Handling payroll worldwide is an overwhelming job … Papaya Global Cyprus…
How much revenue does the company make? Papaya Global Cyprus
Over the last 5 or six years …Papaya Global Cyprus… roles on the company side and also on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or so to join we all 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 simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely dreary and I wish I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies maintain different
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is particularly useful for international companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being 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.
Ensuring precise, efficient, and timely payroll payments is a complex challenge for services operating worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, find out how business anticipate payroll expenses to enhance working capital, and find how streamlining global payroll payments can change them from a troublesome task into a strategic asset.
due to numerous regulations, compliance requirements, data security issues, and banking guidelines. The large variety of staff members and services adds to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently result in manual processes, information silos, and a lack of combination, causing inconsistencies and inefficiencies. Regardless of living in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to provide insights and solutions to streamline and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more a service spends on global payroll the less of a photo they see a lack of presence likewise reaches payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of international organizations have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes poorly interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the data is delivered to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they depend on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what does not need to be consisted of ideal and what does
it require to be thought about there’s differing 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 consumer’s own in-country account so there’s complexity wherever you look best ultimately developing a knowledge base is definitely vital however all over you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 essential and technology is enabling us to kind of progress with that it also as well to contribute to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely imperative that payroll and finance teams work more detailed together than ever um I’m always surprised when people 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 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 information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to contribute to kind of the level of intricacy there’s more and more advantages being organ or being used by services throughout the world so again you’re simply seeking to add increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real obstacles or genuine difficult kind 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 larger 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 groups feeding details into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop extra handoffs at the same times that we run in they just make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you know that we are operating in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any service has from an expense point of view from an impact perspective on workers it is absolutely important 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 most significant detrimental effect on individuals’s wellness and numerous other elements if individuals aren’t paid uh I have actually constantly been impressed coming into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done correctly so leveraging the very first Global Payments first payroll payment option is a fantastic first step um supplying an end-to-end payroll solution for your staff members globally once again I believe is another big um procedure once again aligning and ensuring you have standardization International processes all of those things are definitely essential to success success of businesses and decreasing the variety of tools platforms and savings account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know how how important 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 easy as possible for everybody that’s associated with those processes and likewise so think of sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job 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 require days of the week to try to look through them and actually see what was going on and sort of shot to return to everyone so carrying on look why do business pick to primary separate savings account there are Papaya Global Cyprus organizations out there doing precisely this for specific countries and I’ve worked in an organization or many businesses doing exactly that I can say it does not constantly 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 have to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the requirement I believe individuals have actually got so used to we require a brand-new bank 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 believe it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I believe this is a procedure that needs looking at it requires changing but eventually individuals are extremely stuck to what they’re familiar
with right um modification is a difficult thing we all do not like modification um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having maintaining multiple bank accounts but there’s a substantial quantity of complexity chooses establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for private individuals so the intricacy is big but I believe the truthful answer is modification um individuals haven’t been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century approximately there is a lot to track and this technique does present a number of difficulties um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Cyprus
I find time and time again the workers often misclassified unknowingly they don’t understand the conditions of work or contract and are informed by the customer why it’s most advantageous generally to the client why you should be utilized or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be impacted and a number of 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 ever knew they were walking into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy business are taking out insurance against misclassification but typically premiums are only covering the cost of legal costs whilst the typical claim assessed versus companies relates to to 40 or 50 percent of the base salary of worker exists any point in securing insurance coverage and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes penalty and interest for the most part I have not seen it at least so uh the the other area that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK