Handling payroll worldwide is a difficult job … Papaya Global Bamboohr…
How much revenue does the company make? Papaya Global Bamboohr
Over the last 5 or 6 years …Papaya Global Bamboohr… functions on the provider side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays 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 type of like see where everybody comes from and I truly 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 drizzling here it’s extremely extremely uninspiring and I wish I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll likewise go over a recap and that ought to leave his time at the very very 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 Worldwide labor forces become increasingly more common and handling them becomes increasingly more complicated International companies are seeking to discover Solutions and new ways to enhance procedures especially from a payroll and cross-border payment standpoint numerous companies maintain separate savings account just for payroll while some have numerous accounts in various nations does it make sense for companies to preserve different checking account sometimes in various nations it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also called virtual wallets play in helping international companies simplify the episode complex procedures of
making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic 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 ends up being complicated for a variety of factors most importantly regulations compliance data security and banking rules then there are the sheer numbers they include further intricacy the international Labor force is currently 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 currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll design there’s often a frustrating variety of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or really very basic there’s no genuine consistency framework we’re residing in an era of tech but payroll has been sluggish 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 each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company invests in global payroll the less of an image they see a lack of presence likewise encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of global businesses have expressed 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 because of time reporting bad HCM information information entry errors inadequately interacted hires and terminations in addition to lack management and system setups and then when you round all of it 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 as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they rely on the essential numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and say what is it what does not require to be included ideal 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 amount of time there’s payment capabilities 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 any place you look best ultimately constructing a knowledge base is definitely crucial however all over you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type 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 essential and technology is enabling us to sort of move on with that it likewise also to contribute to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely imperative that payroll and finance groups work better together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation 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 eventually 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 but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to add to sort of the level of complexity there’s a growing number of benefits being organ or being provided by companies across the world so again you’re simply aiming to include increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine challenges or real challenging sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would absolutely say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s in fact managing 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 understand long gone are the times where we need to develop 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 require to be in in an era of tech and an age that you know that we are working in today there is no reason we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from a cost point of view from an effect viewpoint on workers it is absolutely vital 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 need to be done right it has the greatest destructive impact on individuals’s well-being and numerous other elements if people aren’t paid uh I’ve always been impressed entering into this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this sort of webinar has been told 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 become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider 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 correctly so leveraging the first International Payments very first payroll payment option is a great first step um offering an end-to-end payroll service for your workers worldwide again I think is another huge um procedure again lining up and ensuring you have standardization International procedures all of those things are definitely key to success success of services and decreasing the variety of tools platforms and checking account they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks
anyway we understand how how crucial 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 easy as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m just 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 talking about hundreds of thousands possibly Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job trying to clean 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 need days of the week to attempt to look through them and really see what was going on and type of shot to get back to everybody so carrying on appearance why do companies select to primary separate bank accounts there are Papaya Global Bamboohr businesses out there doing precisely this for specific countries and I have actually worked in a service or lots of services doing exactly that I can state it does not always feel effective and it does create more work I know we’re not purposely doing that we’re not producing extra work for anyone where we do not need to and anyone 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 quantity that we are I think numerous factors one is it’s the standard I believe people have got so used to we require a brand-new savings 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 norm individuals have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I think this is a procedure that needs looking at it needs altering but eventually individuals are very stuck with what they’re familiar
with ideal um modification is a challenging thing we all don’t like change um so I think it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having keeping several bank accounts however there’s a big quantity of complexity goes with establishing a savings account preserving it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for private individuals so the complexity is substantial however I believe the truthful answer is change um people have not had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you have actually hit 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 genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might nearly be identified to be the next Century or so there is a lot to keep track of and this technique does present a number of obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so
I simply 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 International staff members you deserve a corner office with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Bamboohr
I find time and time again the workers frequently misclassified unwittingly they don’t understand the conditions of employment or agreement and are informed by the customer why it’s optimum generally to the customer why you should be used or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have passed they have not contributed to pensions Etc so it’s a huge impact that they never knew they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy companies are getting insurance versus misclassification but usually premiums are just covering the expense of legal costs whilst the average claim examined against employers equates to to 40 or half of the base salary 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 penalty and interest in most cases I haven’t seen it at least so uh the the other location that I do think 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