Managing payroll worldwide is an overwhelming job … How To Set Up Departments In Papaya Global…
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Over the last five or 6 years …How To Set Up Departments In Papaya Global… functions on the supplier side and also on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type 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 definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really gloomy and I want I was somewhere else at this moment in time okay 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 handling Global payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll also go over a recap which must leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers 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 handling them becomes more and more complicated International organizations are wanting to discover Solutions and new methods to simplify processes particularly from a payroll and cross-border payment perspective numerous companies preserve separate savings account just for payroll while some have multiple accounts in different countries does it make good sense for companies to keep different bank accounts in some cases in different countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business simplify the episode complex processes of
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one country but when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of reasons most notably guidelines compliance information security and banking rules then there are the large numbers they add further complexity the international Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll design there’s frequently a frustrating number of different systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or extremely very fundamental there’s no genuine consistency structure we’re living in a period of tech however 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 simply blows my mind each time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more an organization spends on international payroll the less of an image they see a lack of presence likewise reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of international services have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes poorly communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the information is shipped to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they count on the essential several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re paying to staff members or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t require to be included ideal and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 customer’s own in-country account so there’s complexity anywhere you look ideal ultimately building a knowledge base is absolutely important however all over you look with payroll payment they are like very payments no if but some children 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 acknowledgment that payroll payments are absolutely basic and technology is enabling us to type of move forward with that it also as well to add to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely important that payroll and finance groups work more detailed together than ever um I’m always amazed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data 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 a growing number of essential to add to type of the level of intricacy there’s more and more benefits being organ or being used by organizations across the world so again you’re just wanting to include increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real obstacles or genuine tough sort of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of years I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need 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 timely they make them less efficient and they do not make them what they need to be in in an era of tech and an era that you know that we are working in today there is no reason we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any company has from an expense point of view from an effect perspective on employees it is absolutely vital 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 biggest destructive result on individuals’s wellness and many other aspects if individuals aren’t paid uh I have actually constantly been amazed entering this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle we all find out about it when it goes wrong everyone 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment solution is a terrific first step um providing an end-to-end payroll solution for your employees worldwide again I think is another huge um process once again aligning and ensuring you have standardization Global procedures all of those things are absolutely key to success success of organizations and reducing the number of tools platforms and bank accounts they need for their International payroll too couldn’t agree with you more and on the the front in terms of 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 five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know how how essential 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 picture sorry I’m just I was just gon na say think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and really see what was going on and type of try to return to everyone so moving on look why do companies select to primary separate checking account there are How To Set Up Departments In Papaya Global businesses out there doing exactly this for specific nations and I’ve worked in an organization or many businesses doing exactly that I can say it does not always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we don’t have to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the requirement I think individuals have got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll purposes however 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 adopted 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 think there’s a variety I believe this is a process that needs taking a look at it requires altering however ultimately individuals are extremely stuck to what they’re familiar
with ideal um modification is a tough thing all of us don’t like change um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having preserving multiple bank accounts however there’s a substantial amount of complexity chooses setting up a checking account preserving it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for private individuals so the complexity is big however I believe the truthful response is modification um individuals have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century or so there is a lot to monitor and this approach does present numerous difficulties um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so
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I find time and time again the workers typically misclassified unwittingly they don’t understand the conditions of employment or contract and are told by the client why it’s most advantageous generally to the client why you should be used or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care benefits of the worker can be affected and several times it can be years before this all falls out and by that time it’s too late years have actually gone by they have not added to pensions And so on so it’s a big impact that they never knew they were strolling into you could not agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy companies are getting insurance coverage versus misclassification however typically premiums are just covering the expense of legal charges whilst the typical claim examined versus employers equates to to 40 or 50 percent of the base pay of worker exists any point in securing 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 in many cases I have not seen it a minimum of so uh the the other area that I do believe if you managed to get the coverage 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