Managing payroll globally is a daunting job … How Much Is Papaya Global Payroll For One Employee…
How much revenue does the company make? How Much Is Papaya Global Payroll For One Employee
Over the last 5 or 6 years …How Much Is Papaya Global Payroll For One Employee… roles on the service provider side and also on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind 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 comes from and I truly 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 bleak and I want I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we’ll also review a recap and that should leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and handling them becomes more and more complex International organizations are seeking to discover Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment perspective numerous companies keep different checking account just for payroll while some have numerous accounts in different countries does it make sense for business to preserve separate savings account sometimes in different countries it does but just for payroll is there a better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international business simplify the episode complex processes of
making payroll payments properly 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 accurately anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in sufficient in one country however when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most importantly regulations compliance information security and banking rules then there are the large numbers they add more intricacy the global Labor force is currently three and a half billion people 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 consider that there are some 230 million services and growing all doing their own thing all over the world in the traditional payroll model there’s typically a frustrating variety of different systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or really extremely basic 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 typically with pen and paper and that simply blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a service spends on worldwide payroll the less of a picture they see a lack of exposure also encompasses payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of worldwide businesses have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors inadequately interacted hires and terminations as well as lack management and system setups and then when you round it all off and the data is delivered to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they depend on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re making payments to workers or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t need to be consisted of best and what does
it need to be thought of there’s varying 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 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 consumer’s own in-country account so there’s complexity wherever you look right ultimately constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 basic and technology is permitting us to type of move on with that it likewise too to add to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely essential that payroll and finance teams work better together than ever um I’m constantly astonished when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 often split and cut up um ultimately 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 however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of essential to add to type of the level of intricacy there’s a growing number of benefits being organ or being provided by organizations throughout the world so again you’re just looking to include more and more payments to this already complex landscape so if you type 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 challenges or genuine difficult kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would definitely state 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 task there are teams feeding details into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any service has from an expense perspective from an effect viewpoint on workers it is absolutely critical that it’s done properly and on time so what we imply 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 result on people’s well-being and many other elements if people aren’t paid uh I have actually constantly been astonished entering this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this type of webinar has actually been told 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 however ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everybody 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 deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done correctly so leveraging the first International Payments very first payroll payment solution is an excellent primary step um supplying an end-to-end payroll solution for your staff members worldwide again I think is another big um process again aligning and ensuring you have standardization International procedures all of those things are definitely key to success success of businesses and reducing the number of tools platforms and bank accounts they need for their International 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how essential 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 everyone that’s involved in those processes and likewise so envision sorry I’m simply I was simply gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job attempting to clean up all those up for sure oh definitely 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 attempt to look through them and really see what was going on and sort of try to get back to everybody so moving on appearance why do business select to main different savings account there are How Much Is Papaya Global Payroll For One Employee businesses out there doing precisely this for particular nations and I’ve operated in a company or numerous organizations doing precisely that I can say it does not constantly feel effective and it does create more work I know we’re not purposely doing that we’re not creating extra work for anybody where we do not need to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the standard I believe individuals have got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past 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 believe there’s a variety I think this is a procedure that needs looking at it requires changing however eventually people are extremely stuck with what they recognize
with right um modification is a hard thing we all do not like modification um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having keeping multiple savings account however there’s a substantial quantity of complexity chooses establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is big but I believe the honest answer is change um individuals have not been able to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you know and there is an element 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 might almost be identified to be the next Century or so there is a lot to monitor and this technique does pose several difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so
I simply did you changed 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 Worldwide staff members you deserve a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you How Much Is Papaya Global Payroll For One Employee
I find time and time again the workers typically misclassified unknowingly they do not comprehend the conditions of work or contract and are informed by the client why it’s optimum primarily to the customer why you should be utilized or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be affected and several times it can be years before this all falls out and by that time it’s far too late years have actually gone by they have not contributed to pensions And so on so it’s a big effect that they never knew they were walking into you couldn’t agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy companies are getting insurance versus misclassification but generally premiums are just covering the expense of legal costs whilst the typical claim examined against employers equates to to 40 or 50 percent of the base pay of employee is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes charge and interest for the most part I haven’t seen it a minimum of 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 pack you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK