Handling payroll worldwide is a daunting job … Papaya Global Logo…
How much revenue does the company make? Papaya Global Logo
Over the last 5 or six years …Papaya Global Logo… functions 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 everyone all right thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very gloomy and I wish I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies keep different
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving different bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how business properly forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of factors most significantly guidelines compliance data security and banking guidelines then there are the large numbers they add further complexity the international Workforce is presently three and a half billion individuals by 2030 it’s estimated 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 consider that there are some 230 million services and growing all doing their own thing around the globe in the traditional payroll design there’s often an overwhelming variety of different systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or really very basic there’s no real consistency framework we’re living in an age of tech but 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 and that 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 only 11 of organizations say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service spends on international payroll the less of a picture they see an absence of presence also reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide services have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors poorly interacted hires and terminations as well as lack management and system setups and then when you round all of it off and the data is shipped to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they rely on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges service face when they’re paying to staff members or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t need to be included right and what does
it require to be considered there’s differing Bank information 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 have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately building a knowledge base is definitely important but everywhere you look with payroll payment they are like super payments no if however some children 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 think there’s now a bit more recognition that payroll payments are definitely basic and technology is permitting us to type of move forward with that it also also to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely important that payroll and financing groups work more detailed together than ever um I’m always amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process 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
world we live in and well-being being more and more crucial to contribute to type of the level of intricacy there’s more and more benefits being organ or being offered by organizations throughout the world so once again you’re just wanting to add a growing number of payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine difficult sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s actually managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to develop 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 require to be in in an age of tech and an era that you understand that we are operating in today there is no reason we are still making this as challenging as it requires to be concurred and rightly as you said payroll is the single greatest liability that any company has from an expense perspective from an impact point of view on workers it is definitely crucial 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 need to be done right it has the greatest damaging impact on individuals’s well-being and many other aspects if individuals aren’t paid uh I have actually always been astonished entering this Market sort of the last five to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just observe when things go wrong. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s perceived externally as well. For that reason, it is important to ensure that jobs like Wi-Fi Global and other important matters are done correctly. Using the first Global Payments first payroll payment solution is a terrific initial action towards offering a comprehensive payroll solution for staff members worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and savings account necessary for worldwide payroll are essential factors in accomplishing business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things don’t go as prepared. Ultimately, we do not do it for the gratitude.
anyhow we know how how essential a function 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 processes and also so envision sorry I’m just I was just gon na say picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and actually see what was going on and sort of try to return to everybody so carrying on look why do business select to primary separate savings account there are Papaya Global Logo services out there doing precisely this for particular countries and I have actually worked in a company or lots of services doing precisely that I can say it does not always 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 managing that procedure 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 think numerous reasons one is it’s the standard I think individuals have actually got so utilized to we need a brand-new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it needs altering however ultimately individuals are very stuck with what they’re familiar
with right um modification is a hard thing we all do not like change um so I believe it’s simply kind of moving far 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 preserving multiple bank accounts but there’s a substantial amount of complexity goes with setting up a checking account maintaining it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is big however I think the sincere answer is modification um individuals have not had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to alter however we’ve always 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 know what could nearly be determined to be the next Century approximately there is a lot to keep track of and this technique does posture numerous challenges um so Johnny could you tell us about those challenges yeah naturally 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Logo
I discover time and time again the employees often misclassified unconsciously they do not comprehend the conditions of employment or contract and are informed by the client why it’s most advantageous generally to the client why you should be employed or taken part in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker 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 knew they were strolling into you could not agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy business are securing insurance coverage against misclassification however generally premiums are only covering the cost of legal fees whilst the typical claim evaluated versus employers corresponds to to 40 or 50 percent of the base pay of employee is there any point in securing insurance coverage and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge and interest in many cases I haven’t seen it at least so uh the the other location that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK