Managing payroll worldwide is a challenging task … Https Papaya Global.Com Product Payroll…
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Over the last five or six years …Https Papaya Global.Com Product Payroll… functions on the provider side and also on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays 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 everyone is um it’s nice to to kind of like see where everyone originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely dreary and I wish I was somewhere else at this moment in time fine 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 managing International payroll why companies maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a strategic possession uh we’ll also review a recap which must leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of typical and managing them becomes more and more intricate International organizations are aiming to find Solutions and new methods to simplify processes particularly from a payroll and cross-border payment perspective lots of companies keep separate savings account just for payroll while some have several accounts in various countries does it make good sense for companies to preserve different bank accounts sometimes in various countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business simplify the episode complex procedures of
making payroll payments properly effectively firmly and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of reasons most importantly regulations compliance information security and banking guidelines 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 estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the standard payroll design there’s frequently a frustrating number of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or really really basic there’s no real consistency structure we’re residing 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 just blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more an organization invests in global payroll the less of an image they see a lack of exposure also reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of international businesses have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors improperly interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the information is delivered to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars once 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 numerous processes systems and partners it is simply 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 making payments to workers or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t require to be included best and what does
it need to be thought about there’s differing 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 client’s own in-country account so there’s complexity anywhere you look ideal ultimately building a knowledge base is definitely crucial but all over 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 kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to kind of move on with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work closer together than ever um I’m always astonished when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t 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 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 individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high worth on well-being and the payment landscape is ending up being increasingly complex. Services are constantly introducing new benefits and payment alternatives, which adds to the general intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and traffic jams. In my opinion, this does not need to hold true. In today’s technically sophisticated period, there’s no validation for keeping troublesome procedures. Payroll, the company’s most significant cost, need to be processed properly and on time. Even minor delays can adversely impact staff members’ well-being and have far-reaching consequences. For that reason, it’s critical to focus on precise and timely payments.
payroll team get um so I’m not sure anybody on this sort of webinar has actually been informed 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 staff members or not um however ultimately payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment solution is a fantastic primary step um providing an end-to-end payroll option for your staff members internationally again I believe is another substantial um procedure once again lining up and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of companies and lowering the variety of tools platforms and bank accounts they require for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how important a role 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 easy as possible for everybody that’s associated with those processes and also so picture sorry I’m simply I was simply gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task attempting to clean 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 need days of the week to try to look through them and in fact see what was going on and kind of try to return to everybody so moving on look why do companies choose to main different savings account there are Https Papaya Global.Com Product Payroll services out there doing exactly this for specific countries and I’ve operated in a service or numerous services doing precisely that I can say it does not constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not producing additional work for anybody where we do not have to and anyone that’s handling 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 factors one is it’s the requirement I think people have actually got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that individuals have actually looked 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 procedure that needs looking at it requires altering however ultimately people are really stuck with what they’re familiar
with best um change is a difficult thing we all don’t like change um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having preserving numerous checking account however there’s a big quantity of complexity opts for establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is substantial however I think the honest response is modification um individuals have not had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century or so there is a lot to keep an eye on and this approach does position several challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just 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 actually successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. Https Papaya Global.Com Product Payroll
I find time and time again the workers typically misclassified unconsciously they do not understand the conditions of work or agreement and are informed by the customer why it’s optimum primarily to the customer why you must be used or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare 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 haven’t added to pensions Etc so it’s a huge effect that they never 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 business are securing insurance coverage versus misclassification but usually premiums are only covering the expense of legal charges whilst the typical claim evaluated versus companies equates to to 40 or 50 percent of the base salary of employee exists any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest most of the times I haven’t seen it a minimum of so uh the the other location that I do believe if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK