Handling payroll worldwide is a challenging task … Papaya Global Trustpilot…
How much revenue does the company make? Papaya Global Trustpilot
Over the last five or six years …Papaya Global Trustpilot… roles on the supplier side and also on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely dreary and I want I was somewhere else at this moment in time okay so let’s get going 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 preserve separate
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially helpful for worldwide organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of maintaining different bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently securely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most notably policies compliance information security and banking rules then there are the sheer numbers they include additional intricacy the global Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll design there’s often an overwhelming variety of different systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or really extremely fundamental there’s no genuine consistency structure we’re residing in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more a service invests in worldwide payroll the less of an image they see a lack of presence likewise extends to payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide businesses have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes badly communicated hires and terminations in addition to absence management and system setups and after that when you round everything off and the information is delivered to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they depend on the required multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to staff members or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t require to be consisted of ideal and what does
it require to be thought of there’s varying Bank information 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 customer’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is permitting us to kind of progress with that it also too to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and financing groups work closer together than ever um I’m constantly impressed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being offered by services across the world so once again you’re just wanting to add a growing number of payments to this currently intricate landscape so if you type 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 obstacles or real challenging kind of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments functions 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 know in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to create additional handoffs in the processes that we run in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason 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 service has from a cost viewpoint from an effect point of view on workers it is definitely critical that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental result on individuals’s wellness and numerous other factors if people aren’t paid uh I have actually always been amazed entering this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this things is done correctly so leveraging the first Global Payments very first payroll payment service is an excellent primary step um providing an end-to-end payroll service for your staff members internationally once again I think is another huge um procedure again aligning and guaranteeing you have standardization Global processes all of those things are definitely key to success success of companies and reducing the variety of tools platforms and bank accounts they need for their International 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 thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand 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 everyone that’s involved in those procedures and also so imagine sorry I’m simply I was simply 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 hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and sort of shot to get back to everybody so carrying on appearance why do business choose to main different checking account there are Papaya Global Trustpilot businesses out there doing exactly this for particular countries and I’ve operated in a company or many services doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we do not need to and anybody 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 amount that we are I believe numerous reasons one is it’s the requirement 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 purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I think this is a process that requires looking at it needs altering however eventually individuals are very stuck with what they recognize
with best um modification is a challenging thing all of us don’t like modification um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having keeping multiple checking account but there’s a substantial amount of intricacy opts for setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the intricacy is huge however I think the truthful answer is modification um individuals have not had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be determined to be the next Century or two there is a lot to track and this approach does present a number of difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you should have a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Trustpilot
I discover time and time again the workers frequently misclassified unknowingly they do not understand the conditions of employment or contract and are informed by the customer why it’s optimum primarily to the customer why you must be employed or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be affected and several times it can be years before this all falls out and by that time it’s far too late years have passed they have not added to pensions Etc so it’s a huge impact that they never 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 10 years um Kathy companies are securing insurance coverage versus misclassification but normally premiums are just covering the expense of legal fees whilst the average claim evaluated against employers equates to to 40 or 50 percent of the base salary of employee is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes penalty and interest for the most part 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 saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK