudi Arabia companies out there doing precisely this for particular countries and I have actually worked in a company or many services doing precisely that I can say it doesn’t always feel effective and it does create more work I understand we’re not purposely doing that we’re not creating extra work for anybody where we do not have to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think many factors one is it’s the standard I believe individuals have actually got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a process that requires looking at it requires changing but ultimately people are extremely stuck with what they’re familiar
with ideal um modification is a challenging thing all of us do not like modification um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having preserving multiple savings account however there’s a substantial amount of intricacy goes with establishing a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is substantial however I believe the sincere answer is change um people have not been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to change but we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century or two there is a lot to keep an eye on and this approach does pose several challenges um so Johnny could you tell us about those difficulties yeah obviously so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Saudi Arabia
I discover time and time again the employees typically misclassified unknowingly they do not comprehend the conditions of employment or contract and are told by the customer why it’s optimum mainly to the customer why you must be employed or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be affected and several times it can be years before this all falls out and by that time it’s too late years have passed they haven’t contributed to pensions Etc so it’s a huge effect that they never knew they were walking into you could not agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy business are securing insurance coverage versus misclassification however usually premiums are just covering the expense of legal charges whilst the typical claim assessed against companies relates to to 40 or 50 percent of the base pay of worker exists any point in securing insurance coverage and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes penalty and interest most of the times I have not seen it a minimum of so uh the the other location that I do believe if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK