Managing payroll worldwide is a daunting job … How To Roll Back An Employee On Papaya Global…
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Over the last 5 or six years …How To Roll Back An Employee On Papaya Global… roles on the company side and also on the vendor side from a payroll point of view so really anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing 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 remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very uninspiring and I wish I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business keep separate
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is especially helpful for international companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of preserving separate bank accounts for payroll in various nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will also offer a recap 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 pros and cons of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most significantly regulations compliance data security and banking rules then there are the large numbers they include further complexity the global Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll design there’s frequently an overwhelming variety of various systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or extremely extremely standard there’s no genuine consistency structure we’re residing in an age of tech however payroll has actually 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 simply blows my mind each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a business spends on global payroll the less of a picture they see a lack of visibility also reaches payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of global organizations have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes poorly communicated hires and terminations in addition to lack management and system setups and then when you round all of it off and the data is shipped to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they depend on the essential several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges business face when they’re making payments to workers or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t require to be consisted of best and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities 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 consumer’s own in-country account so there’s complexity wherever you look best ultimately building a knowledge base is absolutely important however all over you look with payroll payment they are like incredibly payments no if but 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 innovation is enabling us to type of move forward with that it also also to add to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely essential that payroll and financing teams work closer together than ever um I’m constantly impressed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry 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 information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more essential to add to kind of the level of intricacy there’s more and more advantages being organ or being used by services across the world so once again you’re just seeking to add more and more payments to this currently complicated landscape so if you sort 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 tough kind of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and an age that you understand that we are operating in today there is no reason we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single greatest liability that any company has from an expense point of view from an effect viewpoint on workers it is absolutely important that it’s done correctly and on time so what we suggest 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 damaging impact on people’s well-being and lots of other elements if people aren’t paid uh I’ve always been impressed entering into this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as 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 first Global Payments first payroll payment option is a great first step um supplying an end-to-end payroll option for your workers worldwide again I think is another huge um process again aligning and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of companies and reducing the number of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand how how crucial 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 procedures and also so envision sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task 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 held true um you ‘d need days of the week to try to check out them and in fact see what was going on and sort of shot to return to everyone so carrying on look why do companies pick to primary separate checking account there are How To Roll Back An Employee On Papaya Global companies out there doing precisely this for specific countries and I have actually worked in a business or lots of organizations doing exactly that I can state it doesn’t always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we do not need to and anyone that’s handling 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 amount that we are I think many reasons one is it’s the requirement I think people have actually got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a range I believe this is a process that requires looking at it needs altering however ultimately people are really stuck with what they recognize
with right um modification is a tough thing all of us do not like change um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having preserving several savings account however there’s a substantial amount of intricacy chooses establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the intricacy is huge however I think the honest response is modification um individuals haven’t had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century or so there is a lot to monitor and this technique does pose numerous difficulties um so Johnny might you inform us about those obstacles yeah of course so there’s a range 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you are worthy of a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you How To Roll Back An Employee On Papaya Global
I find time and time again the workers frequently misclassified unknowingly they don’t comprehend the conditions of employment or agreement and are told by the client why it’s optimum mainly to the customer why you must be utilized or taken part in this style the employee may 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 actually passed they haven’t added to pensions And so on so it’s a huge impact that they never knew they were strolling into you could not agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy business are taking out insurance coverage against misclassification however normally premiums are just covering the expense of legal charges whilst the average claim evaluated against companies relates to to 40 or half 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 most of the times 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 coverage on the basis of the truth that you were not in compliance with laws um in the UK