Handling payroll globally is a challenging job … Papaya Global Payroll And Hr…
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Over the last five or 6 years …Papaya Global Payroll And Hr… roles on the service provider side and also on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it is 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 very bleak and I wish I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we’ll also discuss a recap which needs to leave his time at the extremely extremely 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 labor forces end up being more and more typical and managing them becomes increasingly more complex Global companies are looking to find Solutions and new ways to streamline procedures especially from a payroll and cross-border payment perspective numerous companies maintain different savings account just for payroll while some have multiple accounts in various nations does it make good sense for companies to preserve separate savings account often in different countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies improve the episode complex processes of
making payroll payments properly efficiently safely and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of reasons most importantly regulations compliance information security and banking guidelines then there are the large numbers they include more intricacy the global Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the conventional payroll model there’s often an overwhelming variety of different systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or really extremely standard there’s no real consistency structure we’re living in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization invests in worldwide payroll the less of a picture they see an absence of visibility also reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide services have 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 poor HCM data data entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and after that when you round everything off and the information is delivered to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they depend on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges business face when they’re making payments to employees or otherwise that’s a great concern I constantly toss this back and say what is it what doesn’t need to be consisted of best and what does
it require to be considered there’s differing 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity anywhere you look ideal ultimately developing a knowledge base is absolutely crucial however all over you look with payroll payment they are like extremely 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 absolutely fundamental and innovation is enabling us to type of move on with that it likewise as well to add to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely important that payroll and financing teams work closer together than ever um I’m always amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation 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 anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of crucial to contribute to kind of the level of complexity there’s more and more advantages being organ or being offered by businesses throughout the world so again you’re simply seeking to include a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine difficulties or genuine difficult type of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of years I would definitely say that the bigger an organization 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 groups feeding info into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and an age that you understand that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single biggest liability that any business has from an expense perspective from an impact viewpoint on workers it is definitely crucial that it’s done properly 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 most significant destructive impact on people’s well-being and numerous other aspects if individuals aren’t paid uh I’ve constantly been impressed entering this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise 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 crucial that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment service is an excellent initial step um supplying an end-to-end payroll option for your employees globally again I believe is another big um procedure again aligning and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of services and minimizing the number of tools platforms and checking account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyway we know 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 easy as possible for everyone that’s involved in those procedures and also so think of sorry I’m simply I was just gon na say 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 talking about hundreds of thousands potentially Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of try to return to everyone so moving on look why do business pick to main different bank accounts there are Papaya Global Payroll And Hr businesses out there doing exactly this for particular nations and I have actually worked in an organization or many companies doing precisely that I can say it does not constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for anyone where we don’t have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the requirement I think people have actually got so utilized to we require a new bank account we open an entity and rightly so you need 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 requirement and the norm the people have adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I think this is a process that requires looking at it needs changing but ultimately people are really stuck with what they’re familiar
with ideal um change is a challenging thing all of us don’t like change um so I believe it’s just kind 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 benefits of having preserving several savings account but there’s a big amount of complexity opts for setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is substantial however I think the sincere response is change um people haven’t had the ability to change or have not had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century approximately there is a lot to track and this method does position a number of obstacles um so Johnny could you tell us about those challenges yeah obviously 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 handle our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Payroll And Hr
I discover time and time again the workers often misclassified unknowingly they don’t comprehend the conditions of work or contract and are informed by the customer why it’s most advantageous generally to the customer why you need to be utilized or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have actually gone by they have not contributed to pensions Etc so it’s a big impact that they never ever knew they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy business are getting insurance coverage versus misclassification but normally premiums are just covering the expense of legal costs whilst the average claim assessed versus companies corresponds to to 40 or half of the base pay of employee is there any point in getting insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes charge and interest for the most part I have not seen it a minimum of so uh the the other location 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 reality that you were not in compliance with laws um in the UK