Managing payroll worldwide is an overwhelming task … Papaya Global Inc Payroll…
How much revenue does the company make? Papaya Global Inc Payroll
Over the last five or 6 years …Papaya Global Inc Payroll… roles on the company side and also on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I really 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 extremely extremely gloomy and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we’ll also review a recap which should leave his time at the very really 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 International labor forces become more and more typical and managing them ends up being more and more complicated International companies are aiming to find Solutions and new ways to streamline processes specifically from a payroll and cross-border payment standpoint numerous organizations preserve different bank account just for payroll while some have numerous accounts in different countries does it make good sense for companies to preserve different checking account often in different countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international business improve the episode complex processes of
Making sure precise, efficient, and timely payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to enhance working capital, and find how streamlining international payroll payments can change them from a troublesome job into a strategic property.
due to different policies, compliance requirements, information security concerns, and banking rules. The sheer number of employees and businesses adds to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems often result in manual processes, data silos, and an absence of integration, causing disparities and inefficiencies. In spite of living in an age of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to offer insights and solutions to streamline and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more a company invests in global payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of international businesses have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes improperly interacted hires and terminations as well as lack management and system setups and after that when you round everything off and the information is shipped to the wrong location the average expense 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 cash around the world payroll and payments do not run smoothly if they rely 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 requires to be factored into the difficulties organization face when they’re making payments to staff members or otherwise that’s a good question I always throw this back and say what is it what doesn’t need to be consisted of ideal and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities 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 customer’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is definitely crucial however all over you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 basic and technology is enabling us to sort of progress with that it also also to contribute to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely crucial that payroll and financing groups work closer together than ever um I’m constantly 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 operate in the payroll occupation would they divide 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 procedure it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of crucial to add to kind of the level of intricacy there’s more and more benefits being organ or being provided by businesses across the world so again you’re just aiming to include increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real challenges or real challenging kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would certainly state that the larger a service 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 information 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 does not always need to be the case you know long gone are the times where we need to produce extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason why we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from an expense point of view from an effect perspective on staff members 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 destructive result on people’s wellness and many other factors if people aren’t paid uh I’ve always been amazed coming into this Market kind of the last five to ten years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just observe when things go wrong. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s perceived externally also. Therefore, it is vital to guarantee that tasks like Wi-Fi Global and other crucial matters are done correctly. Utilizing the first Global Payments very first payroll payment option is a great initial action towards offering a thorough payroll option for workers worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and savings account necessary for global payroll are crucial consider attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things do not go as planned. Eventually, we don’t do it for the appreciation.
anyhow we know how how essential a function 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 procedures and also so picture sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions picture getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and actually see what was going on and sort of shot to return to everybody so moving on appearance why do companies choose to main different bank accounts there are Papaya Global Inc Payroll businesses out there doing exactly this for particular nations and I’ve operated in a company or many services doing precisely that I can say it doesn’t constantly feel effective 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 need to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe many reasons 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 variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I think this is a process that requires taking a look at it needs altering but ultimately people are extremely stuck to what they’re familiar
with best um change is a hard thing all of us do not like change um so I think 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 stuff um I understand obviously the advantages of having preserving multiple bank accounts but there’s a substantial amount of complexity chooses establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for individual individuals so the intricacy is huge however I think the truthful answer is change um individuals haven’t had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I think you have actually 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 genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or two there is a lot to keep track of and this method does pose numerous challenges um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so
I just 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 staff members you deserve a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Inc Payroll
I discover time and time again the employees often misclassified unwittingly they do not comprehend the conditions of work or contract and are told by the client why it’s optimum generally to the client why you should be employed or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be impacted and several 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 big effect that they never knew they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy business are getting insurance coverage versus misclassification however normally premiums are only covering the cost of legal charges whilst the average claim evaluated versus companies relates to to 40 or 50 percent of the base salary of worker 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 in most cases I have not seen it at least 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 pack you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK