Handling payroll worldwide is a difficult job … Papaya Global Lithuania…
How much revenue does the company make? Papaya Global Lithuania
Over the last five or 6 years …Papaya Global Lithuania… functions on the service provider side and also on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly 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 extremely gloomy and I wish I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business keep separate
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is particularly useful for worldwide organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate savings account for payroll in various countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most notably policies compliance information security and banking rules then there are the large numbers they add more complexity the worldwide Workforce is currently 3 and a half billion individuals by 2030 it’s estimated 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 consider that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll design there’s typically a frustrating variety of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely extremely basic there’s no real consistency structure we’re residing in an age of tech but payroll has been sluggish 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 offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more a service spends on worldwide payroll the less of an image they see an absence of exposure also extends to payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global companies have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors inadequately communicated hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is delivered to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they count on the necessary several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s a good concern I always toss this back and say what is it what does not require to be consisted of ideal and what does
it need 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 time frames there’s payment capabilities 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 anywhere you look best ultimately developing a knowledge base is absolutely critical but all over you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link 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 enabling us to type of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and financing teams work closer together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation 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 data collection all the way through to paying people anywhere 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 essential to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being offered by businesses across the world so once again you’re just looking to include a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine difficulties or real tough kind of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of years 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 groups feeding information into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to develop extra handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason that we are still making this as challenging as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any organization has from an expense viewpoint from an effect point of view on workers it is definitely vital that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental effect on individuals’s well-being and lots of other elements if people aren’t paid uh I’ve always been impressed entering this Market sort of the last 5 to ten years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals just see when things go wrong. However, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally too. Therefore, it is essential to ensure that jobs like Wi-Fi Global and other important matters are done correctly. Utilizing the first International Payments very first payroll payment service is a fantastic preliminary step towards supplying a thorough payroll solution for workers worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and savings account necessary for international payroll are essential consider achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyhow 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 everyone that’s associated with those procedures and also so picture sorry I’m just I was simply gon na say imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and sort of try to get back to everybody so moving on appearance why do companies select to main different checking account there are Papaya Global Lithuania companies out there doing precisely this for particular countries and I have actually worked in a business or numerous services doing exactly 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 developing additional work for any person where we don’t have to and anyone 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 standard I believe individuals have got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I think this is a process that requires looking at it requires changing but eventually individuals are really stuck to what they’re familiar
with ideal um modification is a hard thing all of us don’t like change um so I think it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having preserving several bank accounts but there’s a huge quantity of intricacy goes with establishing a savings account preserving it ensuring it can send International transfers ensuring it’s set up with the best user accesses for individual people so the complexity is big however I believe the sincere answer is modification um people have not had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to change however we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be determined to be the next Century or two there is a lot to monitor and this technique does position a number of challenges um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Lithuania
I discover time and time again the workers often misclassified unknowingly they do not comprehend the conditions of work or contract and are told by the client why it’s most advantageous primarily to the client why you ought 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 impacted and numerous times it can be years before this all falls out and by that time it’s too late years have passed they have not added to pensions Etc so it’s a big impact that they never knew they were walking into you could not agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy business are getting insurance versus misclassification but generally premiums are just covering the expense of legal costs whilst the typical claim examined against companies corresponds to to 40 or half of the base salary of employee exists any point in getting insurance coverage and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes charge and interest for the most part I have not seen it a minimum of so uh the the other location that I do believe if you managed to get the coverage what we are stating is is that if your compliance program is not up to pack you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK