Managing payroll internationally is a daunting job … Papaya Global Embedded Payroll…
How much revenue does the company make? Papaya Global Embedded Payroll
Over the last five or six years …Papaya Global Embedded Payroll… functions on the service provider side and likewise on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I really 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 drizzling here it’s extremely really gloomy and I want I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic property uh we’ll also discuss a recap which should leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of typical and managing them ends up being increasingly more complicated Global organizations are looking to find Solutions and brand-new methods to streamline procedures specifically from a payroll and cross-border payment standpoint numerous organizations keep different checking account just for payroll while some have numerous accounts in different nations does it make sense for business to maintain separate savings account sometimes in different countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies enhance the episode complex processes of
making payroll payments properly efficiently firmly and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most importantly guidelines compliance data security and banking rules then there are the large numbers they include more complexity the global Labor force is currently three 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 consider that there are some 230 million services and growing all doing their own thing around the globe in the traditional payroll design there’s frequently an overwhelming number of various systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or very extremely basic there’s no genuine consistency structure we’re living 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 typically with pen and paper which just blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a business spends on global payroll the less of a picture they see a lack of presence likewise reaches payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of international companies 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 poor HCM data data entry errors inadequately communicated hires and terminations in addition to absence management and system setups and after that when you round everything off and the data is shipped to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they count on the essential several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re making payments to workers or otherwise that’s a good question I constantly toss this back and say what is it what doesn’t require to be included ideal and what does
it require to be thought about there’s varying Bank information 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 capabilities so can you pay it from International or do you need 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 ideal ultimately developing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind 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 definitely basic and innovation is allowing us to type of progress with that it also as well to add to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely essential that payroll and finance teams work better together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually 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 3rd parties so with the
world we live in and well-being being a growing number of essential to add to kind of the level of intricacy there’s a growing number of benefits being organ or being provided by companies across the world so again you’re just wanting to include a growing number of payments to this currently complicated 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 real difficult sort of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of years I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to develop additional 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 need to be in in an era of tech and a period that you understand that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any service has from an expense perspective from an effect point of view on staff members it is definitely critical 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 biggest damaging impact on individuals’s wellness and numerous other elements if individuals aren’t paid uh I have actually always been amazed entering this Market type of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only notice when things fail. However, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally as well. Therefore, it is necessary to guarantee that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the first International Payments first payroll payment service is a fantastic preliminary action towards providing a comprehensive payroll service for workers worldwide. Standardization, worldwide processes, and reducing the variety of tools, platforms, and savings account needed for worldwide payroll are key consider accomplishing company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things don’t go as planned. Ultimately, we do not do it for the gratitude.
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 likewise so think of sorry I’m simply I was just gon na state picture the amount 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 potentially Millions imagine getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing 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 held true um you ‘d require days of the week to attempt to check out them and in fact see what was going on and kind of try to return to everyone so carrying on look why do business select to main different bank accounts there are Papaya Global Embedded Payroll services out there doing exactly this for particular countries and I’ve worked in a business or many services doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not creating extra work for anybody where we don’t need to and anyone that’s handling 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 believe many reasons one is it’s the standard I believe individuals have got so used to we need a new savings account we open an entity and appropriately so you require it for payroll purposes but 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 gone past to contribute to that people have looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I believe this is a process that needs taking a look at it requires changing however ultimately individuals are extremely stuck to what they’re familiar
with best um change is a challenging thing we all don’t like modification um so I think it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having maintaining numerous savings account but there’s a big amount of complexity opts for setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for private individuals so the complexity is substantial however I think the truthful response is change um people have not been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what could practically be identified to be the next Century or two there is a lot to keep track of and this approach does position numerous difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a variety 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 jobs on one platform. It feels like our CFO has actually gained another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Embedded Payroll
I find time and time again the employees frequently misclassified unconsciously they don’t understand the conditions of employment or contract and are told by the client why it’s optimum mainly to the client 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 privileges of the worker can be affected and a number of times it can be years before this all falls out and by that time it’s too late years have gone by they haven’t added to pensions Etc so it’s a big effect that they never understood 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 business are taking out insurance versus misclassification however generally premiums are just covering the expense of legal costs whilst the typical claim assessed against companies corresponds to to 40 or half of the base pay of worker exists any point in taking out 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 most cases I have not seen it at least so uh the the other location that I do believe 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 reality that you were not in compliance with laws um in the UK