Handling payroll globally is a difficult task … Papaya Global Admin…
How much revenue does the company make? Papaya Global Admin
Over the last five or six years …Papaya Global Admin… roles on the supplier side and likewise on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everybody 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 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 wish 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 looking at the challenge years of handling Global payroll why companies maintain different
Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of maintaining separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and timely payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll costs to enhance working capital, and find how enhancing worldwide payroll payments can transform them from a challenging task into a tactical asset.
due to different regulations, compliance requirements, data security concerns, and banking rules. The sheer number of employees and businesses contributes to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently result in manual processes, information silos, and an absence of integration, leading to inconsistencies and inadequacies. In spite of residing in an age of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to offer insights and services to streamline and enhance worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service spends on worldwide payroll the less of an image they see a lack of presence also reaches payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of international organizations have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes poorly interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they count on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and state what is it what does not require to be included right and what does
it require to be considered there’s differing Bank details 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 abilities 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 any place you look right ultimately developing a knowledge base is definitely vital but all over you look with payroll payment they resemble incredibly payments no if but some infants 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 absolutely essential and technology is enabling us to type of progress with that it also too to add to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely vital that payroll and finance teams work closer together than ever um I’m constantly astonished when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically 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 any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more crucial to contribute to sort of the level of complexity there’s a growing number of benefits being organ or being provided by businesses throughout the world so again you’re simply seeking to include increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real difficulties or genuine tough kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would definitely state that the larger a service 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 groups feeding details into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we operate in they simply make them more timely they make them less effective and they do not make them what they require 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 tough as it requires to be concurred and rightly as you said payroll is the single greatest liability that any company has from a cost perspective from an effect viewpoint on staff members it is absolutely critical that it’s done correctly and on time so what we indicate 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 damaging impact on individuals’s wellness and numerous other elements if people aren’t paid uh I have actually always been amazed entering this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done correctly so leveraging the first International Payments first payroll payment solution is a fantastic primary step um providing an end-to-end payroll service for your workers internationally again I believe is another huge um procedure once again aligning and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of companies and decreasing the variety of tools platforms and savings 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 ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re implied to be um I do not think any of us are actually doing that for for the thanks
anyhow we know 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 simple as possible for everyone that’s involved in those processes and also so imagine sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and in fact see what was going on and sort of try to return to everybody so moving on look why do companies select to primary separate checking account there are Papaya Global Admin companies out there doing precisely this for specific nations and I’ve worked in an organization or many businesses doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we do not need to and any person 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 amount that we are I believe many factors one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a process that needs taking a look at it requires changing but ultimately people are really stuck with what they recognize
with ideal um change is a challenging thing all of us do not like change um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having maintaining several savings account however there’s a big amount of intricacy opts for establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for specific people so the intricacy is substantial however I believe the truthful response is change um individuals have not had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to monitor and this approach does posture a number of obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you are worthy of a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Admin
I discover time and time again the workers typically misclassified unwittingly they don’t understand the conditions of work or contract and are informed by the customer why it’s most advantageous mainly to the client why you need to be utilized or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care privileges of the employee can be affected and a number of times it can be years before this all falls out and by that time it’s too late years have passed they haven’t contributed to pensions And so on so it’s a huge effect that they never understood they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy companies are taking out insurance coverage against misclassification but normally premiums are just covering the expense of legal costs whilst the typical claim assessed versus employers equates to to 40 or half of the base salary of worker is there any point in getting insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest in most cases I have not seen it a minimum of so uh the the other location that I do believe if you managed to get the protection what we are saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK