Handling payroll internationally is a daunting job … Papaya Global Enquiries…
How much revenue does the company make? Papaya Global Enquiries
Over the last five or 6 years …Papaya Global Enquiries… roles on the service provider side and also on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type 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 sort of like see where everyone 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 raining here it’s very really uninspiring and I want I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll also go over a recap and that ought to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of common and handling them ends up being a growing number of complicated Global organizations are looking to discover Solutions and new methods to streamline procedures specifically from a payroll and cross-border payment viewpoint many organizations preserve different bank account just for payroll while some have several accounts in different nations does it make good sense for companies to keep different bank accounts sometimes in different countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business enhance the episode complex procedures of
Guaranteeing precise, efficient, and prompt payroll payments is a complex obstacle for organizations running globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, learn how companies anticipate payroll costs to optimize working capital, and find how streamlining international payroll payments can transform them from a challenging job into a tactical asset.
due to different regulations, compliance requirements, information security issues, and banking rules. The sheer number of staff members and organizations contributes to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems often result in manual procedures, data silos, and a lack of combination, causing inconsistencies and inefficiencies. Despite residing in a period of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to offer insights and services to simplify and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a business spends on worldwide payroll the less of a picture they see an absence of presence also encompasses payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide services have expressed that they don’t 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 data data entry mistakes poorly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the data is delivered to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they rely on the required numerous processes 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 challenges company face when they’re paying to employees or otherwise that’s a great question I always toss this back and state what is it what doesn’t require to be consisted of best and what does
it need to be thought about there’s varying Bank information 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 need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy any place you look right eventually constructing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link 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 technology is enabling us to sort of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely essential that payroll and financing teams work more detailed together than ever um I’m always surprised when people state 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 calculation 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 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 kind of the level of intricacy there’s more and more advantages being organ or being provided by services throughout the world so once again you’re just looking to add a growing number of payments to this currently complicated landscape so if you type 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 real difficulties or genuine tough sort of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would definitely state that the larger a business 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 teams feeding details into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to produce additional 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 need to be in in an age of tech and an era that you know that we are working in today there is no reason why we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from an expense perspective from an effect viewpoint on workers it is definitely important that it’s done properly and on time so what we mean 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 harmful impact on people’s well-being and lots of other aspects if people aren’t paid uh I’ve constantly been astonished entering this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone 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 workers or not um but ultimately payroll is such a crucial cycle we all find out about it when it goes wrong everybody jumps up and down when it fails 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 also like why WI-Fi Global why all of this things is definitely important that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment service is a great primary step um providing an end-to-end payroll solution for your employees internationally again I think is another substantial um process once again aligning and guaranteeing you have standardization International processes all of those things are absolutely key to success success of organizations and reducing the variety of tools platforms and checking account they require for their Global 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 don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know how how essential a role it is and that’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 processes and likewise so envision sorry I’m simply I was just gon na say picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and in fact see what was going on and sort of shot to get back to everybody so proceeding appearance why do companies select to primary separate checking account there are Papaya Global Enquiries businesses out there doing precisely this for particular countries and I have actually operated in a company or numerous organizations doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for any person where we do not have to and any person 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 amount that we are I believe lots of factors one is it’s the standard I believe individuals have got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires altering but ultimately individuals are really stuck to what they’re familiar
with ideal um change is a tough thing all of us do not like modification um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having keeping multiple bank accounts but there’s a substantial quantity of complexity opts for establishing a checking account keeping it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual individuals so the intricacy is big but I believe the honest answer is change um individuals have not had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter however we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to keep track of and this technique does posture several challenges um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I just did you switched 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 staff members you should have a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Enquiries
I discover time and time again the employees often misclassified unconsciously they don’t comprehend the conditions of employment or contract and are told by the customer why it’s most advantageous generally to the customer why you need to be employed or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care benefits of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have actually passed they haven’t added to pensions Etc so it’s a huge impact that they never ever knew they were walking into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy companies are taking out insurance coverage against misclassification however usually premiums are only covering the expense of legal costs whilst the average claim evaluated versus companies equates to to 40 or half of the base salary of employee exists any point in securing insurance coverage and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest in many 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 pack you could be rejected protection on the basis of the reality that you were not in compliance with laws um in the UK