Handling payroll globally is an overwhelming task … Papaya Global Sint Maarten…
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Over the last 5 or six years …Papaya Global Sint Maarten… roles 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 quite for your time everybody fine thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting 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 definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really uninspiring and I wish I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies keep different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll also discuss a recap which should leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and managing them ends up being increasingly more intricate Global companies are looking to find Solutions and new ways to enhance procedures specifically from a payroll and cross-border payment standpoint lots of organizations keep separate bank account just for payroll while some have several accounts in different nations does it make good sense for business to preserve separate bank accounts sometimes in different nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also called virtual wallets play in helping international business streamline the episode complex processes of
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of reasons most importantly policies compliance information security and banking rules then there are the sheer numbers they include more intricacy the worldwide Labor force 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 people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll design there’s typically a frustrating variety of different systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or extremely really fundamental there’s no genuine consistency structure we’re residing in a period 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 whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business spends on global payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide businesses have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes badly interacted hires and terminations along with lack management and system configurations and then when you round all of it off and the information is delivered to the incorrect place the average expense 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 globe payroll and payments do not run efficiently if they count on the essential numerous 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 company face when they’re making payments to staff members or otherwise that’s a good question I always throw this back and say what is it what doesn’t need to be consisted of right and what does
it need to be thought about 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 abilities 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 anywhere you look ideal ultimately building a knowledge base is absolutely important however all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to type of progress with that it likewise too to add to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely vital that payroll and finance groups work closer together than ever um I’m always astonished when people say I’ve split 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 split the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are however likewise 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 type of the level of intricacy there’s increasingly more advantages being organ or being used by organizations throughout the world so again you’re just looking to add increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine challenges or genuine challenging type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would certainly say that the bigger an organization 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 teams feeding info into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to create additional handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and an era that you know that we are working in today there is no reason we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any organization has from a cost point of view from an impact perspective on workers it is absolutely critical 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 detrimental effect on people’s wellness and lots of other aspects if individuals aren’t paid uh I have actually always been impressed entering this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this type of webinar has been informed 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 eventually payroll is such an essential cycle we all hear about it when it fails everyone 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 essential that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment option is a great primary step um supplying an end-to-end payroll solution for your workers worldwide once again I think is another big um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of businesses and decreasing the variety of tools platforms and checking account they need 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 countless them within a payroll cycle do not anticipate 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 quite where they’re suggested to be um I don’t believe 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 easy as possible for everybody that’s associated with those procedures and also so think of sorry I’m simply I was just gon na state picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions picture getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task trying to clean 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 need days of the week to try to look through them and really see what was going on and kind of try to get back to everybody so carrying on look why do companies pick to primary different savings account there are Papaya Global Sint Maarten organizations out there doing exactly this for specific countries and I have actually worked in a company or lots of companies doing exactly that I can state it does not constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we don’t need to and anyone that’s managing that procedure 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 numerous reasons one is it’s the standard I think people have got so utilized to we need a brand-new bank account we open an entity and appropriately so you need 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 adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I believe this is a process that requires looking at it needs altering however eventually individuals are really stuck with what they’re familiar
with ideal um modification is a hard thing all of us don’t like modification um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having keeping multiple bank accounts however there’s a huge quantity of intricacy opts for establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the intricacy is substantial but I believe the truthful response is change um individuals haven’t had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might almost be determined to be the next Century approximately there is a lot to keep track of and this technique does position a number of difficulties um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Sint Maarten
I discover time and time again the workers typically misclassified unconsciously they do not understand the conditions of employment or agreement and are informed by the client why it’s most advantageous primarily to the client why you should be employed or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker 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 actually passed they have not added to pensions And so on so it’s a big impact that they never knew they were strolling into you could not agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy companies are getting insurance against misclassification however typically premiums are only covering the cost of legal costs whilst the average claim examined versus companies equates to to 40 or half of the base pay of worker exists any point in securing insurance coverage and what is the alternative yeah to your point um you do need to check out the fine 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 denied coverage on the basis of the reality that you were not in compliance with laws um in the UK