Managing payroll globally is an overwhelming job … Papaya Global Côte D’ivoire…
How much revenue does the company make? Papaya Global Côte D’ivoire
Over the last five or six years …Papaya Global Côte D’ivoire… functions on the provider side and also on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely bleak and I want I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies preserve different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical property uh we’ll also review a recap which must leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more typical and handling them becomes more and more complex International organizations are seeking to discover Solutions and new methods to simplify procedures especially from a payroll and cross-border payment standpoint many organizations maintain separate checking account just for payroll while some have numerous accounts in different countries does it make sense for companies to maintain different checking account often in various nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping international companies improve the episode complex processes of
making payroll payments properly effectively safely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most importantly guidelines compliance information security and banking rules then there are the large numbers they include additional intricacy the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll design there’s often a frustrating variety of various systems causing lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely extremely standard there’s no real consistency framework we’re living in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company invests in worldwide payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide companies have actually revealed 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 because of time reporting bad HCM data data entry mistakes improperly communicated hires and terminations as well as absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they depend on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re paying 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 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 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 need to pay from the client’s own in-country account so there’s intricacy wherever you look ideal ultimately building a knowledge base is definitely important however all over you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to kind of move forward with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely necessary that payroll and finance groups work closer together than ever um I’m constantly impressed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation 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 data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on well-being and the payment landscape is ending up being significantly elaborate. Organizations are continually presenting new benefits and payment alternatives, which adds to the overall complexity. Large corporations typically divide their payroll and payment processing into different groups, which can lead to inadequacies and traffic jams. In my viewpoint, this doesn’t need to hold true. In today’s technically advanced age, there’s no justification for maintaining cumbersome procedures. Payroll, the company’s most significant expenditure, must be processed properly and on time. Even small hold-ups can negatively impact employees’ wellness and have significant consequences. For that reason, it’s important to prioritize accurate and prompt payments.
payroll team get um so I’m not exactly sure anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely important that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is a great first step um offering an end-to-end payroll service for your staff members internationally again I believe is another huge um process once again aligning and ensuring you have standardization Global processes all of those things are definitely essential to success success of businesses and minimizing the number of tools platforms and checking account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyhow 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 easy as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m simply I was just gon na state picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and type of try to get back to everyone so carrying on look why do business select to main different checking account there are Papaya Global Côte D’ivoire businesses out there doing exactly this for particular nations and I’ve operated in a business or numerous services doing exactly that I can say it doesn’t always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we don’t need to and any person that’s handling 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 amount that we are I think lots of reasons one is it’s the standard I think people have actually got so utilized to we require a new checking account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I think this is a process that requires taking a look at it requires changing however ultimately individuals are really stuck with what they recognize
with ideal um modification is a tough thing we all don’t like change um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having maintaining several bank accounts but there’s a big amount of complexity chooses establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific people so the complexity is huge but I think the sincere response is modification um people have not had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century or two there is a lot to keep track of and this method does pose a number of challenges um so Johnny could you inform us about those challenges 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’s like 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 better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Côte D’ivoire
I discover time and time again the employees frequently misclassified unknowingly they don’t comprehend the conditions of employment or agreement and are told by the client why it’s most advantageous generally to the client why you need to be employed or taken part in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee can be affected and a number of times it can be years before this all falls out and by that time it’s too late years have passed they have not contributed to pensions And so on so it’s a big impact that they never ever knew they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy companies are securing insurance versus misclassification however normally premiums are only covering the expense of legal charges whilst the typical claim examined against employers corresponds to to 40 or half of the base salary of employee 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 most of the times I have not seen it at least so uh the the other area that I do think if you managed to get the protection what we are stating 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