Managing payroll globally is an overwhelming task … Papaya Global Payroll Admin…
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Over the last five or six years …Papaya Global Payroll Admin… functions on the provider side and also on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days 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 type of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely gloomy and I wish I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we’ll likewise go over a wrap-up and that should leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more typical and handling them becomes a growing number of intricate Global organizations are looking to discover Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment standpoint lots of organizations keep separate bank account just for payroll while some have multiple accounts in different nations does it make sense for business to preserve different checking account often in various nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business enhance the episode complex processes of
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business properly anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most importantly policies compliance information security and banking rules then there are the large numbers they add more complexity the international Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the traditional payroll model there’s typically an overwhelming number of various systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or extremely really fundamental there’s no genuine consistency structure we’re living in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that offers me sleepless nights and rather frankly the more a service spends on worldwide payroll the less of a photo they see a lack of visibility also reaches payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of global companies have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes improperly interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the information is shipped to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they depend on the essential numerous processes 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 obstacles business face when they’re making payments to workers 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 right and what does
it need to be considered 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 need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal eventually developing a knowledge base is definitely vital but all over you look with payroll payment they are like 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 in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to kind of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely important that payroll and finance groups work better together than ever um I’m constantly surprised when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of important to add to kind of the level of complexity there’s a growing number of benefits being organ or being used by companies throughout the world so again you’re simply aiming to add a growing number of payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine challenges or real challenging sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of years I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and an age that you understand that we are working in today there is no reason why we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from an expense perspective from an effect point of view on staff members it is absolutely important that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive impact on people’s wellness and numerous other elements if people aren’t paid uh I have actually always been amazed entering into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this kind of webinar has 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 staff members or not um however ultimately payroll is such an essential cycle all of us become aware of 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 likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done properly so leveraging the first International Payments first payroll payment option is a great primary step um supplying an end-to-end payroll solution for your workers globally again I think is another huge um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of organizations and reducing the variety of tools platforms and checking account they require for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless 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 problems where things have not gone rather where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyway we understand how how essential a function 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 procedures and also so picture sorry I’m simply I was just gon na state imagine 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 speaking about hundreds of thousands possibly Millions envision 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 however it would absolutely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and sort of shot to get back to everyone so proceeding appearance why do business pick to main different checking account there are Papaya Global Payroll Admin services out there doing precisely this for specific countries and I have actually operated in a service or lots of companies doing precisely that I can say it does not constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we don’t need to and anyone 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 think many factors one is it’s the requirement I believe people have got so used to we need a new bank 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 embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I think this is a process that needs looking at it needs altering however eventually people are really stuck with what they’re familiar
with best um change is a difficult thing we all don’t like modification um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having keeping numerous savings account however there’s a huge amount of complexity chooses establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the best user accesses for private individuals so the intricacy is substantial but I think the sincere answer is change um people have not been able to change or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you have actually struck 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 constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or two there is a lot to track and this approach does pose numerous obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so
I recently made a change to our Enterprise 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 capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Payroll Admin
I discover time and time again the workers often misclassified unknowingly they do not comprehend the conditions of employment or agreement and are informed by the customer why it’s optimum primarily to the customer why you must be employed or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be affected 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 haven’t contributed to pensions Etc so it’s a huge impact that they never understood 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 10 years um Kathy business are getting insurance against misclassification however typically premiums are just covering the cost of legal charges whilst the typical claim evaluated against companies equates to to 40 or half of the base pay of worker is there any point in securing insurance 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 in many cases I have not seen it a minimum of so uh the the other location that I do think if you managed to get the coverage 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