Managing payroll internationally is a challenging job … Is Gradience Timeclock Compatible With Papaya Global Payroll…
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Over the last 5 or six years …Is Gradience Timeclock Compatible With Papaya Global Payroll… roles on the provider side and also on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it is 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 bleak and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll also review a wrap-up which needs to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more common and managing them becomes a growing number of complex International organizations are aiming to find Solutions and brand-new ways to streamline processes specifically from a payroll and cross-border payment perspective numerous organizations preserve different savings account just for payroll while some have several accounts in different countries does it make good sense for business to keep different savings account sometimes in various nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies improve the episode complex procedures of
making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most significantly policies compliance data security and banking guidelines then there are the large numbers they include additional complexity the global Labor force is presently three and a half billion people 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 companies and growing all doing their own thing all over the world in the conventional payroll design there’s typically a frustrating number of different systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in big amounts and or extremely very basic there’s no genuine consistency structure we’re residing in a period of tech however 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 simply blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a business spends on international payroll the less of a picture they see an absence of visibility also reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of global businesses have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes improperly communicated hires and terminations along with lack management and system setups and after that when you round all of it off and the data is delivered to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they count on the needed 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 business face when they’re paying to employees or otherwise that’s a good concern I always throw this back and state what is it what does not need to be consisted of best and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities 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 intricacy anywhere you look ideal ultimately constructing a knowledge base is definitely critical but all over you look with payroll payment they are like very payments no if but some babies 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 acknowledgment that payroll payments are definitely basic and technology is permitting us to type of move forward with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and financing teams work more detailed together than ever um I’m constantly surprised when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 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 but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of crucial to contribute to kind of the level of intricacy there’s more and more benefits being organ or being provided by services throughout the world so once again you’re just seeking to add a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine obstacles or real challenging sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of years I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s really handling 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 understand long gone are the times where we need to produce additional handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you understand that we are working in today there is no reason why we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any business has from an expense point of view from an impact perspective on employees 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 have to be done right it has the greatest detrimental result on individuals’s wellness and numerous other elements if people aren’t paid uh I’ve always 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 not exactly sure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think 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 stuff is absolutely crucial that all of this stuff is done properly so leveraging the very first International Payments first payroll payment solution is an excellent first step um offering an end-to-end payroll service for your workers internationally once again I think is another big um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of companies and reducing the variety of tools platforms and bank accounts they need 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 have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five 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 do not believe any of us are in fact doing that for for the thanks
anyhow we know 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 easy as possible for everyone that’s involved in those procedures and also so picture sorry I’m just I was just gon na state imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions think of getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task trying to clean 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 need days of the week to attempt to browse them and actually see what was going on and sort of try to return to everybody so proceeding appearance why do companies choose to main different bank accounts there are Is Gradience Timeclock Compatible With Papaya Global Payroll organizations out there doing exactly this for particular nations and I have actually operated in a company or many companies doing precisely that I can say it doesn’t always feel effective and it does create more work I know we’re not deliberately doing that we’re not developing extra work for any person where we do not need to and anyone that’s handling that procedure 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 think numerous reasons one is it’s the standard I believe people have got so utilized to we need a new bank account we open an entity and appropriately 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 requirement and the standard individuals have embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs altering however eventually people are very stuck with what they recognize
with best um change is a tough thing all of us do not like modification um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having maintaining several checking account however there’s a big quantity of intricacy goes with setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is huge but I think the truthful 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 other than opening a savings account I think you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter 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 carrying on and moving into you know what might practically be identified to be the next Century approximately there is a lot to track and this approach does position several obstacles um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you are worthy of a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Is Gradience Timeclock Compatible With Papaya Global Payroll
I find time and time again the workers often misclassified unconsciously they do not understand the conditions of work or contract and are told by the customer why it’s optimum generally to the client why you need to be employed or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be affected and several times it can be years before this all falls out and by that time it’s too late years have passed they have not contributed to pensions And so on so it’s a big impact that they never ever knew they were walking into you could not agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy business are securing insurance against misclassification however usually premiums are just covering the expense of legal fees whilst the average claim assessed versus companies corresponds to to 40 or half of the base salary 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 small print it is not covering the taxes penalty and interest for the most part I have not seen it a minimum of so uh the the other location 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