Handling payroll worldwide is a difficult task … Papaya Global Mission…
How much revenue does the company make? Papaya Global Mission
Over the last five or 6 years …Papaya Global Mission… roles on the provider side and also on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or two to join we all 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 currently just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually 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 drizzling here it’s extremely really bleak and I wish I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why companies maintain separate
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially helpful for global companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of preserving separate savings account for payroll in different countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
Making sure precise, effective, and prompt payroll payments is a complex challenge for organizations running internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, find out how companies anticipate payroll costs to optimize working capital, and discover how enhancing global payroll payments can transform them from a burdensome task into a tactical property.
due to various regulations, compliance requirements, information security issues, and banking rules. The large number of staff members and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems typically lead to manual processes, information silos, and a lack of combination, causing inconsistencies and inadequacies. Regardless of residing in an era of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to supply insights and options to streamline and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that gives me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of a photo they see an absence of visibility also extends to payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of global services have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors inadequately communicated hires and terminations along with absence management and system setups and then when you round everything off and the information is shipped to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they count on the needed several 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 obstacles business face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and say what is it what does not require to be included best and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy wherever you look ideal ultimately building a knowledge base is absolutely critical however all over you look with payroll payment they are like incredibly 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 technology is allowing us to sort of move on with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely important that payroll and finance groups work more detailed together than ever um I’m always astonished when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high value on well-being and the payment landscape is ending up being increasingly detailed. Organizations are continuously introducing brand-new advantages and payment choices, which adds to the total complexity. Big corporations typically divide their payroll and payment processing into separate groups, which can lead to inadequacies and bottlenecks. In my opinion, this does not have to hold true. In today’s highly advanced age, there’s no validation for maintaining cumbersome treatments. Payroll, the company’s greatest expenditure, must be processed properly and on time. Even small delays can negatively impact workers’ well-being and have significant repercussions. Therefore, it’s crucial to focus on accurate and prompt payments.
payroll group get um so I’m unsure anyone on this kind of webinar has actually been told thank you for processing my payroll properly 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 an essential cycle we all find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done properly so leveraging the very first Global Payments first payroll payment service is a great primary step um offering an end-to-end payroll service for your employees worldwide again I believe is another substantial um procedure again lining up and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of services and lowering 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 had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know how how important 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 easy as possible for everybody that’s involved in those processes and also so envision sorry I’m simply I was simply gon na state envision 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 speaking about numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true 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 return to everyone so carrying on appearance why do business choose to primary separate checking account there are Papaya Global Mission organizations out there doing precisely this for particular nations and I’ve worked in a business or many companies doing precisely that I can say it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we don’t have to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the requirement I think people have got so used to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I think this is a procedure that needs looking at it requires changing however eventually individuals are very stuck to what they recognize
with best um modification is a challenging thing all of us don’t like change um so I think it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having keeping multiple savings account but there’s a huge amount of complexity goes with establishing a checking account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific people so the intricacy is big but I believe the truthful response is change um people haven’t been able to alter or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century or two there is a lot to track and this approach does pose several obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you are worthy of a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Mission
I find time and time again the employees frequently misclassified unconsciously they don’t comprehend the conditions of work or agreement and are told by the client why it’s most advantageous primarily to the customer why you need to be used or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and health care benefits of the employee 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 haven’t contributed to pensions Etc so it’s a big effect that they never ever knew they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy business are taking out insurance against misclassification however normally premiums are just covering the cost of legal charges whilst the average claim evaluated versus employers relates to to 40 or half of the base pay of worker is there any point in securing insurance 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 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 coverage what we are saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK