Handling payroll internationally is a daunting job … Papaya Global Employee Payslips…
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Over the last 5 or six years …Papaya Global Employee Payslips… functions on the company side and also on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody comes 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 drizzling here it’s very very uninspiring and I wish I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business keep different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll likewise review a wrap-up which ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of typical and handling them becomes more and more intricate International companies are looking to discover Solutions and new ways to enhance procedures particularly from a payroll and cross-border payment standpoint many companies keep separate checking account just for payroll while some have numerous accounts in different countries does it make sense for business to preserve separate bank accounts in some cases in different nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies simplify the episode complex procedures of
making payroll payments properly efficiently safely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in enough in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of reasons most importantly guidelines compliance data security and banking guidelines then there are the large numbers they add more complexity the worldwide Workforce is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals 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 around the world in the traditional payroll design there’s typically a frustrating number of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or really very basic there’s no genuine consistency framework we’re residing in an era 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 typically with pen and paper and that just blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization invests in global payroll the less of a photo they see a lack of presence likewise reaches payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide services have revealed that they don’t 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 bad HCM information data entry mistakes poorly interacted 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 data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they rely on the needed several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to staff members or otherwise that’s an excellent concern I always throw this back and state what is it what does not need to be included best and what does
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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 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 need to pay from the consumer’s own in-country account so there’s complexity any place you look best ultimately constructing a knowledge base is absolutely important however everywhere you look with payroll payment they are like very payments no if however 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 recognition that payroll payments are absolutely basic and technology is permitting us to sort of move on with that it also as well to contribute to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely vital that payroll and financing teams work closer together than ever um I’m always amazed when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more crucial to contribute to kind of the level of complexity there’s more and more advantages being organ or being offered by services across the world so once again you’re simply seeking to add more and more payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real difficulties or real tough kind of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of years I would absolutely state 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 job there are groups feeding details into the next function as it were that’s actually 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 require to produce additional handoffs in the processes that we run 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 an era of tech and a period 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 agreed and rightly as you said payroll is the single greatest liability that any service has from a cost perspective from an impact point of view on workers it is definitely important 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 greatest harmful result on individuals’s well-being and many other factors if individuals aren’t paid uh I have actually constantly been amazed entering into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this type of webinar has been informed 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 employees or not um however ultimately payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe 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 essential that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment solution is a great primary step um supplying an end-to-end payroll solution for your employees worldwide again I think is another huge um procedure again aligning and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of organizations and reducing the number of tools platforms and checking account they require for their Global 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’ve never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyway we know how how crucial 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 everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was just gon na state picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task attempting 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 check out them and in fact see what was going on and type of shot to get back to everybody so proceeding look why do business choose to main separate checking account there are Papaya Global Employee Payslips businesses out there doing precisely this for specific nations and I have actually worked in a company or numerous businesses doing precisely that I can state it does not constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we do not have to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the requirement I believe people have got so used to we need a brand-new bank 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 standard individuals have adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I think this is a process that requires looking at it requires changing however eventually individuals are really stuck with what they recognize
with right um modification is a difficult thing we all don’t like change um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving multiple bank accounts but there’s a huge amount of complexity chooses setting up a bank account preserving it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual people so the intricacy is big but I think the sincere response is change um individuals have not been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century or so there is a lot to keep an eye on and this technique does position numerous challenges um so Johnny could you inform us about those difficulties yeah of course 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 jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Employee Payslips
I find time and time again the employees typically misclassified unconsciously they do not comprehend the conditions of employment or agreement and are informed by the client why it’s optimum primarily to the client why you should be used or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare opportunities 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 too late years have gone by they have not 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 say the UK for instance hmrc can return as much as ten years um Kathy business are taking out insurance coverage against misclassification but typically premiums are only covering the expense of legal costs whilst the typical claim evaluated against employers relates to to 40 or 50 percent of the base salary of worker is there any point in taking out 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 charge and interest in most cases I have not seen it a minimum of so uh the the other location that I do think if you managed to get the protection what we are saying is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the reality that you were not in compliance with laws um in the UK