Managing payroll internationally is a difficult task … Papaya Global 40M Scale 45M…
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Over the last 5 or 6 years …Papaya Global 40M Scale 45M… roles on the company side and also on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back these days 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 everybody is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely really bleak and I wish I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies maintain separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we’ll also go over a wrap-up which should leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of common and handling them ends up being more and more complicated Worldwide companies are looking to discover Solutions and new methods to improve processes particularly from a payroll and cross-border payment perspective many companies preserve separate checking account just for payroll while some have multiple accounts in different countries does it make good sense for companies to maintain different checking account sometimes in various countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies enhance the episode complex processes of
making payroll payments properly effectively firmly and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business accurately forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of reasons most importantly guidelines compliance information security and banking rules then there are the sheer numbers they include additional intricacy the worldwide Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll model there’s often an overwhelming number of different systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or very really fundamental there’s no genuine consistency structure we’re living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often 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 organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of a picture they see a lack of presence likewise extends to payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the deal almost half of international organizations have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors badly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is shipped to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they rely on the necessary several processes systems and partners it is just not possible so Johnny from a payments viewpoint 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 great question I always throw this back and state what is it what does not need to be included right and what does
it need to be considered there’s differing 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type 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 definitely basic and technology is enabling us to type of move on with that it also as well to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and finance groups work closer together than ever um I’m constantly surprised when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more important to add to type of the level of complexity there’s a growing number of advantages being organ or being provided by businesses across the world so once again you’re simply wanting to add increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine obstacles or real difficult sort of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of years I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams 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 necessarily need to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an age that you know that we are working in today there is no reason we are still making this as hard as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any service has from an expense viewpoint from an impact point of view on workers it is definitely crucial that it’s done correctly and on time so what we indicate 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 harmful impact on people’s well-being and lots of other aspects if people aren’t paid uh I have actually constantly been astonished coming into this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anyone on this kind of webinar has been informed 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 staff members or not um however eventually payroll is such a crucial cycle we all find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box workout 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 things is definitely important that all of this things is done properly so leveraging the first International Payments very first payroll payment service is an excellent first step um supplying an end-to-end payroll service for your employees globally again I believe is another huge um process again aligning and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of organizations and minimizing the variety of tools platforms and checking account they need for their Worldwide 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 ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I do not think any of us are really doing that for for the thanks
anyway we understand 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 envision sorry I’m just I was just 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 sure we’re discussing hundreds of thousands potentially Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely 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 was the case um you ‘d require days of the week to try to browse them and in fact see what was going on and kind of try to get back to everyone so proceeding look why do companies select to main different savings account there are Papaya Global 40M Scale 45M organizations out there doing precisely this for specific countries and I’ve worked in a service or many organizations doing exactly that I can say it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for any person where we don’t have to and anybody that’s handling that procedure 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 lots of factors one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to add to that people 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 believe this is a procedure that requires taking a look at it needs changing however eventually individuals are really stuck with what they’re familiar
with right um modification is a challenging thing we all do not like modification um so I believe it’s just 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 advantages of having keeping several savings account however there’s a huge quantity of complexity chooses setting up a savings account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is huge but I think the honest response is modification um individuals haven’t been able to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be determined to be the next Century or two there is a lot to track and this method does posture several obstacles um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I recently made a change 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 capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global 40M Scale 45M
I discover time and time again the workers typically misclassified unknowingly they do not comprehend the conditions of employment or contract and are told by the customer why it’s optimum mainly to the customer why you must be employed or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care benefits of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have actually passed they have not added to pensions And so on so it’s a big effect that they never knew they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy business are securing insurance coverage against misclassification but typically premiums are only covering the expense of legal charges whilst the typical claim evaluated against employers relates to to 40 or 50 percent of the base salary of worker exists any point in getting insurance 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 in most cases I have not seen it at least so uh the the other area that I do believe if you managed to get the protection what we are saying is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK