Handling payroll internationally is a challenging job … Papaya Global Beneft…
How much revenue does the company make? Papaya Global Beneft
Over the last 5 or six years …Papaya Global Beneft… functions on the supplier side and also on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very dreary and I want I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business preserve separate
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical asset 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 properly effectively safely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of reasons most importantly guidelines compliance data security and banking rules then there are the large numbers they include additional 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 currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll model there’s often a frustrating number of various systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or extremely extremely basic there’s no real 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 often with pen and paper which simply blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization invests in worldwide payroll the less of an image they see a lack of exposure also encompasses payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide services have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors poorly communicated hires and terminations in addition to lack management and system setups and then when you round everything off and the information is delivered to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they count on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s a great question I always toss this back and state what is it what does not require to be consisted of best and what does
it need to be considered 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 abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is absolutely important but everywhere 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 sort 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 essential and innovation is allowing us to sort of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely important that payroll and financing teams work closer together than ever um I’m constantly surprised when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more important to add to type of the level of intricacy there’s a growing number of advantages being organ or being offered by companies throughout the world so once again you’re simply aiming to add increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine challenges or real tough sort of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of years I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s in fact managing the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an impact perspective on employees it is definitely critical that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive effect on individuals’s well-being and lots of other elements if individuals aren’t paid uh I have actually constantly been impressed coming into this Market type of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only see when things go wrong. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally also. Therefore, it is important to make sure that jobs like Wi-Fi Global and other vital matters are done correctly. Using the first Worldwide Payments first payroll payment solution is a fantastic preliminary step towards offering a comprehensive payroll option for employees worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and checking account necessary for worldwide payroll are crucial factors in accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as planned. Eventually, we do not do it for the thankfulness.
anyhow 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 everyone that’s involved in those processes and also so imagine sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and really see what was going on and type of shot to return to everybody so proceeding look why do companies choose to primary different checking account there are Papaya Global Beneft businesses out there doing precisely this for particular nations and I’ve operated in a company or numerous services doing precisely that I can state it doesn’t always feel effective and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we do not need to and any person that’s handling that procedure 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 lots of factors one is it’s the requirement I think people have got so used to we need a new savings account we open an entity and appropriately 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 the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I think this is a procedure that needs looking at it needs altering but ultimately people are extremely stuck to what they recognize
with right um modification is a hard thing all of us do not like change um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining several savings account but there’s a huge quantity of intricacy opts for establishing a savings account keeping it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is huge but I think the truthful response is change um individuals haven’t been able to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you know 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 moving on and moving into you understand what might almost be identified to be the next Century approximately there is a lot to keep track of and this approach does position numerous obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Beneft
I find time and time again the workers often misclassified unconsciously they don’t comprehend the conditions of employment or agreement and are told by the client why it’s optimum mainly to the customer why you must be employed or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and health care benefits of the employee can be impacted and a number of 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 Etc so it’s a huge impact 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 taking out insurance coverage against misclassification but normally premiums are just covering the cost of legal charges whilst the average claim examined versus 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 need to read the fine print it is not covering the taxes penalty and interest in most cases I have not seen it at least so uh the the other location 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