Managing payroll globally is a complicated job … Papaya Global Sri Lanka…
How much revenue does the company make? Papaya Global Sri Lanka
Over the last five or 6 years …Papaya Global Sri Lanka… functions on the service provider side and likewise on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely bleak and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll likewise review a wrap-up 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 relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of typical and managing them ends up being more and more complicated Worldwide companies are aiming to discover Solutions and new ways to simplify processes specifically from a payroll and cross-border payment viewpoint many companies maintain separate savings account just for payroll while some have several accounts in different countries does it make good sense for business to keep separate bank accounts in some cases in different countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international business simplify the episode complex processes of
making payroll payments accurately effectively firmly and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll checking 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 tactical property so payroll can be challenging in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of factors most significantly policies compliance information security and banking rules then there are the sheer numbers they add further intricacy the global Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider 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 variety of various systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or really very basic there’s no genuine consistency framework we’re residing in a period of tech but 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 just blows my mind each time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more a service invests in worldwide payroll the less of an image they see an absence of exposure also encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide services have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes poorly interacted hires and terminations along with absence management and system setups and then when you round everything off and the information is shipped to the incorrect place the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they depend on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and state what is it what does not need to be included best and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 consumer’s own in-country account so there’s intricacy anywhere you look best eventually constructing a knowledge base is absolutely critical 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 kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to sort of move on with that it likewise as well to add to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work closer together than ever um I’m constantly astonished when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of important to add to sort of the level of complexity there’s increasingly more benefits being organ or being provided by businesses throughout the world so once again you’re just seeking to include increasingly more payments to this currently intricate landscape so if you kind 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 real obstacles or genuine challenging kind of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single greatest liability that any service has from an expense point of view from an effect point of view on employees it is definitely important 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 most significant detrimental effect on individuals’s wellness and numerous other factors if people aren’t paid uh I’ve always been surprised entering into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it fails 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 also like why WI-Fi Global why all of this things is definitely crucial that all of this things is done correctly so leveraging the first International Payments first payroll payment option is a great initial step um supplying an end-to-end payroll option for your staff members globally once again I think is another huge um process again aligning and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of businesses and reducing the number of tools platforms and savings account they need for their International payroll too could not 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 countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I don’t think any of us are in fact doing that for for the thanks
anyway we understand how how important 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 associated with those processes and also so picture sorry I’m just I was simply gon na say envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain 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 definitely be an interesting job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and actually see what was going on and type of shot to return to everybody so moving on appearance why do business select to main separate checking account there are Papaya Global Sri Lanka businesses out there doing precisely this for specific countries and I’ve operated in a service or lots of businesses doing exactly that I can say it does not always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we do not need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think many factors one is it’s the standard I think people have actually got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I think this is a procedure that requires looking at it needs altering but eventually individuals are extremely stuck with what they’re familiar
with best um change is a hard thing all of us don’t like modification um so I believe it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having preserving several checking account but there’s a huge amount of complexity goes with setting up a bank account keeping it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for private individuals so the complexity is big but I believe the truthful answer is modification um people haven’t been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to change but we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century or two there is a lot to monitor and this technique does present several challenges um so Johnny might you tell us about those difficulties yeah obviously so there’s a range right there is so
I just did you changed 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 employees you should have a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Sri Lanka
I find time and time again the workers typically misclassified unconsciously they don’t understand the conditions of work or contract and are told by the client why it’s most advantageous generally to the client why you need to be used or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be impacted and several times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t contributed 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 say the UK for example hmrc can go back as much as ten years um Kathy companies are getting insurance against misclassification but generally premiums are just covering the cost of legal charges whilst the typical claim assessed against companies equates to to 40 or half of the base salary of employee is there any point in getting insurance coverage 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 haven’t seen it a minimum of so uh the the other area that I do believe if you managed to get the protection what we are stating is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK