Managing payroll worldwide is a daunting job … Papaya Global Correction…
How much revenue does the company make? Papaya Global Correction
Over the last five or six years …Papaya Global Correction… roles on the service provider side and also on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everybody another couple of uh well one of 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 quite intriguing and I can see it going on already just to hear where everyone 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 remains 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 very bleak and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies keep different
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is especially useful for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of preserving separate savings account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and timely payroll payments is a complex difficulty for businesses running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to optimize working capital, and discover how simplifying international payroll payments can change them from a challenging task into a strategic property.
due to various policies, compliance requirements, data security concerns, and banking guidelines. The large number of staff members and companies adds to the intricacy, with an approximated 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, information silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. Despite residing in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to offer insights and solutions to simplify and optimize worldwide payroll payments.
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 Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a service invests in worldwide payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global organizations have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors improperly communicated hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is delivered to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they depend on the required several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t require to be consisted of right and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best eventually developing a knowledge base is definitely vital but everywhere you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to type of move forward with that it also too to contribute to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely necessary that payroll and finance teams work more detailed together than ever um I’m constantly amazed when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of essential to contribute to type of the level of complexity there’s a growing number of benefits being organ or being provided by organizations throughout the world so once again you’re just seeking to include increasingly 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 make sure but have you got any experience in kind of genuine difficulties or genuine difficult kind of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really handling the payment side of things but you understand 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 in the processes that we operate in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and an era that you know that we are operating in today there is no reason why we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any service has from an expense point of view from an impact viewpoint on staff members it is absolutely vital that it’s done properly 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 most significant destructive impact on individuals’s wellness and lots of other elements if individuals aren’t paid uh I have actually constantly been impressed entering this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely important that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment service is an excellent initial step um offering an end-to-end payroll option for your employees globally again I believe is another big um procedure once again lining up and ensuring you have standardization Global processes all of those things are definitely key to success success of organizations and minimizing the variety of tools platforms and savings account they need 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 have actually never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re indicated 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 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 everyone that’s involved in those procedures and likewise so picture sorry I’m just I was simply gon na state envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job attempting 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 look through them and actually see what was going on and type of shot to get back to everyone so proceeding look why do companies pick to primary separate bank accounts there are Papaya Global Correction services out there doing exactly this for particular nations and I’ve operated in a business or numerous organizations doing exactly that I can state it does not constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not developing extra work for any person where we do not need to and any person that’s dealing with 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 actually got so utilized to we require a brand-new bank account we open an entity and rightly so you require 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 requirement and the standard individuals have embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires changing however ultimately people are really stuck with what they’re familiar
with right um modification is a hard thing we all don’t like change um so I believe it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having keeping several bank accounts however there’s a big amount of intricacy chooses setting up a savings account maintaining it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is big but I think the sincere response is modification um individuals have not had the ability to change or have not had always the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to alter however we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century approximately there is a lot to keep track of and this technique does pose numerous challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
I just did you switched our Enterprise 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 Worldwide workers you deserve a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Correction
I find time and time again the workers typically misclassified unconsciously they don’t comprehend the conditions of work or contract and are informed by the customer why it’s most advantageous mainly to the client why you must be utilized or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be impacted and a number of 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 have not added to pensions Etc so it’s a big impact that they never knew they were strolling into you could not agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy business are securing insurance coverage versus misclassification however generally premiums are just covering the cost of legal costs whilst the typical claim examined versus companies relates to to 40 or 50 percent of the base pay of worker exists any point in securing insurance and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes charge and interest for the most part I have not seen it at least so uh the the other location that I do believe if you managed to get the coverage 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 truth that you were not in compliance with laws um in the UK