Managing payroll internationally is a difficult job … Papaya Global Payroll Insured…
How much revenue does the company make? Papaya Global Payroll Insured
Over the last five or 6 years …Papaya Global Payroll Insured… functions on the service provider side and likewise on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating 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 everybody comes from and I really 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 drizzling here it’s extremely extremely bleak and I want I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business maintain different
bank accounts 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 strategic asset uh we’ll likewise review a recap which must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more common and handling them becomes more and more intricate Global organizations are looking to find Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment standpoint numerous organizations keep different savings account just for payroll while some have several accounts in various nations does it make good sense for business to keep separate savings account often in different countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business improve the episode complex procedures of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most notably guidelines compliance information security and banking rules then there are the large numbers they include additional intricacy 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 individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll design there’s frequently an overwhelming number of different systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or really really standard there’s no real consistency structure we’re residing in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a service invests in international payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of global organizations have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes improperly interacted hires and terminations along with absence management and system configurations and then when you round it all off and the information is shipped to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they depend on the required multiple procedures 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 service 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 doesn’t require to be included best 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 time frames 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 customer’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you 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 absolutely basic and innovation is enabling us to type of progress with that it likewise also to contribute to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance teams work more detailed together than ever um I’m always impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from computation 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 procedure it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more important to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being used by organizations throughout the world so again you’re simply seeking to add increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real obstacles or genuine challenging type of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they do not make them what they require 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 hard as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any business has from a cost perspective from an effect perspective on staff members it is absolutely crucial 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 most significant destructive impact on people’s well-being and many other elements if people aren’t paid uh I’ve constantly been amazed entering into this Market sort of the last 5 to 10 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 we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply 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 stuff is absolutely essential that all of this things is done correctly so leveraging the first International Payments first payroll payment solution is a fantastic primary step um supplying an end-to-end payroll option for your staff members worldwide once again I believe is another big um procedure again lining up and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of companies and decreasing the variety of tools platforms and checking 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 have actually never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re meant 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 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 everyone that’s associated with those processes and also so picture sorry I’m simply I was just gon na say think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and sort of shot to get back to everybody so moving on appearance why do business select to primary different checking account there are Papaya Global Payroll Insured companies out there doing precisely this for particular nations and I have actually operated in a company or lots of services doing precisely that I can say it does not always feel efficient and it does produce 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 anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the requirement I think individuals have got so utilized to we need a brand-new bank account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires changing but ultimately people are very stuck with what they’re familiar
with ideal um modification is a hard thing all of us don’t like modification um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining multiple checking account but there’s a huge quantity of intricacy chooses setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for individual people so the intricacy is big however I believe the sincere answer is modification um individuals have not been able to alter or have not had always the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I believe it is understanding you know and there is an element of resistance to change however we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century approximately there is a lot to monitor and this method does posture numerous difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I recently made a change to our Business 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 boosted ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Payroll Insured
I find time and time again the workers often misclassified unconsciously they don’t understand the conditions of work or agreement and are told by the client why it’s optimum primarily to the customer why you must be employed or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care privileges of the worker 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 gone by they haven’t added to pensions And so on so it’s a huge effect that they never understood they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy companies are securing insurance coverage against misclassification however usually premiums are only covering the expense of legal fees whilst the average claim assessed against employers corresponds to to 40 or 50 percent of the base pay of employee exists any point in taking out insurance and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes penalty 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 coverage what we are stating is is that if your compliance program is not up to pack you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK