Managing payroll internationally is an overwhelming job … Hmrc Papaya Global…
How much revenue does the company make? Hmrc Papaya Global
Over the last 5 or 6 years …Hmrc Papaya Global… roles on the supplier side and likewise on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll type 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 sort of like see where everyone comes from and I really 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 raining here it’s really really gloomy and I wish I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies keep separate
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially useful for worldwide companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of preserving different savings account for payroll in different nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most notably guidelines compliance information security and banking rules then there are the large numbers they include additional intricacy the worldwide Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people 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 worldwide in the standard payroll design there’s often a frustrating variety of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or very very standard there’s no real consistency framework 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 often with pen and paper and that simply blows my mind each time I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization invests in worldwide payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide companies have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes badly communicated hires and terminations in addition to lack management and system configurations and then when you round it all off and the data is shipped to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they depend on the required several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re paying to workers or otherwise that’s an excellent question I constantly throw this back and say what is it what does not require to be included right and what does
it need to be thought about 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 consumer’s own in-country account so there’s complexity wherever you look ideal eventually developing a knowledge base is absolutely important however all over you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is allowing us to sort of move forward with that it also as well to add to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and financing groups work closer together than ever um I’m constantly astonished when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high worth on well-being and the compensation landscape is ending up being progressively elaborate. Companies are continuously presenting brand-new advantages and payment options, which adds to the total complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can lead to inadequacies and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s technologically advanced era, there’s no justification for preserving troublesome procedures. Payroll, the business’s most significant expenditure, should be processed properly and on time. Even small hold-ups can adversely affect workers’ well-being and have significant repercussions. For that reason, it’s crucial to focus on precise and timely payments.
payroll group get um so I’m not sure anybody on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment option is an excellent first step um providing an end-to-end payroll service for your workers worldwide once again I think is another huge um process once again lining up and ensuring you have standardization Global processes all of those things are definitely crucial to success success of organizations and reducing the number of tools platforms and checking account they need for their International 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 have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know 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 procedures and also so think of sorry I’m simply I was just gon na state picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions envision getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job 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 require days of the week to attempt to browse them and really see what was going on and sort of try to get back to everyone so proceeding look why do business choose to main different savings account there are Hmrc Papaya Global services out there doing exactly this for specific nations and I’ve worked in an organization or numerous services doing precisely that I can say it doesn’t always feel efficient and it does create more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we don’t 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 amount that we are I believe numerous reasons one is it’s the requirement I think individuals have got so used to we require a new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I think this is a process that needs looking at it needs changing but eventually individuals are extremely stuck with what they recognize
with right um change is a challenging thing we all do not like change um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having maintaining numerous bank accounts but there’s a big quantity of complexity chooses establishing a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is big however I believe the truthful response is change um individuals haven’t had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or so there is a lot to keep an eye on and this technique does pose numerous obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a variety right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you should have a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Hmrc Papaya Global
I discover time and time again the workers often misclassified unwittingly they do not understand the conditions of employment or agreement and are told by the client why it’s optimum generally to the customer why you ought to be employed or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have gone by they haven’t contributed to pensions And so on so it’s a huge effect that they never understood they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy business are securing insurance coverage against misclassification but generally premiums are only covering the cost of legal fees whilst the average claim assessed against employers 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 read the small print it is not covering the taxes charge and interest for the most part I have not 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 stuff you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK