Handling payroll internationally is a complicated task … Papaya Global Year End 2018 Checklist…
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Over the last 5 or 6 years …Papaya Global Year End 2018 Checklist… functions on the service provider side and also on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind 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 extremely really uninspiring and I want I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business maintain different
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially useful for worldwide companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in various nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most notably guidelines compliance information security and banking rules then there are the large numbers they add additional complexity the worldwide Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 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 all over the world in the conventional payroll design there’s often an overwhelming variety of various systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or really extremely fundamental there’s no real consistency framework we’re residing 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 frequently 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 services say they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a service invests in worldwide payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide organizations have actually revealed that they do not 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 poor HCM information data entry mistakes poorly communicated hires and terminations along with lack management and system setups and after that when you round everything off and the information is shipped to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they depend on the required multiple procedures 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 business face when they’re paying to workers or otherwise that’s a great concern I always throw this back and say what is it what doesn’t require to be consisted of ideal and what does
it need to be considered there’s varying Bank information 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 have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy wherever you look best eventually developing a knowledge base is absolutely crucial but all over you look with payroll payment they resemble incredibly payments no if but 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 believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to type of progress with that it also too to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely necessary that payroll and financing groups work closer together than ever um I’m always surprised when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of essential to add to type of the level of complexity there’s more and more advantages being organ or being offered by organizations across the world so again you’re just aiming to add increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real challenges or genuine difficult kind of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would absolutely say that the bigger a service 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 teams feeding info into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to create additional handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason that we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any business has from an expense point of view from an impact point of view 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 most significant harmful impact on people’s wellness and many other elements if individuals aren’t paid uh I’ve always been surprised entering into this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but 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 view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done properly so leveraging the very first International Payments first payroll payment service is an excellent initial step um supplying an end-to-end payroll option for your staff members internationally once again I believe is another big um procedure once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely crucial to success success of services and decreasing the number of tools platforms and checking account they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand how how crucial 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 everybody that’s involved in those processes and also so think of sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job trying to clean all those up for sure oh definitely I can’t think of 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 actually see what was going on and kind of shot to return to everyone so moving on look why do business choose to main different savings account there are Papaya Global Year End 2018 Checklist services out there doing precisely this for specific countries and I have actually worked in a service or lots of businesses doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we do not have to and anybody that’s managing 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 believe lots of reasons one is it’s the requirement I think individuals have got so utilized to we require a brand-new checking 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 believe it’s just been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look 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 requires taking a look at it requires changing however eventually individuals are extremely stuck with what they recognize
with ideal um change is a hard thing we all do not like change um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having preserving numerous bank accounts however there’s a substantial amount of complexity opts for setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the intricacy is huge however I think the sincere response is change um individuals have not been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century approximately there is a lot to keep track of and this technique does pose numerous challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Year End 2018 Checklist
I find time and time again the workers often misclassified unknowingly they don’t comprehend the conditions of employment or agreement and are told by the client why it’s most advantageous generally to the customer why you should be employed or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have actually passed they haven’t added to pensions And so on so it’s a big effect that they never ever understood they were strolling into you could not agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy companies are securing insurance coverage versus misclassification however typically premiums are only covering the expense of legal costs whilst the average claim evaluated against companies relates to to 40 or half of the base pay of worker is there any point in securing insurance coverage and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes penalty and interest in many cases I have not seen it at least so uh the the other area 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 stuff you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK