Handling payroll globally is a daunting job … Papaya Global Telephone…
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Over the last 5 or 6 years …Papaya Global Telephone… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very bleak and I want I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business preserve different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical property uh we’ll also discuss a wrap-up which needs to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and managing them becomes more and more complex Worldwide organizations are looking to find Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment viewpoint many organizations maintain different bank account just for payroll while some have several accounts in different countries does it make good sense for business to keep separate checking account in some cases in different nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international companies streamline the episode complex processes of
making payroll payments properly effectively securely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most importantly policies compliance data security and banking guidelines then there are the large numbers they add further intricacy the global Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll model there’s often an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely extremely basic there’s no genuine consistency framework we’re living in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that offers me sleepless nights and quite honestly the more a company invests in international payroll the less of a photo they see a lack of presence also reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide organizations have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes improperly communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the information is shipped to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they count on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re paying to employees or otherwise that’s a great concern I always toss this back and say what is it what doesn’t require to be included ideal and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 have to pay from the client’s own in-country account so there’s intricacy any place you look right eventually building a knowledge base is definitely important but everywhere you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind 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 technology is permitting us to kind of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely crucial that payroll and financing teams work closer together than ever um I’m always astonished when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation 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 procedure it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to contribute to type of the level of complexity there’s increasingly more advantages being organ or being offered by businesses throughout the world so once again you’re simply aiming to add increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine challenges or real tough kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to produce additional handoffs at the same times that we run in they just make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any company has from a cost point of view from an impact viewpoint 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 need to be done right it has the greatest destructive impact on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I have actually always been impressed coming into this Market sort of the last five to ten years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just observe when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s perceived externally also. For that reason, it is vital to make sure that tasks like Wi-Fi Global and other important matters are done properly. Using the first Worldwide Payments first payroll payment service is a terrific preliminary step towards providing a thorough payroll service for workers worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and bank accounts needed for international payroll are crucial consider attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things do not go as planned. Ultimately, we do not do it for the thankfulness.
anyhow we understand how how important a role 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 associated with those procedures and also so imagine sorry I’m just I was just gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and really see what was going on and kind of shot to get back to everyone so proceeding appearance why do companies pick to primary separate bank accounts there are Papaya Global Telephone companies out there doing exactly this for particular nations and I have actually operated in a service or many organizations doing precisely that I can state it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating extra work for any person where we do not need to and anybody that’s dealing with that process 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 believe many factors one is it’s the standard I think people have got so used to we need a new savings account we open an entity and appropriately so you require it for payroll functions 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 individuals have embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs altering however eventually individuals are really stuck with what they’re familiar
with best um change is a hard thing we all do not like modification um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining multiple checking account but there’s a huge quantity of intricacy opts for establishing a checking account keeping it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is substantial but I believe the sincere answer is change um people have not been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe 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 excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century or so there is a lot to keep track of and this technique does position a number of obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I recently made a change 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 improved ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Telephone
I discover time and time again the employees frequently misclassified unknowingly they do not understand the conditions of work or contract and are informed by the customer why it’s most advantageous mainly to the client why you should be employed or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have actually passed they have not added to pensions And so on so it’s a huge impact that they never ever knew they were walking 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 getting insurance coverage against misclassification but typically premiums are just covering the cost of legal costs whilst the typical claim assessed against companies relates to to 40 or 50 percent of the base salary of worker is there any point in taking out insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest for the most part I haven’t seen it at least so uh the the other area that I do think if you managed to get the protection what we are saying 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