Managing payroll internationally is a daunting job … Papaya Global Payroll Funding…
How much revenue does the company make? Papaya Global Payroll Funding
Over the last five or six years …Papaya Global Payroll Funding… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone comes 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 raining here it’s really extremely uninspiring and I wish I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies preserve separate
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly helpful for international companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of maintaining separate savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex obstacle for businesses operating worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, learn how business forecast payroll expenses to optimize working capital, and discover how improving international payroll payments can transform them from a troublesome job into a strategic asset.
due to numerous regulations, compliance requirements, information security issues, and banking rules. The large variety of employees and companies adds to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically result in manual processes, information silos, and a lack of integration, resulting in disparities and inadequacies. Despite residing in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to offer insights and solutions to streamline and enhance international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company invests in global payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of global companies have actually expressed that they do not 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 mistakes badly interacted hires and terminations in addition to absence management and system setups and then when you round it all off and the information is shipped to the wrong place the average expense 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 cash around the globe payroll and payments don’t run smoothly if they count on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and state what is it what doesn’t require to be included best and what does
it need to be considered 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 abilities 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 complexity wherever you look ideal eventually building a knowledge base is absolutely crucial but 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 take a look at the type 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 fundamental and technology is permitting us to sort of move forward with that it also also to add to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely important that payroll and finance teams work more detailed together than ever um I’m always impressed when people say I have actually split 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 estimation I would say no so why do we as an industry 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 information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of important to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being offered by companies across the world so again you’re simply aiming to include more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real obstacles or genuine difficult sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of years 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 information into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to produce additional handoffs at the same times that we run 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 a period that you understand that we are working in today there is no reason we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single most significant liability that any service has from a cost perspective from an impact point of view on workers it is absolutely vital that it’s done properly and on time so what we mean 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 destructive result on people’s wellness and numerous other factors if individuals aren’t paid uh I have actually constantly been astonished coming into this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply 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 stuff is done properly so leveraging the very first International Payments first payroll payment option is a fantastic initial step um offering an end-to-end payroll option for your employees globally again I believe is another huge um procedure again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of companies and decreasing the number of tools platforms and checking account they require 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’ve never ever had a hundred thousand of them within a payroll cycle don’t anticipate 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 quite where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyhow 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 simple as possible for everybody that’s involved in those procedures and also so picture sorry I’m simply I was just gon na state envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job trying to clean up 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 require days of the week to try to look through them and in fact see what was going on and type of try to return to everyone so carrying on appearance why do companies choose to primary separate bank accounts there are Papaya Global Payroll Funding organizations out there doing precisely this for specific countries and I’ve operated in a service or many companies doing precisely that I can state it does not constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing extra work for anybody where we don’t have to and anyone that’s handling that process I ‘d be interested to hear your ideas 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 think individuals have got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll functions but 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 taken a look at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I think this is a procedure that needs taking a look at it needs changing but eventually people are very stuck with what they’re familiar
with right um modification is a tough thing we all don’t like change um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having preserving numerous savings account but there’s a substantial amount of intricacy opts for establishing a checking account keeping it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is big but I believe the sincere answer is change um people haven’t had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to change however we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century approximately there is a lot to track and this approach does position numerous challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you should have a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Funding
I find time and time again the workers frequently misclassified unknowingly they do not understand the conditions of work or contract and are informed by the customer why it’s most advantageous generally to the customer why you need to be utilized or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee 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 passed they have not added to pensions Etc so it’s a huge impact that they never knew they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy business are securing insurance against misclassification however usually premiums are only covering the cost of legal charges whilst the average claim evaluated versus employers equates to to 40 or half of the base pay of employee is there any point in getting insurance 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 charge and interest for the most part I haven’t seen it at least so uh the the other location that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be rejected protection on the basis of the reality that you were not in compliance with laws um in the UK