Handling payroll worldwide is a difficult task … Papaya Global Liberia…
How much revenue does the company make? Papaya Global Liberia
Over the last five or 6 years …Papaya Global Liberia… functions on the provider side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting 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 remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really dreary and I wish I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business keep different
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is especially useful for global companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping different bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of factors most notably guidelines compliance data security and banking rules then there are the sheer numbers they add further intricacy the global Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll design there’s often a frustrating number of different systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or very really basic there’s no real consistency framework we’re living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a service spends on global payroll the less of a photo they see an absence of exposure also reaches payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of global companies have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes improperly interacted hires and terminations as well as lack management and system setups and then when you round it all off and the data is delivered to the incorrect place the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they rely on the essential several procedures 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 difficulties business face when they’re paying to staff members or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t require to be included ideal and what does
it need to be thought of 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 client’s own in-country account so there’s intricacy any place you look best eventually constructing a knowledge base is definitely important but all over you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to kind of move on with that it also also to add to that payroll and finance require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is definitely crucial that payroll and financing groups work more detailed together than ever um I’m always impressed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession 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 often 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 any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on wellness and the compensation landscape is ending up being increasingly detailed. Services are constantly introducing new benefits and payment alternatives, which adds to the overall intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in ineffectiveness and traffic jams. In my viewpoint, this does not have to hold true. In today’s technologically innovative era, there’s no reason for preserving troublesome procedures. Payroll, the company’s greatest expenditure, must be processed properly and on time. Even slight hold-ups can adversely impact workers’ wellness and have significant repercussions. Therefore, it’s important to prioritize precise and prompt payments.
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people just notice when things fail. However, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally too. For that reason, it is vital to make sure that jobs like Wi-Fi Global and other vital matters are done correctly. Using the first Worldwide Payments very first payroll payment solution is a fantastic preliminary step towards supplying a comprehensive payroll service for workers worldwide. Standardization, worldwide procedures, and decreasing the number of tools, platforms, and savings account required for worldwide payroll are crucial consider accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
anyway we understand 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 everybody that’s associated with those processes and also so think of sorry I’m just I was simply gon na state envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and actually see what was going on and kind of try to get back to everyone so proceeding appearance why do companies select to primary different bank accounts there are Papaya Global Liberia services out there doing precisely this for particular nations and I have actually operated in a business or numerous businesses doing precisely that I can say it does not constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we don’t have to and anyone that’s managing 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 quantity that we are I believe lots of factors one is it’s the standard I think people have got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that requires looking at it requires altering but ultimately people are very stuck with what they’re familiar
with best um change is a challenging thing all of us don’t like modification um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having keeping multiple savings account however there’s a substantial amount of intricacy chooses setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for specific people so the complexity is substantial but I believe the truthful response is change um people have not been able to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or two there is a lot to monitor and this approach does position several difficulties um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so
I recently made a modification to our Business 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 improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Liberia
I find time and time again the employees frequently misclassified unconsciously they don’t understand the conditions of work or agreement and are informed by the client why it’s optimum mainly to the customer why you need to be employed or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and health care advantages 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 have not contributed to pensions Etc so it’s a huge impact that they never ever understood they were walking into you could not agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy companies are getting insurance coverage versus misclassification but typically premiums are just covering the cost of legal costs whilst the average claim examined versus companies corresponds to to 40 or 50 percent of the base pay of employee 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 fine print it is not covering the taxes charge and interest in many cases I haven’t seen it at least so uh the the other area 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