Handling payroll worldwide is an overwhelming job … Papaya Global Affiliate…
How much revenue does the company make? Papaya Global Affiliate
Over the last 5 or 6 years …Papaya Global Affiliate… roles on the provider side and likewise on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I actually 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 extremely extremely bleak and I want I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business keep separate
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping separate savings account for payroll in different countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one country however when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of reasons most significantly guidelines compliance information security and banking guidelines then there are the large numbers they include additional complexity the worldwide Workforce is presently three 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 currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll model there’s typically an overwhelming number of different systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or extremely extremely basic there’s no real consistency framework we’re residing in an age of tech however 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 which simply blows my mind whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a service invests in global payroll the less of a photo they see a lack of presence likewise reaches payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide organizations have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is shipped to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they depend on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they’re paying to workers or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t need to be consisted of best and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 consumer’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is definitely important but everywhere you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to type of progress with that it also as well to contribute to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely vital that payroll and financing teams work closer together than ever um I’m always impressed when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t 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 often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more essential to add to sort of the level of intricacy there’s more and more benefits being organ or being offered by services throughout the world so again you’re simply seeking to add increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real difficulties or genuine challenging type of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and an era that you understand that we are working in today there is no reason we are still making this as tough as it requires to be agreed and rightly as you said payroll is the single biggest liability that any organization has from an expense viewpoint from an impact perspective on staff members 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 most significant detrimental effect on people’s wellness and numerous other aspects if individuals aren’t paid uh I’ve constantly been surprised coming into this Market type of the last 5 to ten years is how little thanks the
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just observe when things fail. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s perceived externally also. For that reason, it is vital to ensure that tasks like Wi-Fi Global and other essential matters are done properly. Utilizing the first International Payments very first payroll payment option is a terrific initial action towards providing a detailed payroll service for workers worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and bank accounts needed for worldwide payroll are key factors in achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things don’t go as prepared. Eventually, we do not do it for the appreciation.
anyhow we understand how how essential 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 simple as possible for everybody that’s associated with those procedures and also so think of sorry I’m simply I was simply gon na say picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job attempting to clean all those up for sure oh absolutely 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 type of shot to get back to everyone so moving on look why do business choose to primary different checking account there are Papaya Global Affiliate services out there doing exactly this for specific nations and I’ve worked in an organization or numerous businesses doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we do not need to and anybody that’s dealing with 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 many reasons one is it’s the standard I think people have got so utilized to we require a brand-new savings 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 embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs altering but ultimately individuals are really stuck with what they’re familiar
with right um change is a challenging thing all of us do not like modification um so I think it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having keeping numerous checking account however there’s a substantial quantity of complexity goes with setting up a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for specific individuals so the complexity is big but I believe the truthful response is change um people haven’t had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might practically be figured out to be the next Century approximately there is a lot to keep an eye on and this method does position a number of difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so
I just did you switched 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 employees you should have a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Affiliate
I discover time and time again the employees typically misclassified unconsciously they don’t understand the conditions of work or contract and are told by the customer why it’s optimum generally to the customer why you ought to be used or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee 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 gone by they have not added to pensions Etc so it’s a big impact that they never ever understood they were walking into you could not agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy companies are getting insurance coverage versus misclassification however generally premiums are just covering the expense of legal costs whilst the typical claim examined against employers relates to to 40 or half of the base pay of employee is there any point in securing 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 penalty and interest for the most part I haven’t seen it at least 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 denied protection on the basis of the reality that you were not in compliance with laws um in the UK