Handling payroll worldwide is a difficult task … Papaya Global Acquires Nicknack…
How much revenue does the company make? Papaya Global Acquires Nicknack
Over the last 5 or 6 years …Papaya Global Acquires Nicknack… functions on the supplier side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very really gloomy and I want I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we’ll also go over a recap and that needs to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of common and handling them ends up being more and more intricate International organizations are seeking to find Solutions and new methods to streamline procedures specifically from a payroll and cross-border payment perspective lots of companies maintain different savings account just for payroll while some have multiple accounts in various nations does it make good sense for business to preserve different checking account in some cases in various countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also called virtual wallets play in helping international business streamline the episode complex processes of
Ensuring accurate, efficient, and prompt payroll payments is a complex challenge for organizations operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how companies forecast payroll costs to optimize working capital, and find how enhancing international payroll payments can change them from a challenging job into a strategic asset.
due to different policies, compliance requirements, information security issues, and banking guidelines. The sheer number of workers and organizations adds to the complexity, with an estimated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems frequently lead to manual processes, information silos, and a lack of combination, resulting in disparities and inadequacies. Despite living in an era of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to offer insights and services to simplify and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of an image they see a lack of visibility also reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of global services have actually revealed that they don’t 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 mistakes badly interacted hires and terminations in addition to absence management and system setups and then when you round everything off and the data is shipped to the incorrect location the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they depend on the essential numerous procedures 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 challenges business face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what does not need to be included right and what does
it need to be considered there’s differing 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 ideal eventually building a knowledge base is absolutely vital but all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you 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 enabling us to kind of move forward with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely important that payroll and finance teams work more detailed together than ever um I’m always amazed when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work 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 typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more essential to contribute to kind of the level of intricacy there’s more and more benefits being organ or being provided by companies throughout the world so once again you’re just seeking to add more and more payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real obstacles or genuine tough sort of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that does not necessarily require to be the case you know 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 effective and they don’t make them what they require to be in in a period of tech and a period that you know that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any service has from an expense point of view from an effect point of view on workers it is absolutely important that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging result on people’s well-being and lots of other elements if individuals aren’t paid uh I’ve always been impressed entering into this Market kind of the last five to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody 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 individuals just see when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally too. For that reason, it is important to guarantee that jobs like Wi-Fi International and other essential matters are done correctly. Using the first Global Payments first payroll payment solution is a great preliminary step towards providing an extensive payroll service for workers worldwide. Standardization, worldwide processes, and reducing the variety of tools, platforms, and savings account required for international payroll are essential factors in attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things do not go as planned. Ultimately, we do not do it for the appreciation.
anyway we know 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 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 could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially 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 but it would absolutely be an intriguing job trying to clean 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 proceeding look why do companies pick to primary different bank accounts there are Papaya Global Acquires Nicknack organizations out there doing exactly this for particular countries and I’ve worked in a service or lots of organizations doing exactly that I can say it doesn’t always feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we don’t have to and anybody that’s managing that procedure 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 think individuals have got so used to we need a new savings 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 believe it’s just been the standard and the standard individuals have actually embraced 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 think this is a procedure that requires taking a look at it requires altering but eventually individuals are very stuck to what they’re familiar
with right um modification is a challenging thing all of us don’t like modification um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having maintaining numerous checking account however there’s a substantial quantity of intricacy chooses setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is huge however I believe the sincere response is change um individuals haven’t been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century approximately there is a lot to monitor and this method does position a number of obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I just did you changed 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 International employees you deserve a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Acquires Nicknack
I find time and time again the employees frequently misclassified unwittingly they don’t understand the conditions of work or contract and are informed by the customer why it’s most advantageous primarily to the client why you ought to be utilized or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be affected and several times it can be years before this all falls out and by that time it’s too late years have actually gone by they have not contributed to pensions Etc so it’s a huge impact that they never knew they were strolling 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 taking out insurance versus misclassification but typically premiums are only covering the expense of legal costs whilst the typical claim examined against employers relates to to 40 or half of the base salary of worker is there any point in getting insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes penalty and interest in many cases I haven’t seen it a minimum of so uh the the other location 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 pack you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK