Managing payroll internationally is a daunting job … Papaya Global Guinea-bissau…
How much revenue does the company make? Papaya Global Guinea-bissau
Over the last 5 or six years …Papaya Global Guinea-bissau… functions on the service provider side and also on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everyone another number of uh well one of 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 rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I actually 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 really gloomy and I want I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business keep separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical possession uh we’ll also discuss a recap and that should leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of typical and handling them becomes more and more complex Global organizations are looking to find Solutions and new ways to improve procedures specifically from a payroll and cross-border payment viewpoint many companies keep separate savings account just for payroll while some have several accounts in various countries does it make sense for business to maintain different checking account often in various nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international companies enhance the episode complex procedures of
making payroll payments precisely effectively safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they include further intricacy the global Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll design there’s frequently a frustrating number of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or extremely very basic there’s no real consistency structure we’re residing 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 often with pen and paper and that just blows my mind whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service spends on global payroll the less of an image they see an absence of presence also extends to payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of global services have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes poorly interacted hires and terminations along with absence management and system configurations and after that when you round everything off and the data is shipped to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they count on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they’re making payments to workers or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t require to be consisted of ideal and what does
it require 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 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 client’s own in-country account so there’s intricacy any place you look ideal ultimately developing a knowledge base is definitely vital but everywhere you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to kind of move forward with that it also also to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and financing teams work more detailed together than ever um I’m constantly astonished when individuals state 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 divide the payroll payment from computation I would say no so why do we as a market 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 individuals any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more essential to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being provided by organizations across the world so again you’re simply seeking to add more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real obstacles or real challenging kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of years I would certainly say that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s actually managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to create extra handoffs in the processes 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 a period of tech and an era that you understand that we are working in today there is no reason we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any business has from a cost viewpoint from an impact point of view on staff members it is definitely important that it’s done correctly and on time so what we indicate 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 destructive impact on individuals’s wellness and many other elements if individuals aren’t paid uh I have actually always been surprised entering this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this sort 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 staff members or not um but eventually 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 just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment option is a terrific first step um offering an end-to-end payroll service for your employees globally again I believe is another substantial um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of companies 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 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 problems where things have not gone rather where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyhow 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 likewise so picture sorry I’m simply I was just gon na state imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and actually see what was going on and kind of shot to return to everybody so proceeding look why do business select to primary separate bank accounts there are Papaya Global Guinea-bissau organizations out there doing precisely this for particular countries and I have actually worked in a company or lots of businesses doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not developing extra work for anybody where we don’t have to and anybody that’s managing that procedure 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 lots of reasons one is it’s the requirement I think individuals have got so utilized to we need a new bank 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 simply been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it requires altering however eventually individuals are very stuck with what they’re familiar
with right um modification is a difficult thing all of us do not like change um so I believe it’s simply sort of moving away 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 maintaining multiple checking account but there’s a huge quantity of complexity chooses setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is big however I think the truthful answer is modification um people haven’t had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century approximately there is a lot to track and this approach does present several challenges um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Guinea-bissau
I discover time and time again the workers often misclassified unconsciously they do not comprehend the conditions of work or agreement and are told by the client why it’s optimum mainly to the customer why you need to be employed or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare privileges 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 far 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 walking into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy companies are taking out insurance versus misclassification but generally premiums are just covering the expense of legal fees whilst the average claim evaluated versus employers corresponds to to 40 or half of the base salary of employee is there any point in taking out insurance and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes charge and interest most of the times I haven’t 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 stuff you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK