Managing payroll worldwide is a challenging task … Setting Up Nest In Papaya Global…
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Over the last 5 or six years …Setting Up Nest In Papaya Global… roles on the service provider side and also on the vendor side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply provide everyone another number 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 fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really gloomy and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll likewise go over a wrap-up and that needs to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of typical and managing them ends up being increasingly more intricate Global companies are wanting to find Solutions and brand-new methods to simplify procedures particularly from a payroll and cross-border payment viewpoint many companies maintain separate checking account just for payroll while some have several accounts in different nations does it make good sense for companies to maintain separate checking account often in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping international companies enhance the episode complex procedures of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex obstacle for organizations operating internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, learn how companies anticipate payroll expenses to optimize working capital, and discover how improving global payroll payments can transform them from a difficult job into a tactical possession.
due to different guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer variety of workers and businesses contributes to the complexity, with an approximated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically lead to manual processes, data silos, and an absence of integration, causing inconsistencies and inefficiencies. In spite of living in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to offer insights and services to streamline and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a service invests in worldwide payroll the less of a photo they see a lack of presence also reaches payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of international services have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors poorly communicated hires and terminations in addition to absence management and system setups and after that when you round everything off and the information is shipped to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they depend on the needed numerous 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 business face when they’re making payments to workers or otherwise that’s a great question I constantly toss this back and state what is it what does not need to be included ideal and what does
it require to be considered 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 need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy anywhere you look right eventually constructing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble super payments no if but 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 absolutely fundamental and innovation is enabling us to type of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely important that payroll and finance groups work closer together than ever um I’m constantly amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession 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 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 likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of crucial to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being offered by services across the world so again you’re simply wanting to include more and more payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real obstacles or genuine difficult sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of years I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding details 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 require to be the case you understand long gone are the times where we require to create additional 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 difficult as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an effect perspective on workers it is absolutely important that it’s done properly 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 greatest harmful impact on individuals’s wellness and lots of other aspects if people aren’t paid uh I’ve always been surprised entering into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle we all find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done properly so leveraging the first Global Payments first payroll payment option is a terrific first step um providing an end-to-end payroll solution for your staff members internationally once again I think is another huge um process again aligning and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of businesses and decreasing the variety of tools platforms and checking 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’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we understand how how essential a role 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 easy as possible for everybody that’s involved in those processes and also so think of sorry I’m simply I was just gon na state picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially 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 absolutely be an interesting job 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 need days of the week to try to browse them and in fact see what was going on and kind of shot to return to everybody so proceeding look why do business pick to primary separate bank accounts there are Setting Up Nest In Papaya Global organizations out there doing precisely this for particular nations and I’ve worked in an organization or many services doing exactly that I can say it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not producing extra work for any person where we do not have to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the standard I think individuals have actually got so used to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I believe this is a process that needs looking at it requires altering however ultimately individuals are very stuck with what they recognize
with right um modification is a tough thing all of us don’t like change um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having preserving multiple savings account but there’s a huge quantity of complexity chooses establishing a savings account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is substantial however I believe the honest answer is change um individuals haven’t had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter however we have actually always 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 might nearly be identified to be the next Century approximately there is a lot to keep an eye on and this technique does position several obstacles um so Johnny might you tell us about those obstacles 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 manage our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your achievements. Setting Up Nest In Papaya Global
I discover time and time again the workers frequently misclassified unwittingly they do not comprehend the conditions of work or agreement and are told by the client why it’s optimum mainly to the customer why you must be employed or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be affected and a number of times it can be years before this all falls out and by that time it’s far too late years have actually passed they have not added to pensions And so on so it’s a big impact that they never understood they were strolling into you couldn’t agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy companies are getting insurance coverage versus misclassification however usually premiums are just covering the cost of legal charges whilst the typical claim assessed against companies relates to to 40 or 50 percent of the base pay of worker 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 in many cases I haven’t seen it a minimum of so uh the the other location that I do think 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 fact that you were not in compliance with laws um in the UK