Managing payroll worldwide is an overwhelming task … Papaya Global Support Online…
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Over the last five or six years …Papaya Global Support Online… functions on the supplier side and also on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really uninspiring and I wish I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business maintain separate
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly helpful for international companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping different checking account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how companies properly forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of reasons most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they add further intricacy the international Workforce is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the traditional payroll model there’s often an overwhelming number of various systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in large quantities and or extremely extremely fundamental there’s no real consistency framework we’re residing in an era of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more an organization invests in international payroll the less of a picture they see a lack of visibility likewise reaches payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of global services have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors poorly communicated hires and terminations as well as lack management and system setups and then when you round it all off and the data is shipped to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they depend on the needed 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 obstacles service face when they’re paying to staff members or otherwise that’s a great concern I always toss this back and say what is it what does not require to be included 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 country there’s payment amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity any place you look right eventually developing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble incredibly payments no if however some babies 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 believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is enabling us to kind of move forward with that it also too to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely essential that payroll and financing teams work closer together than ever um I’m constantly amazed when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately 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 however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on wellness and the payment landscape is becoming increasingly elaborate. Organizations are continuously presenting brand-new benefits and payment choices, which adds to the general intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s technologically advanced age, there’s no reason for keeping cumbersome treatments. Payroll, the company’s biggest cost, should be processed properly and on time. Even small delays can negatively impact workers’ well-being and have significant repercussions. For that reason, it’s crucial to focus on precise and timely payments.
payroll group get um so I’m unsure anybody on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment option is an excellent initial step um providing an end-to-end payroll solution for your staff members internationally again I believe is another substantial um procedure again aligning and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of businesses and decreasing the variety of tools platforms and savings account they need for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyway we know how how crucial 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 everybody that’s involved in those procedures and also so imagine sorry I’m just I was simply gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions picture getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and kind of shot to return to everyone so moving on look why do business select to primary separate bank accounts there are Papaya Global Support Online services out there doing precisely this for specific nations and I have actually worked in a company or lots of services doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing extra work for any person where we don’t have to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many factors one is it’s the standard I think people have actually got so used to we need a brand-new savings account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs changing but eventually individuals are very stuck with what they recognize
with ideal um modification is a hard thing all of us do not like modification um so I believe it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having keeping multiple bank accounts but there’s a big amount of intricacy goes with establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is big but I think the honest answer is change um individuals haven’t had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century or two there is a lot to keep track of and this method does posture numerous obstacles um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so
I recently made a change to our Enterprise 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 gotten another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Support Online
I discover time and time again the employees often misclassified unconsciously they don’t understand the conditions of work or contract and are informed by the client why it’s optimum generally to the client why you should be used or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be impacted 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 big effect that they never understood they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy business are taking out insurance coverage versus misclassification however usually premiums are just covering the cost of legal costs whilst the typical claim evaluated against employers equates to to 40 or half of the base pay of employee exists any point in securing insurance and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes penalty and interest in most cases I haven’t seen it a minimum of so uh the the other area 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 rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK