Handling payroll globally is a daunting task … Papaya Global 50 Move To Another Pc…
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Over the last five or six years …Papaya Global 50 Move To Another Pc… functions on the provider side and also on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everybody another number 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 currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes 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 really bleak and I wish I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic property uh we’ll likewise discuss a wrap-up which should leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and managing them ends up being a growing number of complicated Global companies are looking to find Solutions and new methods to streamline processes especially from a payroll and cross-border payment standpoint many organizations preserve different checking account just for payroll while some have multiple accounts in different countries does it make sense for companies to maintain different bank accounts sometimes in different countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies simplify the episode complex processes of
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most significantly policies compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the worldwide Labor force is currently three and a half billion individuals by 2030 it’s estimated 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 consider that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll design there’s frequently an overwhelming variety of various systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or extremely extremely standard there’s no real consistency framework we’re living in an age of tech however payroll has actually 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 each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service invests in international payroll the less of a picture they see an absence of exposure 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 international organizations have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors poorly interacted hires and terminations along with absence management and system configurations and then when you round everything off and the data is delivered to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they count on the needed numerous 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 difficulties company face when they’re paying to workers or otherwise that’s an excellent question I constantly throw this back and state what is it what does not require to be consisted of right and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 client’s own in-country account so there’s intricacy wherever you look best ultimately building a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in 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 technology is enabling us to type of move forward with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely important that payroll and financing groups work more detailed together than ever um I’m constantly surprised when people state I’ve divided 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 frequently 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 anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more important to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being offered by organizations across the world so once again you’re just seeking to add a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real obstacles or real challenging sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would absolutely state that the bigger an organization 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 teams feeding information into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an era that you understand that we are working in today there is no reason why we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single biggest liability that any service has from an expense point of view from an effect viewpoint on employees it is definitely important that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful effect on people’s well-being and lots of other factors if people aren’t paid uh I have actually always been impressed entering this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic 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 fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout 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 absolutely crucial that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment solution is a fantastic initial step um offering an end-to-end payroll solution for your workers worldwide again I believe is another huge um process once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely crucial to success success of companies and decreasing the variety of tools platforms and savings account 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 had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks
anyway we understand how how important 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 everyone that’s associated with those procedures and also so picture 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 discussing hundreds of thousands possibly Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and really see what was going on and type of shot to return to everybody so proceeding appearance why do companies select to primary separate savings account there are Papaya Global 50 Move To Another Pc businesses out there doing exactly this for specific nations and I have actually worked in an organization or many services doing exactly that I can say it does not constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not creating extra work for anybody where we do not need to and anybody that’s managing 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 lots of factors one is it’s the requirement I think people have got so utilized to we need a new savings account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I think this is a procedure that needs taking a look at it needs changing however eventually people are really stuck with what they’re familiar
with right um change is a hard thing all of us do not like modification um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having keeping several savings account but there’s a big quantity of complexity chooses setting up a savings account preserving it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for individual people so the intricacy is big but I think the truthful response is change um people haven’t had the ability to alter or have not had necessarily the knowledge 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 an aspect of resistance to change but we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century or two there is a lot to keep an eye on and this technique does pose a number of challenges um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global 50 Move To Another Pc
I discover time and time again the workers typically misclassified unconsciously they do not understand the conditions of employment or agreement and are told by the customer why it’s optimum primarily to the client why you need to be used or taken part in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have passed they haven’t added to pensions And so on so it’s a huge effect that they never knew they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy companies are securing insurance against misclassification but generally premiums are only covering the expense of legal costs whilst the average claim assessed versus companies relates to to 40 or 50 percent of the base pay of employee exists any point in getting 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 penalty and interest for the most part I have not seen it at least 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 denied protection on the basis of the reality that you were not in compliance with laws um in the UK