Handling payroll internationally is an overwhelming job … Does Papaya Global Calculate Holiday Pay…
How much revenue does the company make? Does Papaya Global Calculate Holiday Pay
Over the last 5 or six years …Does Papaya Global Calculate Holiday Pay… functions on the company side and likewise on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I actually 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 extremely uninspiring and I want I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we’ll also review a wrap-up 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 officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of typical and managing them becomes increasingly more complicated Worldwide organizations are looking to find Solutions and brand-new methods to enhance processes particularly from a payroll and cross-border payment perspective numerous organizations keep different checking account just for payroll while some have several accounts in various countries does it make good sense for business to keep different checking account in some cases in different nations it does but just for payroll is there a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies streamline the episode complex processes of
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most importantly regulations compliance information security and banking rules then there are the large numbers they add more intricacy the international Labor force is currently three and a half billion people by 2030 it’s approximated 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 factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll model there’s often a frustrating variety of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or very very fundamental there’s no genuine consistency structure we’re living 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 which just blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a business invests in global payroll the less of a picture they see an absence of presence also encompasses payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide organizations have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is shipped to the incorrect place 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 all over the world payroll and payments don’t run efficiently if they rely on the necessary multiple procedures 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 constantly toss this back and state what is it what does not require to be included best and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 customer’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type 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 fundamental and innovation is enabling us to type of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely important that payroll and financing groups work more detailed together than ever um I’m constantly surprised when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more essential to add to type of the level of complexity there’s a growing number of advantages being organ or being offered by businesses throughout the world so once again you’re simply aiming to add increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine obstacles or genuine tough sort of pay utilizes to play to pay people I think yeah I indicate 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 task there are teams feeding information into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we run in they just make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from an expense perspective from an impact point of view on employees it is definitely crucial that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental result on individuals’s well-being and lots of other factors if individuals aren’t paid uh I’ve always been surprised entering into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only notice when things fail. However, when things go right, it’s seen as just a routine job. This is how it’s viewed externally as well. Therefore, it is vital to guarantee that jobs like Wi-Fi Worldwide and other vital matters are done properly. Using the first International Payments first payroll payment service is a terrific preliminary step towards providing a thorough payroll option for workers worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and savings account essential for international payroll are essential factors in attaining business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things don’t go as prepared. Eventually, we don’t do it for the thankfulness.
anyway 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 easy as possible for everybody that’s involved in those processes and also so think of sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions imagine getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task attempting 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 require days of the week to attempt to look through them and actually see what was going on and type of shot to get back to everyone so carrying on appearance why do business pick to main separate bank accounts there are Does Papaya Global Calculate Holiday Pay companies out there doing precisely this for specific nations and I have actually worked in a service or numerous companies doing exactly that I can say it does not always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we do not need to and anybody that’s handling 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 quantity that we are I think numerous reasons one is it’s the requirement I think people have actually got so used to we need a new savings 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 think it’s just been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I think this is a process that needs taking a look at it needs changing however ultimately people are very stuck with what they’re familiar
with ideal um modification is a challenging thing we all don’t like modification um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having maintaining several bank accounts however there’s a huge quantity of complexity goes with establishing a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for specific people so the intricacy is substantial but I believe the honest response is change um people have not been able to change or haven’t had necessarily 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 believe it is knowledge you understand and there is an aspect 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 might almost be determined to be the next Century or so there is a lot to keep an eye on and this method does pose numerous difficulties um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Does Papaya Global Calculate Holiday Pay
I discover time and time again the workers often misclassified unknowingly they don’t understand the conditions of work or contract and are told by the client why it’s most advantageous generally to the client why you must be used or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care privileges 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 far too late years have actually passed they have not contributed to pensions Etc so it’s a huge impact that they never understood they were walking 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 business are securing insurance coverage versus misclassification but usually premiums are just covering the cost of legal charges whilst the average claim evaluated against employers relates to to 40 or 50 percent 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 need to check out the fine print it is not covering the taxes penalty and interest in most cases I haven’t seen it at least so uh the the other location that I do think 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 denied coverage on the basis of the fact that you were not in compliance with laws um in the UK