Handling payroll worldwide is a daunting job … Papaya Global Payroll Hiring…
How much revenue does the company make? Papaya Global Payroll Hiring
Over the last 5 or 6 years …Papaya Global Payroll Hiring… functions on the company side and also on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or two 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 intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I really 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 raining here it’s very extremely bleak and I wish I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we’ll also go over a recap which ought to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of common and managing them ends up being more and more complex International companies are wanting to find Solutions and brand-new methods to improve procedures especially from a payroll and cross-border payment perspective many organizations keep different bank account just for payroll while some have several accounts in various countries does it make good sense for companies to preserve separate bank accounts sometimes in various nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies improve the episode complex processes of
making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in enough in one country but when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of factors most notably guidelines compliance information security and banking rules then there are the large numbers they add additional intricacy the worldwide Workforce is currently 3 and a half billion individuals by 2030 it’s estimated 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 services and growing all doing their own thing all over the world in the traditional payroll design there’s often a frustrating variety of various systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or very really fundamental there’s no real consistency structure we’re residing in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a service invests in international payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of global services have actually revealed that they do not 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 bad HCM information information entry mistakes improperly interacted hires and terminations along with lack management and system setups and after that when you round everything off and the information is shipped to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they rely on the needed numerous processes 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 obstacles business face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and state what is it what doesn’t need to be consisted of best and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 consumer’s own in-country account so there’s intricacy anywhere you look ideal ultimately developing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble super payments no if but some children 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to sort of move forward with that it likewise as well to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and finance groups work more detailed together than ever um I’m constantly surprised when people say I’ve split 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 divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to contribute to kind of the level of complexity there’s more and more advantages being organ or being provided by companies across the world so again you’re simply wanting to include increasingly more payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real obstacles or real tough type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to create additional handoffs in the processes that we operate in they just make them more prompt 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 working in today there is no reason why we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single most significant liability that any service has from an expense point of view from an effect viewpoint on employees it is absolutely 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 damaging impact on individuals’s wellness and numerous other factors if individuals aren’t paid uh I’ve constantly been astonished entering this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think 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 definitely important that all of this things is done properly so leveraging the first International Payments very first payroll payment solution is a great primary step um offering an end-to-end payroll option for your employees worldwide once again I believe is another substantial um procedure again aligning and guaranteeing you have standardization International processes all of those things are definitely essential to success success of organizations and reducing the number of tools platforms and bank accounts they require for their International payroll too could not 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 do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand how how crucial 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 easy as possible for everyone that’s involved in those processes and also so imagine sorry I’m simply I was simply gon na state envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task attempting to clean up all those up for sure oh absolutely 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 in fact see what was going on and sort of try to get back to everybody so carrying on appearance why do companies choose to primary separate bank accounts there are Papaya Global Payroll Hiring services out there doing precisely this for specific countries and I’ve operated in an organization or lots of businesses doing precisely that I can state it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we do not have to and anybody that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I think individuals have actually got so used to we require a new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think 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 individuals have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a procedure that requires looking at it requires altering however ultimately people are extremely stuck with what they recognize
with ideal um change is a hard thing all of us do not like change um so I believe it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having keeping multiple checking account but there’s a big amount of intricacy goes with setting up a bank 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 however I think the sincere answer is modification um individuals haven’t had the ability to alter or haven’t had always 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 know and there is a component of resistance to change however we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does posture a number of challenges um so Johnny could you inform us about those difficulties yeah of course 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 Global staff members you should have a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Hiring
I discover time and time again the workers typically misclassified unknowingly they don’t understand the conditions of work or agreement and are informed by the client why it’s most advantageous generally to the customer why you should be used or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be impacted and several times it can be years before this all falls out and by that time it’s too late years have gone by they haven’t contributed to pensions And so on so it’s a huge effect that they never ever understood 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 coverage against misclassification but normally premiums are just covering the cost of legal fees whilst the typical claim examined versus companies relates to to 40 or 50 percent of the base pay of employee exists any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest in many cases I haven’t seen it at least so uh the the other area that I do believe if you managed to get the coverage what we are stating is is that if your compliance program is not up to pack you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK