Handling payroll worldwide is a daunting task … Papaya Global Odbc…
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Over the last 5 or 6 years …Papaya Global Odbc… functions on the provider side and also on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating 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 originates from and I really 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 drizzling here it’s really extremely uninspiring and I wish I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll likewise go over a recap which must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more typical and managing them ends up being more and more complex Global companies are aiming to discover Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment perspective lots of organizations keep separate bank account just for payroll while some have numerous accounts in different countries does it make good sense for companies to preserve separate bank accounts sometimes in different 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 helping multinational business improve the episode complex procedures of
Making sure precise, effective, and timely payroll payments is a complex obstacle for organizations running globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, find out how business anticipate payroll costs to optimize working capital, and find how improving international payroll payments can transform them from a difficult task into a strategic property.
due to numerous policies, compliance requirements, information security concerns, and banking rules. The large variety of staff members and businesses adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically result in manual processes, information silos, and a lack of combination, leading to inconsistencies and ineffectiveness. Despite living in an age of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to provide insights and services to simplify and enhance global payroll payments.
about it to provide you a concept 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 provides me sleepless nights and quite frankly the more a business spends on international payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of international services have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes poorly communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the information is delivered to the wrong location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they depend on the necessary numerous 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 challenges service face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t require to be included best and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 intricacy anywhere you look best ultimately building a knowledge base is absolutely vital but all over 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 kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to kind of move on with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely imperative that payroll and finance groups work more detailed together than ever um I’m constantly astonished when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high value on wellness and the settlement landscape is ending up being increasingly detailed. Services are continually introducing new advantages and payment options, which contributes to the general complexity. Big corporations typically divide their payroll and payment processing into different teams, which can cause inadequacies and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s highly sophisticated era, there’s no validation for preserving cumbersome procedures. Payroll, the company’s most significant expenditure, need to be processed properly and on time. Even minor hold-ups can negatively affect workers’ wellness and have far-reaching repercussions. For that reason, it’s vital to prioritize precise and timely payments.
payroll team get um so I’m not sure anyone on this type of webinar has 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 employees or not um but ultimately payroll is such an important cycle we all become aware of it when it fails 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 crucial that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment solution is a fantastic initial step um supplying an end-to-end payroll solution for your staff members worldwide once again I believe is another big um process once again aligning and ensuring you have standardization Global procedures all of those things are definitely essential to success success of services and decreasing the variety of tools platforms and checking account they need for their International 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 had a hundred countless them within a payroll cycle don’t anticipate 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 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 everybody that’s associated with those procedures and also so envision sorry I’m just I was just gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and kind of shot to get back to everyone so moving on look why do business pick to primary separate checking account there are Papaya Global Odbc organizations out there doing exactly this for specific countries and I have actually worked in a company or lots of companies doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we don’t need to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts 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 requirement I believe people have got so utilized to we require a brand-new checking account we open an entity and rightly so you need it for payroll functions but 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 numerous other methods um to to type of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs altering but ultimately people are extremely stuck with what they’re familiar
with right um modification is a hard thing all of us don’t like change um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having preserving several bank accounts but there’s a big quantity of intricacy goes with establishing a bank account maintaining it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for individual individuals so the complexity is big however I think the sincere response is modification um people haven’t had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter however we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep track of and this approach does posture several obstacles um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Odbc
I discover time and time again the employees often misclassified unknowingly they do not understand the conditions of work or contract and are told by the customer why it’s most advantageous generally to the client why you must be employed or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have actually passed they have not contributed to pensions And so on so it’s a huge impact that they never ever understood they were strolling 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 getting insurance versus misclassification but usually premiums are only covering the expense of legal costs whilst the typical claim evaluated versus employers relates to to 40 or 50 percent of the base salary of worker exists any point in securing insurance and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes charge and interest in most cases I have not seen it at least so uh the the other location 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 truth that you were not in compliance with laws um in the UK