Managing payroll globally is a challenging task … Papaya Global Cfo…
How much revenue does the company make? Papaya Global Cfo
Over the last 5 or 6 years …Papaya Global Cfo… functions on the provider side and also on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply provide everyone another couple 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 quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly 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 very gloomy and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business keep different
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is especially helpful for international organizations with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of maintaining separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for services operating internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, learn how business forecast payroll expenses to optimize working capital, and find how improving worldwide payroll payments can change them from a burdensome task into a tactical possession.
due to various regulations, compliance requirements, information security issues, and banking rules. The large variety of employees and companies adds to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems often result in manual processes, data silos, and an absence of combination, leading to inconsistencies and inefficiencies. Regardless of living in an era of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to supply insights and solutions to streamline and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization invests in global payroll the less of a picture they see an absence of exposure also extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of global companies have revealed that they don’t 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 errors improperly communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the information is shipped to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they rely on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and say what is it what does not require to be included best and what does
it need to be thought about there’s varying Bank information 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 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 consumer’s own in-country account so there’s intricacy wherever you look best eventually building a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to kind of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is definitely necessary that payroll and financing teams work more detailed together than ever um I’m always amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more crucial to contribute to sort of the level of complexity there’s a growing number of benefits being organ or being used by organizations throughout the world so again you’re simply seeking to include a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine obstacles or real tough 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 larger a company 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 groups feeding information into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require to create extra handoffs in the processes that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any organization has from a cost perspective from an impact point of view on workers it is definitely vital that it’s done correctly 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 biggest harmful impact on people’s wellness and many other factors if people aren’t paid uh I’ve always 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 anybody has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people just observe when things fail. However, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally too. Therefore, it is vital to ensure that tasks like Wi-Fi International and other essential matters are done correctly. Utilizing the very first International Payments very first payroll payment option is an excellent preliminary step towards offering a detailed payroll service for staff members worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and bank accounts needed for global payroll are crucial consider achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things do not go as planned. Eventually, we do not do it for the gratitude.
anyhow 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 everyone that’s associated with those procedures and likewise so envision sorry I’m simply I was simply gon na say 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 hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating task attempting 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 try to check out them and really see what was going on and type of shot to get back to everyone so moving on appearance why do business select to main different bank accounts there are Papaya Global Cfo services out there doing precisely this for particular nations and I have actually operated in an organization or many companies doing precisely that I can state it doesn’t always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we do not need to and any person that’s handling 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 amount that we are I think numerous reasons one is it’s the standard I think people have actually got so used to we need a new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to type of do it so I think there’s a range I think this is a process that needs taking a look at it requires altering however ultimately people are extremely stuck with what they’re familiar
with right um change is a tough thing we all 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 lot of track of things um I comprehend obviously the benefits of having maintaining multiple checking account however there’s a big quantity of intricacy goes with establishing a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual people so the intricacy is big but I believe the honest answer is change um people haven’t been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century approximately there is a lot to keep track of and this technique does posture numerous difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage 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 effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Cfo
I discover time and time again the workers frequently misclassified unknowingly they do not understand the conditions of employment or agreement and are told by the client why it’s most advantageous primarily to the customer why you must be utilized or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be impacted and a number of times it can be years before this all falls out and by that time it’s too late years have actually passed they haven’t contributed to pensions And so on so it’s a big impact that they never ever knew they were walking into you couldn’t agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy companies are getting insurance versus misclassification however generally premiums are only covering the expense of legal fees whilst the typical claim evaluated against employers relates to to 40 or half of the base salary of worker exists any point in securing 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 most of the times I haven’t seen it a minimum of 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 pack you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK