Managing payroll globally is a daunting task … Papaya Global Timesheets…
How much revenue does the company make? Papaya Global Timesheets
Over the last five or 6 years …Papaya Global Timesheets… functions on the company side and likewise on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind 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 everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very bleak and I wish I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies keep separate
Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of preserving separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and timely payroll payments is a complex difficulty for organizations running worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, find out how companies anticipate payroll costs to optimize working capital, and find how simplifying worldwide payroll payments can transform them from a troublesome job into a tactical possession.
due to numerous policies, compliance requirements, data security issues, and banking rules. The large number of workers and organizations adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual procedures, data silos, and an absence of combination, resulting in inconsistencies and inadequacies. Regardless of living in an era of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to provide insights and solutions to streamline and optimize global payroll payments.
about it to provide you an idea 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 provides me sleepless nights and quite honestly the more an organization invests in international payroll the less of a photo they see an absence of visibility also extends to payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of global services have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is delivered to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they depend on the required multiple processes 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 difficulties business face when they’re paying to employees or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t require to be included best and what does
it require 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 timespan 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 complexity any place you look best eventually building a knowledge base is definitely crucial but all over you look with payroll payment they are like incredibly 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 recognition that payroll payments are definitely essential and innovation is permitting us to sort of move forward with that it also also to add to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely crucial that payroll and financing teams work more detailed together than ever um I’m constantly impressed when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more crucial to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being provided by services throughout the world so once again you’re simply seeking to include more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine obstacles or real challenging sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job 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 doesn’t necessarily need to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an era 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 challenging as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from a cost viewpoint from an effect viewpoint on employees it is definitely crucial 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 harmful impact on people’s well-being and numerous other factors if people aren’t paid uh I’ve constantly been amazed coming into this Market type of the last five to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people only discover when things fail. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally also. For that reason, it is necessary to ensure that jobs like Wi-Fi International and other important matters are done properly. Using the very first Global Payments very first payroll payment option is a fantastic preliminary step towards providing a detailed payroll option for staff members worldwide. Standardization, global processes, and reducing the variety of tools, platforms, and bank accounts required for international payroll are crucial consider attaining business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things don’t go as prepared. Eventually, we do not do it for the appreciation.
anyway we know how how essential 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 everyone that’s involved in those procedures and likewise so think of sorry I’m just I was just gon na say imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and type of try to return to everybody so proceeding appearance why do companies choose to primary different bank accounts there are Papaya Global Timesheets services out there doing exactly this for specific countries and I have actually operated in a business or many businesses doing precisely that I can say it doesn’t always feel efficient and it does create more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we don’t need to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I think individuals have got so used to we need a brand-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 believe it’s simply been the standard and the standard individuals have embraced 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 lots of other methods um to to kind of do it so I think there’s a range I think this is a process that needs looking at it requires altering however ultimately people are extremely stuck to what they’re familiar
with ideal um change is a challenging thing we all do not like modification um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having maintaining multiple checking account however there’s a substantial amount of complexity goes with establishing a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for individual individuals so the intricacy is substantial however I think the truthful response is modification um people haven’t had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could practically be identified to be the next Century or two there is a lot to track and this technique does posture numerous obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I simply 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 Worldwide employees you deserve a corner workplace with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Timesheets
I find time and time again the workers typically misclassified unknowingly they do not comprehend the conditions of employment or contract and are told by the client why it’s optimum primarily to the client why you ought to be utilized or participated 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 numerous times it can be years before this all falls out and by that time it’s far too late years have actually passed they have not added to pensions And so on so it’s a huge effect that they never understood they were strolling into you could not 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 versus misclassification however usually premiums are only covering the cost of legal charges whilst the average claim examined versus companies equates to to 40 or 50 percent of the base pay of worker is there any point in getting insurance and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes penalty and interest in many cases I have not seen it at least so uh the the other area that I do believe if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK