Managing payroll globally is a complicated job … Year End Papaya Global…
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Over the last 5 or six years …Year End Papaya Global… roles on the service provider side and likewise on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply 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 quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually 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 very extremely uninspiring and I want I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business preserve separate
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping different checking account for payroll in different nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most importantly guidelines compliance information security and banking guidelines then there are the large numbers they include additional complexity the worldwide Labor force is presently 3 and a half billion individuals by 2030 it’s approximated 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 services and growing all doing their own thing worldwide in the traditional payroll design there’s typically a frustrating number of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or really really fundamental there’s no genuine consistency structure we’re residing in an age 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 frequently with pen and paper which simply blows my mind whenever I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization invests in international payroll the less of an image they see an absence of visibility also encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of international businesses have revealed 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 due to time reporting bad HCM information data entry mistakes badly interacted hires and terminations in addition to lack management and system configurations and after that when you round everything off and the information is shipped to the wrong location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they count on the necessary several procedures 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 challenges service face when they’re making payments to workers or otherwise that’s a great question I constantly toss this back and say what is it what does not require to be consisted of best and what does
it need to be thought of there’s varying Bank information 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 client’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is definitely vital however all over 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 type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to kind of progress with that it likewise as well to add to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely vital that payroll and finance teams work closer together than ever um I’m constantly amazed when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 frequently 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 likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more important to add to type of the level of complexity there’s more and more advantages being organ or being used by services across the world so again you’re simply wanting to include a growing number of payments to this already complex 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 genuine difficulties or real tough type of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of decades I would definitely 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 job there are groups feeding information into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to develop additional handoffs in the processes that we operate 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 age of tech and an era that you know that we are working in today there is no reason why we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from a cost point of view from an impact viewpoint on employees it is absolutely 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 impact on people’s well-being and lots of other factors if people aren’t paid uh I have actually constantly been amazed entering this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle all of us find out about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think 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 stuff is absolutely essential that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment service is an excellent initial step um supplying an end-to-end payroll service for your workers internationally once again I think is another substantial um procedure once again aligning and guaranteeing you have standardization International processes all of those things are definitely essential to success success of companies and decreasing the number of tools platforms and bank accounts they require for their International 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 ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyhow we know how how important 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 everyone that’s associated with those procedures and likewise so envision sorry I’m just I was simply 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 sure we’re talking about numerous thousands possibly Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting 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 was the case um you ‘d need days of the week to attempt to check out them and in fact see what was going on and kind of try to get back to everybody so carrying on look why do companies choose to primary different checking account there are Year End Papaya Global businesses out there doing precisely this for particular countries and I’ve operated in a company or numerous businesses doing precisely that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for anyone where we do not need to and anyone that’s managing 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 reasons one is it’s the standard I believe individuals have got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people 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 lots of other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it requires changing however eventually individuals are really stuck with what they’re familiar
with ideal um change is a tough thing we all don’t like change 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 things um I comprehend clearly the advantages of having preserving multiple savings account however there’s a huge amount of intricacy opts for setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual individuals so the intricacy is huge however I believe the sincere answer is change um individuals have not had the ability to change or have not had always the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century or two there is a lot to keep track of and this approach does pose several challenges um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so
I just 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 feels like our CFO has acquired another CFO, and with this boosted 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 deserve a corner workplace with a parking space that is closer, considering your accomplishments. Year End Papaya Global
I discover time and time again the employees often misclassified unwittingly they do not understand the conditions of employment or contract and are informed by the client why it’s most advantageous primarily to the customer why you ought to be employed or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have gone by they have not added to pensions Etc so it’s a huge 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 business are getting insurance coverage against misclassification however typically premiums are just covering the cost of legal charges whilst the average claim evaluated versus companies equates to to 40 or 50 percent of the base pay of employee exists any point in taking out insurance and what is the alternative yeah to your point um you do require to check out the small 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 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 coverage on the basis of the reality that you were not in compliance with laws um in the UK