Handling payroll globally is an overwhelming job … Papaya Global Usa…
How much revenue does the company make? Papaya Global Usa
Over the last 5 or 6 years …Papaya Global Usa… functions on the supplier side and likewise on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or so to join all of us 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 currently just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I really 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 very extremely dreary and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies preserve separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical asset uh we’ll also go over a recap and that ought to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more typical and handling them becomes a growing number of intricate Global organizations are wanting to find Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment viewpoint many companies preserve separate checking account just for payroll while some have several accounts in different nations does it make sense for companies to preserve separate checking account sometimes in different nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies improve the episode complex procedures of
making payroll payments properly efficiently safely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in enough in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most importantly policies compliance data security and banking rules then there are the large numbers they add more intricacy the worldwide Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the traditional payroll design there’s often an overwhelming variety of different systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or very extremely standard there’s no real consistency structure we’re residing in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply 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 companies state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization spends on 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 lead to compliance mishaps in the last mile of the deal nearly half of global organizations have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors inadequately communicated hires and terminations along with lack management and system setups and after that when you round all of it off and the information is delivered to the wrong place the typical cost of a global 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 don’t run efficiently if they count on the necessary several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re paying to employees or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t need to be consisted of ideal and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 client’s own in-country account so there’s complexity any place you look right eventually building a knowledge base is absolutely vital but all over you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is enabling us to sort of move forward with that it likewise also to add to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and finance teams work more detailed together than ever um I’m always astonished when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work 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 typically 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 people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more crucial to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being used by organizations throughout the world so once again you’re just aiming to include a growing number of payments to this currently complicated 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 difficulties or real tough type of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would certainly state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams 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 does not always need to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we operate in they just 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 an age that you understand that we are working in today there is no reason that we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any organization has from a cost viewpoint from an effect viewpoint on employees it is absolutely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive effect on individuals’s wellness and numerous other factors if people aren’t paid uh I’ve always been surprised entering this Market sort of the last 5 to ten years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only observe when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally as well. Therefore, it is important to guarantee that jobs like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the first Global Payments very first payroll payment service is an excellent preliminary action towards supplying an extensive payroll solution for staff members worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and bank accounts needed for worldwide payroll are essential factors in accomplishing company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things don’t go as planned. Eventually, we don’t do it for the thankfulness.
anyhow we know how how crucial 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 easy as possible for everybody that’s associated with those processes and also so think of sorry I’m just I was simply gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job trying to clean up all those up for sure oh definitely I can’t picture 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 actually see what was going on and kind of shot to get back to everyone so proceeding appearance why do business pick to primary different savings account there are Papaya Global Usa organizations out there doing precisely this for particular nations and I’ve operated in a service or many services doing precisely that I can state it does not always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating extra work for anybody where we don’t need to and any person that’s managing 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 think many factors one is it’s the standard I believe individuals have got so used to we require a new savings account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires looking at it needs changing but eventually people are very stuck to what they’re familiar
with best um change is a challenging thing all of us do not like modification um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having maintaining several savings account but there’s a big amount of intricacy goes with setting up a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is big but I believe the honest answer is modification um individuals haven’t been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to alter however we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits 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 keep an eye on and this method does posture several obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Usa
I find time and time again the employees often misclassified unconsciously they don’t comprehend the conditions of employment or contract and are told by the customer why it’s most advantageous generally to the customer why you ought to be employed or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be impacted 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 haven’t contributed to pensions And so on so it’s a big impact that they never knew they were strolling into you could not agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy business are getting insurance versus misclassification but typically premiums are just covering the cost of legal costs whilst the average claim examined versus companies equates to to 40 or half of the base pay of worker is there any point in securing insurance and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes charge and interest in many cases I have not seen it a minimum of so uh the the other location that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to pack you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK