Managing payroll internationally is an overwhelming job … Papaya Global Software…
How much revenue does the company make? Papaya Global Software
Over the last 5 or 6 years …Papaya Global Software… roles on the service provider side and also on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody 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 extremely extremely bleak and I want I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll also go over a wrap-up and that ought to leave his time at the extremely extremely 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 Global workforces end up being increasingly more common and handling them ends up being more and more complex Worldwide companies are wanting to discover Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment viewpoint lots of companies preserve separate bank account just for payroll while some have several accounts in various nations does it make sense for business to keep different savings account often in different countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies simplify the episode complex processes of
Guaranteeing precise, effective, and timely payroll payments is a complex obstacle for services operating internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, find out how business forecast payroll expenses to optimize working capital, and discover how improving worldwide payroll payments can transform them from a difficult job into a strategic property.
due to various guidelines, compliance requirements, data security concerns, and banking rules. The large number of employees and businesses contributes to the complexity, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically result in manual processes, data silos, and a lack of integration, leading to inconsistencies and inefficiencies. In spite of residing in an age of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to offer insights and services to simplify and optimize worldwide payroll payments.
about it to give 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 provides me sleep deprived nights and quite frankly the more a business invests in worldwide payroll the less of an image they see a lack of exposure likewise extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of international organizations have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round it all off and the data is shipped to the wrong location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they depend on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re paying to employees or otherwise that’s a good question I always throw this back and state what is it what doesn’t need 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 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 complexity any place you look right ultimately constructing a knowledge base is absolutely critical but all over you look with payroll payment they are like incredibly payments no if however some infants 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 think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to type of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely essential that payroll and finance teams work closer together than ever um I’m constantly impressed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split 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 process it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more important to add to sort of the level of complexity there’s a growing number of advantages being organ or being used by organizations across the world so again you’re simply looking to add more and more payments to this already complex landscape so if you type of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or real tough kind 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 larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s really managing the payment side of things however you understand in in my opinion and my experience that does not always need to be the case you know long gone are the times where we require to create additional handoffs in the processes that we operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any organization has from a cost viewpoint from an impact perspective on employees it is absolutely important that it’s done properly 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 most significant detrimental result on individuals’s well-being and many other aspects if people aren’t paid uh I’ve constantly been astonished coming into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort 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 employees or not um however eventually payroll is such a crucial cycle all of us find out about 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this things is done correctly so leveraging the first Global Payments first payroll payment solution is a terrific primary step um offering an end-to-end payroll solution for your employees globally again I think is another huge um procedure again aligning and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of companies and lowering the variety of tools platforms and checking account 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 ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we understand how how crucial 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 easy as possible for everyone that’s involved in those procedures and also so imagine sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and in fact see what was going on and type of try to get back to everyone so proceeding appearance why do companies pick to primary different savings account there are Papaya Global Software organizations out there doing precisely this for particular countries and I’ve operated in a service or many businesses doing precisely that I can state it does not always feel efficient and it does create more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we don’t need to and anybody that’s handling 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 quantity that we are I think many reasons one is it’s the standard I think individuals have actually got so utilized to we need a brand-new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I think this is a process that requires taking a look at it needs altering however ultimately individuals are extremely stuck with what they’re familiar
with right um modification is a hard thing all of us do not like change um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having maintaining numerous savings account but there’s a huge quantity of complexity goes with establishing a savings account preserving it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the intricacy is substantial but I think the honest answer is modification um individuals haven’t had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century or so there is a lot to keep an eye on and this method does present a number of difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I just did you switched our Enterprise 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 are worthy of a corner workplace with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Software
I find time and time again the workers frequently misclassified unconsciously they don’t comprehend the conditions of work or agreement and are informed by the customer why it’s most advantageous primarily to the customer why you need to be utilized or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have gone by they have not contributed to pensions Etc so it’s a big effect that they never ever understood they were strolling into you could not agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy companies are taking out insurance against misclassification however generally premiums are just covering the expense of legal fees whilst the typical claim examined against employers corresponds to to 40 or half of the base salary of worker is there any point in getting insurance and what is the alternative yeah to your point um you do need to check out 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 think if you managed to get the coverage 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 truth that you were not in compliance with laws um in the UK