Handling payroll worldwide is a complicated task … Papaya Global Yearend…
How much revenue does the company make? Papaya Global Yearend
Over the last five or 6 years …Papaya Global Yearend… roles on the company side and also on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everyone another number of uh well one of 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 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 really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very gloomy and I want I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a strategic property uh we’ll likewise discuss a recap and that needs to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of common and managing them ends up being increasingly more complex Global companies are seeking to discover Solutions and new ways to enhance procedures particularly from a payroll and cross-border payment viewpoint many companies preserve separate checking account just for payroll while some have numerous accounts in different countries does it make good sense for companies to preserve separate savings account often in different nations it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business streamline the episode complex procedures of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of factors most notably policies compliance information security and banking rules then there are the sheer numbers they include further complexity the global Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll model there’s frequently an overwhelming variety of different systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or extremely very standard there’s no real consistency structure we’re living in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind every 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 state they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a business invests in worldwide payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of international services have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes inadequately interacted hires and terminations in addition to lack management and system configurations and after that when you round it all off and the information is shipped to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they depend on the essential several 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 obstacles organization face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be consisted of right and what does
it require 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 timespan 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 consumer’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is definitely important but everywhere you look with payroll payment they are like very payments no if but some babies 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 recognition that payroll payments are absolutely essential and innovation is allowing us to type of progress with that it also also to add to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and finance groups work more detailed together than ever um I’m always impressed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation 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 often 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on wellness and the compensation landscape is ending up being significantly complex. Businesses are continually introducing brand-new advantages and payment options, which adds to the general intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can cause inadequacies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s highly advanced era, there’s no validation for maintaining troublesome treatments. Payroll, the company’s biggest expense, should be processed correctly and on time. Even minor delays can negatively affect staff members’ wellness and have significant consequences. For that reason, it’s crucial to focus on precise and prompt payments.
payroll team get um so I’m not sure anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think 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 essential that all of this stuff is done properly so leveraging the first International Payments first payroll payment service is a terrific initial step um supplying an end-to-end payroll option for your employees worldwide once again I believe is another huge um procedure again lining up and ensuring you have standardization International processes all of those things are definitely crucial to success success of businesses and decreasing the number of tools platforms and bank accounts they need for their International 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’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re meant to be um I do not believe any of us are really doing that for for the thanks
anyhow 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 easy as possible for everyone that’s associated with those processes and likewise so imagine sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and actually see what was going on and type of try to return to everybody so carrying on appearance why do business select to primary separate savings account there are Papaya Global Yearend services out there doing exactly this for specific nations and I’ve worked in a company or lots of services doing exactly that I can say it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for anybody where we do not have to and anyone that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I believe people have got so used to we need a brand-new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I believe this is a process that requires taking a look at it requires changing but ultimately people are very stuck to what they’re familiar
with best um modification is a difficult thing we all do not like modification um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly 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 out International transfers ensuring it’s set up with the ideal user accesses for specific people so the intricacy is big however I believe the truthful response is change um individuals have not had the ability to alter or have not had always the understanding to really make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century approximately there is a lot to monitor and this method does pose numerous obstacles um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I simply did you switched our Enterprise 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 Global workers you should have a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Yearend
I discover time and time again the employees typically misclassified unconsciously they do not comprehend the conditions of employment or agreement and are told by the client why it’s most advantageous generally to the client why you need to be used or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker 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 passed they have not contributed to pensions And so on so it’s a big impact that they never ever knew 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 against misclassification but typically premiums are only covering the cost of legal fees whilst the typical claim evaluated versus companies corresponds to to 40 or 50 percent of the base salary of worker is there any point in getting insurance coverage and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes penalty and interest most of the times I have not 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 rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK