Handling payroll globally is an overwhelming job … Papaya Global Core Payroll Fearures Direct Deposit…
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Over the last 5 or six years …Papaya Global Core Payroll Fearures Direct Deposit… roles on the service provider side and also on the supplier side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting 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 truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very 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 International payroll why companies keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a tactical property uh we’ll also review a recap and that should leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more typical and managing them becomes increasingly more intricate Global organizations are looking to find Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment perspective many organizations preserve separate checking account just for payroll while some have numerous accounts in various countries does it make good sense for business to maintain different checking account sometimes in various nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international business improve the episode complex procedures of
making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of reasons most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the international Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll model there’s frequently a frustrating number of various systems causing lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or really very standard there’s no genuine consistency framework we’re residing in an age of tech however payroll has actually 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 just blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more a business invests in global payroll the less of an image they see a lack of presence also reaches payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of global companies have revealed 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 bad HCM data data entry errors inadequately interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is shipped to the wrong place the typical expense 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 money all over the world payroll and payments don’t run efficiently if they rely on the necessary 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 making payments to staff members or otherwise that’s an excellent concern I always throw this back and state what is it what does not need to be included best and what does
it need 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 time frames 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 client’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is absolutely vital but all over you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you 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 definitely basic and innovation is enabling us to type of progress with that it likewise too to add to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and finance groups work closer together than ever um I’m constantly impressed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation 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 people wherever they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on wellness and the settlement landscape is ending up being increasingly detailed. Businesses are continually introducing brand-new benefits and payment choices, which adds to the overall intricacy. Large corporations often divide their payroll and payment processing into separate teams, which can cause inefficiencies and traffic jams. In my viewpoint, this does not have to hold true. In today’s technically advanced period, there’s no justification for maintaining troublesome treatments. Payroll, the company’s greatest cost, must be processed correctly and on time. Even small delays can negatively impact employees’ well-being and have far-reaching effects. For that reason, it’s critical to focus on precise and timely payments.
payroll group get um so I’m not sure anyone 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 workers or not um however ultimately payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done correctly so leveraging the first International Payments first payroll payment option is a fantastic first step um providing an end-to-end payroll solution for your workers internationally again I believe is another huge um procedure again aligning and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of businesses and decreasing the number of tools platforms and savings account they need for their Global 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 anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I do not believe any of us are really doing that for for the thanks
anyway we understand 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 simple as possible for everyone that’s involved in those procedures and likewise so think of sorry I’m simply I was simply gon na state picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true 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 everybody so moving on appearance why do business select to main different bank accounts there are Papaya Global Core Payroll Fearures Direct Deposit companies out there doing exactly this for particular countries and I’ve worked in a business or numerous companies doing exactly that I can state it does not always feel effective and it does produce more work I know we’re not purposely doing that we’re not creating additional work for anybody where we do not need to and anybody that’s managing 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 think numerous reasons one is it’s the standard I believe people have actually got so used to we need a new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually embraced 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 methods um to to kind of do it so I think there’s a range I believe this is a process that needs looking at it requires altering however eventually people are very stuck with what they’re familiar
with right um change is a tough thing all of us do not 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 things um I comprehend certainly the benefits of having keeping several checking account but there’s a substantial amount of complexity chooses setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is substantial but I think the honest response is change um individuals haven’t been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we have actually always 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 nearly be identified to be the next Century or so there is a lot to monitor and this approach does pose several challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Core Payroll Fearures Direct Deposit
I discover time and time again the employees often misclassified unknowingly they do not understand the conditions of employment or agreement and are told by the customer why it’s most advantageous mainly to the client why you must be used or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have actually gone by they have not contributed to pensions And so on so it’s a huge impact that they never knew they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy companies are getting insurance versus misclassification however usually premiums are just covering the cost of legal charges whilst the average claim evaluated against employers equates to to 40 or 50 percent of the base pay of worker exists any point in taking out insurance coverage 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 most of the times I have not seen it a minimum of so uh the the other location 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 pack you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK