Managing payroll internationally is a complicated job … Papaya Global Final Submission…
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Over the last 5 or six years …Papaya Global Final Submission… roles on the provider side and likewise on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just 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 kind 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 kind 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 sunlight is it it’s not no it’s it’s drizzling here it’s extremely 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 taking a look at the difficulty years of handling Global payroll why companies keep separate
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly beneficial for global organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, 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 offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most significantly guidelines compliance information security and banking guidelines then there are the large numbers they include further complexity the international Workforce is currently 3 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 consider that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll model there’s frequently an overwhelming variety of various systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or really extremely basic there’s no real consistency structure we’re living in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business invests in international payroll the less of an image they see an absence of exposure also encompasses payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of international 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 errors are because of time reporting poor HCM data data entry mistakes poorly interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is delivered to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they rely on the required multiple processes systems and partners it is just 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 concern I constantly toss this back and say what is it what does not need to be consisted of ideal and what does
it need to be thought about there’s differing Bank details 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 client’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is definitely important but all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to kind of move on with that it also too to add to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and finance groups work closer together than ever um I’m constantly amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of data 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 reside in and well-being being a growing number of important to add to sort of the level of intricacy there’s increasingly more benefits being organ or being offered by organizations throughout the world so again you’re simply aiming to include increasingly more payments to this currently complex landscape so if you kind 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 challenges or genuine tough 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 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 task there are groups feeding information into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we require to produce extra handoffs at the same times that we run in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason why we are still making this as tough as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from a cost point of view from an impact viewpoint on workers it is definitely 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 harmful result on people’s wellness and lots of other elements if people aren’t paid uh I’ve always been amazed entering this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think 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 absolutely essential that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment service is a great first step um providing an end-to-end payroll option for your workers internationally again I believe is another substantial um procedure again aligning and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of companies and minimizing the number of tools platforms and savings account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless 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 haven’t gone rather where they’re suggested to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand 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 simple as possible for everybody that’s involved in those processes and also so picture sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and in fact see what was going on and kind of shot to return to everybody so proceeding appearance why do companies select to primary separate savings account there are Papaya Global Final Submission businesses out there doing exactly this for specific countries and I’ve operated in a business or numerous companies doing precisely that I can say it does not always feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for anybody where we do not need to and any person 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 many reasons one is it’s the standard I think individuals have got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply 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 believe there’s a range I believe this is a process that needs looking at it requires changing but ultimately individuals are really stuck to what they’re familiar
with ideal um change is a difficult thing all of us don’t like modification um so I believe it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having preserving numerous checking account but there’s a huge amount of complexity chooses setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is substantial however I believe the honest response is modification um individuals have not been able to alter or have not had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century or two there is a lot to keep track of and this technique does posture several obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Final Submission
I find time and time again the workers frequently misclassified unconsciously they do not understand the conditions of employment or contract and are informed by the customer why it’s optimum mainly to the customer why you ought to be used or taken part 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 numerous 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 huge impact that they never ever knew they were strolling into you could not agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy companies are getting insurance versus misclassification however usually premiums are just covering the expense of legal charges whilst the average claim examined against employers corresponds to to 40 or 50 percent of the base pay of employee is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge 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 saying is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK