Managing payroll internationally is a difficult task … Linking Papaya Global T Sage…
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Over the last 5 or six years …Linking Papaya Global T Sage… roles on the provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or so to join we all 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 sort of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely uninspiring and I wish I was somewhere else at this moment in time alright so let’s start 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
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll also go over a wrap-up and that must leave his time at the really really 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 workforces end up being a growing number of typical and handling them ends up being increasingly more complicated Worldwide companies are aiming to find Solutions and brand-new methods to enhance processes 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 countries does it make good sense for companies to preserve different bank accounts in some cases in various nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international business streamline the episode complex procedures of
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most notably regulations compliance information security and banking guidelines then there are the large numbers they add more intricacy the global Labor force is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people 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 worldwide in the conventional payroll model there’s frequently a frustrating number of different systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or extremely very fundamental there’s no genuine consistency framework we’re residing in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization invests in worldwide payroll the less of a picture they see a lack of visibility also reaches payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global companies have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors improperly communicated hires and terminations in addition to absence management and system setups and then when you round it all off and the data is delivered to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they count on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges business face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t need to be included right and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look right eventually constructing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to sort of move forward with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely vital that payroll and finance teams work more detailed together than ever um I’m constantly astonished when people 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 occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately 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 likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more crucial to add to type of the level of complexity there’s increasingly more advantages being organ or being provided by services across the world so once again you’re simply aiming to add a growing number of payments to this currently complex landscape so if you sort 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 genuine difficulties or real difficult sort of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would definitely say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s actually 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 know long gone are the times where we need to produce extra handoffs at the same times that we operate in they simply make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and an era that you know that we are operating in today there is no reason that we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any organization has from an expense perspective from an effect perspective on staff members it is absolutely vital 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 greatest destructive impact on individuals’s wellness and numerous other factors if individuals aren’t paid uh I’ve constantly been surprised coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle we all hear about it when it goes wrong everybody jumps up and down when it fails 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 also 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 Worldwide Payments first payroll payment solution is a great primary step um offering an end-to-end payroll service for your employees worldwide again I believe is another huge um procedure again aligning and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of organizations and lowering the number of tools platforms and savings account they need for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever 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 haven’t gone quite where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyhow we understand how how essential a function 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 simple as possible for everybody that’s involved in those processes and likewise so think of sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task trying to clean up 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 need days of the week to try to look through them and in fact see what was going on and sort of shot to get back to everyone so moving on look why do business select to primary separate savings account there are Linking Papaya Global T Sage companies out there doing precisely this for specific countries and I have actually operated in a service or many companies doing exactly that I can state it doesn’t always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for anybody where we do not need to and any person 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 believe lots of reasons one is it’s the standard I believe people have actually got so used to we need a new bank account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I believe this is a process that needs taking a look at it requires altering but ultimately people are very stuck to what they recognize
with best um change is a tough thing we all do not like modification um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having keeping numerous savings account but there’s a huge amount of intricacy goes with establishing a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private people so the intricacy is substantial but I think the honest response is modification um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be figured out to be the next Century approximately there is a lot to keep track of and this technique does posture numerous obstacles um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this improved ability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements. Linking Papaya Global T Sage
I find time and time again the employees frequently misclassified unwittingly they don’t comprehend the conditions of employment or contract and are informed by the client why it’s optimum primarily to the customer why you should be employed or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and health care privileges of the employee can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have gone by they have not added to pensions Etc so it’s a big impact that they never 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 business are taking out insurance coverage against misclassification but typically premiums are only covering the expense of legal charges whilst the average claim examined against companies corresponds to to 40 or half of the base pay of worker exists any point in taking out insurance and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes charge and interest for the most part I haven’t seen it at least so uh the the other area that I do think 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 fact that you were not in compliance with laws um in the UK