Managing payroll globally is a daunting task … How Do You Log Into Papaya Global…
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Over the last five or 6 years …How Do You Log Into Papaya Global… roles on the supplier side and also on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing 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 everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely gloomy and I wish I was elsewhere 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 looking at the difficulty years of handling Worldwide payroll why business maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll also discuss a recap which needs to leave his time at the really extremely 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 end up being a growing number of common and managing them becomes increasingly more complicated International organizations are wanting to discover Solutions and new ways to enhance procedures especially from a payroll and cross-border payment viewpoint lots of organizations maintain different checking account just for payroll while some have multiple accounts in various nations does it make good sense for companies to maintain separate bank accounts often in different nations it does but just for payroll is there a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies simplify the episode complex procedures of
making payroll payments accurately efficiently firmly and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in adequate in one nation but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of factors most significantly regulations compliance information security and banking guidelines then there are the large numbers they include more complexity the global Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll model there’s frequently a frustrating number of different systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really really fundamental there’s no genuine consistency framework we’re residing in a period of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind whenever 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 state they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more an organization invests in global payroll the less of a photo they see a lack of presence also encompasses payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of international organizations have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes inadequately communicated hires and terminations along with lack management and system configurations and then when you round it all off and the information is shipped to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they rely on the needed several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they’re paying to employees or otherwise that’s an excellent question I always throw this back and state what is it what does not need to be consisted of best and what does
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it require to be considered there’s varying Bank details 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 need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look ideal ultimately building a knowledge base is definitely vital however everywhere you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort 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 technology is permitting us to type of move forward with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work closer together than ever um I’m always amazed 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 split the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more crucial to add to type of the level of complexity there’s increasingly more advantages being organ or being provided by businesses throughout the world so once again you’re simply wanting to include more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real challenges or genuine tough kind of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that does not 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 operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason why we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any service has from an expense perspective from an impact viewpoint on workers it is definitely important 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 biggest damaging effect on people’s well-being and many other aspects if individuals aren’t paid uh I’ve always been impressed entering this Market sort of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just see when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally too. Therefore, it is important to make sure that tasks like Wi-Fi International and other essential matters are done correctly. Utilizing the first Global Payments very first payroll payment service is a fantastic preliminary step towards providing a detailed payroll service for staff members worldwide. Standardization, international procedures, and reducing the variety of tools, platforms, and bank accounts necessary for international payroll are essential consider attaining service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things do not go as planned. Eventually, we don’t do it for the thankfulness.
anyhow we understand how how essential a function it is which’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 procedures and also so think of sorry I’m simply I was simply gon na state envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions think of getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job 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 require days of the week to attempt to browse them and in fact see what was going on and type of shot to get back to everybody so carrying on appearance why do companies select to primary different bank accounts there are How Do You Log Into Papaya Global services out there doing exactly this for specific nations and I have actually operated in a business or numerous companies doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we do not have to and anyone that’s managing that process 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 believe many factors one is it’s the requirement I think people have actually got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I think this is a process that requires looking at it needs altering but eventually people are very stuck with what they’re familiar
with right um modification is a tough thing we all do not like change um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having keeping multiple bank accounts however there’s a big amount of intricacy goes with setting up a bank account keeping it ensuring it can send International transfers ensuring it’s set up with the best user accesses for individual people so the complexity is huge however I believe the honest response is modification um people haven’t had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you understand 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 carrying on and moving into you know what could practically be figured out to be the next Century or two there is a lot to monitor and this approach does position a number of obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements. How Do You Log Into Papaya Global
I find time and time again the employees often misclassified unconsciously they don’t understand the conditions of work or contract and are informed by the client why it’s optimum primarily to the client why you should be employed or taken part in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care advantages 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 added to pensions Etc so it’s a huge impact that they never knew they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy business are securing insurance coverage against misclassification but generally premiums are only covering the cost of legal costs whilst the typical claim examined versus employers corresponds to to 40 or half of the base salary of employee is there any point in securing insurance coverage and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes penalty and interest most of the times I haven’t 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 stuff you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK