Managing payroll worldwide is a daunting task … Papaya Global Phone…
How much revenue does the company make? Papaya Global Phone
Over the last 5 or six years …Papaya Global Phone… functions on the supplier side and also on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone 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 extremely extremely dreary and I wish I was somewhere else 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 challenge years of handling Worldwide payroll why business keep different
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is especially helpful for global organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping different bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and timely payroll payments is a complex challenge for organizations operating worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to optimize working capital, and find how enhancing worldwide payroll payments can transform them from a troublesome task into a tactical property.
due to different policies, compliance requirements, information security concerns, and banking rules. The large number of staff members and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently lead to manual processes, data silos, and an absence of combination, leading to inconsistencies and inadequacies. Regardless of residing in an era of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to provide insights and solutions to streamline and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more a company invests in global payroll the less of a photo they see an absence of presence likewise extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of international companies have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes poorly interacted hires and terminations in addition to lack management and system configurations and after that when you round everything off and the information is delivered to the incorrect place the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they count on the necessary numerous 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 challenges business face when they’re paying to staff members or otherwise that’s a great concern I always toss this back and say what is it what does not need to be consisted of right and what does
it require to be thought of there’s differing 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 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 client’s own in-country account so there’s intricacy anywhere you look right eventually building a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 absolutely essential and innovation is allowing us to type of move on with that it also too to add to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely essential that payroll and financing teams work more detailed together than ever um I’m constantly astonished when individuals say 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 profession would they divide the payroll payment from computation 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 process it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of essential to add to sort of the level of complexity there’s a growing number of benefits being organ or being offered by companies throughout the world so once again you’re simply aiming to add more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real difficulties or genuine challenging type of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would certainly say that the bigger a service 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 does not necessarily need to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason that we are still making this as challenging as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any service has from a cost point of view from an effect viewpoint on workers it is definitely critical 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 need to be done right it has the greatest harmful effect on people’s wellness and numerous other elements if individuals aren’t paid uh I have actually constantly been impressed entering into this Market type of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually 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 people only see when things go wrong. However, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally also. For that reason, it is vital to ensure that tasks like Wi-Fi International and other essential matters are done properly. Utilizing the very first Worldwide Payments very first payroll payment solution is an excellent initial action towards offering a detailed payroll option for employees worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and savings account needed for global payroll are essential factors in accomplishing business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things don’t go as prepared. Eventually, we don’t do it for the appreciation.
anyway we understand how how essential a role it is which’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 likewise so envision sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions envision getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and sort of try to get back to everybody so proceeding look why do business choose to primary different bank accounts there are Papaya Global Phone services out there doing exactly this for particular nations and I have actually worked in an organization or lots of organizations doing precisely that I can state it doesn’t always feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we don’t have to and anybody that’s managing that process 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 numerous reasons one is it’s the standard I believe individuals have got so used to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes 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 adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a process that requires taking a look at it needs changing but eventually individuals are extremely stuck with what they recognize
with best um change is a difficult thing we all do not like modification um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having preserving numerous bank accounts but there’s a big quantity of intricacy opts for setting up a savings account keeping it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is big but I think the truthful answer is modification um people haven’t had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we have actually 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 could nearly be determined to be the next Century or so there is a lot to track and this approach does pose a number of challenges um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I simply did you changed our Business 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 employees you deserve a corner office with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Phone
I find time and time again the workers often misclassified unconsciously they do not understand the conditions of employment or contract and are informed by the client why it’s most advantageous mainly to the customer why you must be used or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker 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 gone by they haven’t added to pensions And so on so it’s a big impact that they never ever knew they were walking into you could not agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy companies are taking out insurance coverage versus misclassification but usually premiums are only covering the cost of legal costs whilst the average claim assessed against employers relates to to 40 or half of the base pay of employee exists any point in taking out insurance and what is the alternative yeah to your point um you do require to read 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 area that I do believe 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 coverage on the basis of the fact that you were not in compliance with laws um in the UK