Managing payroll worldwide is a daunting task … Papaya Global Childcare Vouchers…
How much revenue does the company make? Papaya Global Childcare Vouchers
Over the last 5 or 6 years …Papaya Global Childcare Vouchers… functions on the service provider side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody comes 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 extremely very bleak and I want I was elsewhere 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 difficulty years of managing Worldwide payroll why companies maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we’ll also review a wrap-up and that ought to leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and handling them ends up being increasingly more complicated Worldwide companies are aiming to find Solutions and brand-new ways to streamline procedures specifically from a payroll and cross-border payment perspective numerous companies preserve different bank account just for payroll while some have multiple accounts in different nations does it make sense for companies to preserve separate checking account sometimes in various countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business streamline the episode complex processes of
Guaranteeing accurate, effective, and timely payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, learn how business anticipate payroll costs to enhance working capital, and find how enhancing worldwide payroll payments can change them from a troublesome job into a strategic possession.
due to various regulations, compliance requirements, information security concerns, and banking rules. The large number of workers and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently lead to 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 been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and options to streamline and optimize international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company spends on international payroll the less of a photo they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide companies have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors inadequately communicated hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is shipped to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as 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 necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s a great question I constantly toss this back and state what is it what does not need to be included best and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 need to pay from the consumer’s own in-country account so there’s intricacy wherever you look best eventually building a knowledge base is absolutely vital however all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to sort of move forward with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely necessary that payroll and financing groups work better together than ever um I’m always surprised when individuals state I have actually 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 estimation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more essential to add to kind of the level of complexity there’s a growing number of advantages being organ or being offered by organizations across the world so again you’re just wanting to include increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real obstacles or genuine challenging sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of decades I would certainly say 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 job there are teams feeding details into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that doesn’t always 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 just make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an era that you know that we are working in today there is no reason we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any business has from an expense perspective from an impact perspective on staff members it is absolutely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging result on individuals’s well-being and numerous other aspects if people aren’t paid uh I have actually always been amazed entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe 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 things is definitely essential that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment option is a terrific initial step um providing an end-to-end payroll option for your workers internationally again I think is another substantial um process again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of organizations and reducing the number of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyway we understand how how important 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 procedures and likewise so think of sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating task attempting to clean up all those up for sure oh definitely I can’t picture 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 really see what was going on and kind of shot to return to everybody so proceeding appearance why do business select to main separate checking account there are Papaya Global Childcare Vouchers companies out there doing precisely this for particular countries and I’ve worked in a company or lots of companies doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for any person where we do not need to and any person that’s dealing with 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 quantity that we are I think lots of factors one is it’s the requirement I think individuals have got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll purposes but 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 embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs altering but eventually individuals are very stuck to what they’re familiar
with right um change is a challenging thing we all do not like modification um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having keeping numerous savings account however there’s a substantial quantity of intricacy opts for setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is huge however I believe the truthful answer 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 aside from opening a savings account I believe you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might almost be figured out to be the next Century or so there is a lot to keep track of and this technique does position a number of difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a variety 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 jobs on one platform. It feels like our CFO has actually gained another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global Childcare Vouchers
I find time and time again the workers often misclassified unknowingly they do not understand the conditions of work or contract and are informed by the customer why it’s optimum generally to the client why you need to be employed or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have actually gone by they have not added to pensions Etc so it’s a big 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 getting insurance coverage versus misclassification however usually premiums are only covering the cost of legal fees whilst the average claim examined versus employers relates to to 40 or 50 percent of the base salary of employee is there any point in taking out insurance and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes charge and interest most of the times I haven’t seen it a minimum of so uh the the other area that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK