Managing payroll globally is a daunting job … Papaya Global Os…
How much revenue does the company make? Papaya Global Os
Over the last 5 or 6 years …Papaya Global Os… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody 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 is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very really bleak and I want I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business maintain separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical possession uh we’ll likewise discuss a recap and that needs to leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of common and handling them ends up being a growing number of intricate Global organizations are looking to discover Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment standpoint lots of companies maintain different savings account just for payroll while some have several accounts in various countries does it make good sense for business to preserve different savings account in some cases in various countries it does however just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies improve the episode complex procedures of
making payroll payments precisely effectively firmly and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most importantly policies compliance information security and banking rules then there are the sheer numbers they add more intricacy the global Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the traditional payroll design there’s typically a frustrating variety of different systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or extremely very standard there’s no genuine consistency structure we’re residing in an age of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a business spends on international payroll the less of an image they see an absence of presence also reaches payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of international businesses have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes inadequately communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is shipped to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s a great question I always throw this back and state what is it what does not need to be consisted of ideal and what does
it need to be considered there’s varying 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 client’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is absolutely vital but all over you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 technology is enabling us to kind of progress with that it likewise as well to add to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely vital that payroll and finance groups work more detailed together than ever um I’m constantly amazed when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of essential to add to type of the level of complexity there’s more and more advantages being organ or being used by businesses throughout the world so again you’re just wanting to add a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real obstacles or genuine challenging sort of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to develop additional handoffs while doing sos that we run in they simply make them more prompt 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 know 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 rightly as you stated payroll is the single most significant liability that any business has from an expense viewpoint from an impact perspective on staff members it is definitely critical 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 destructive impact on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I’ve always been surprised coming into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m unsure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment solution is a great first step um supplying an end-to-end payroll solution for your employees worldwide again I think is another big um process again lining up and ensuring you have standardization Global processes all of those things are definitely essential to success success of businesses and lowering the number of tools platforms and savings account they need for their Global 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’ve never ever had a hundred thousand of 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 complaints where things haven’t gone quite where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we understand how how important a role 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 everyone that’s involved in those processes and also so think of sorry I’m simply I was just gon na say think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially 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 definitely be an intriguing job trying 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 type of shot to get back to everyone so carrying on appearance why do business choose to primary separate checking account there are Papaya Global Os businesses out there doing exactly this for particular countries and I have actually worked in an organization or lots of companies doing precisely that I can state it doesn’t always feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating extra work for anybody where we don’t have to and anyone that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think many factors one is it’s the standard I think individuals have got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll functions 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 adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I believe this is a process that needs looking at it requires changing but eventually people are really stuck to what they’re familiar
with best um change is a challenging thing all of us don’t like modification um so I believe 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 stuff um I comprehend undoubtedly the advantages of having preserving multiple savings account but there’s a huge quantity of intricacy opts for setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for individual individuals so the complexity is big but I believe the honest answer is modification um people haven’t been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century or two there is a lot to keep track of and this method does position numerous challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you deserve a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Os
I discover time and time again the employees frequently misclassified unwittingly they do not understand the conditions of work or contract and are told by the customer why it’s most advantageous primarily to the client why you need to be used or taken part in this fashion the employee 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 gone by they have not added to pensions And so on so it’s a huge impact that they never knew they were walking into you could not agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy business are taking out insurance coverage versus misclassification however generally premiums are just covering the expense of legal charges whilst the average claim examined against companies equates to to 40 or half of the base pay of employee exists any point in getting insurance coverage and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes charge and interest in many cases I have not seen it at least so uh the the other location 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 pack you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK