Handling payroll globally is a difficult job … Papaya Global Payroll Support…
How much revenue does the company make? Papaya Global Payroll Support
Over the last five or six years …Papaya Global Payroll Support… roles on the supplier side and also on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather 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 everybody originates from and I truly do hope it’s much sunnier than it remains 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 very very dreary and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies preserve separate
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, effective, and timely payroll payments is a complex difficulty for services operating globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, learn how companies forecast payroll expenses to optimize working capital, and find how enhancing international payroll payments can change them from a difficult job into a strategic asset.
due to different policies, compliance requirements, data security concerns, and banking rules. The sheer number of employees and services contributes to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems often result in manual processes, information silos, and a lack of integration, resulting in disparities and inefficiencies. Despite residing in an era of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to offer insights and services to simplify and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on global payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of global businesses have revealed 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 errors poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is shipped to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they count on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be included ideal and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity wherever you look right eventually building a knowledge base is absolutely critical but everywhere you look with payroll payment they are like very payments no if but some babies 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to sort of move on with that it also too to add to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely vital that payroll and finance teams work closer together than ever um I’m constantly impressed when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information 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 live in and wellness being increasingly more crucial to contribute to kind of the level of intricacy there’s a growing number of benefits being organ or being offered by services throughout the world so once again you’re just aiming to add increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine obstacles or real challenging sort of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of years I would definitely say that the bigger a service 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 info into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to produce additional handoffs at the same times that we run in they simply make them more prompt they make them less effective and they don’t make them what they require 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 difficult as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any service has from a cost point of view from an impact point of view on workers it is absolutely critical that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the greatest destructive impact on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I have actually constantly been impressed coming into this Market type of the last five to ten years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals only see when things fail. However, when things go right, it’s seen as just a routine job. This is how it’s perceived externally as well. Therefore, it is important to make sure that jobs like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the very first International Payments very first payroll payment solution is an excellent initial step towards offering a detailed payroll solution for employees worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and bank accounts essential for global payroll are essential consider achieving organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as prepared. Ultimately, we don’t do it for the gratitude.
anyway we understand how how important 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 easy as possible for everybody that’s associated with those procedures and likewise so picture sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and sort of try to return to everyone so moving on appearance why do companies select to primary separate checking account there are Papaya Global Payroll Support organizations out there doing precisely this for particular countries and I have actually operated in a service or numerous services doing exactly that I can say it doesn’t always feel efficient and it does create more work I know we’re not purposely doing that we’re not creating additional work for any person where we do not need to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think many reasons one is it’s the standard I think people have actually got so utilized to we require a new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I believe this is a process that needs looking at it requires changing however eventually individuals are extremely stuck with what they’re familiar
with right um modification is a difficult thing we all don’t like change um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having keeping multiple checking account however there’s a big quantity of intricacy chooses establishing a checking account preserving it ensuring it can send International transfers ensuring it’s set up with the best user accesses for private individuals so the complexity is substantial but I believe the honest answer is modification um individuals haven’t been able to change or have not had always the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to change but we have actually constantly 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 might practically be identified to be the next Century or so there is a lot to keep track of and this technique does posture a number of obstacles um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Payroll Support
I discover time and time again the employees often misclassified unconsciously they do not comprehend the conditions of work or contract and are informed by the client why it’s optimum generally to the customer why you must be employed or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits 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 gone by they haven’t added to pensions Etc so it’s a big impact that they never knew 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 securing insurance coverage against misclassification however normally premiums are just covering the expense of legal charges whilst the average claim evaluated versus companies equates to to 40 or half 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 fine print it is not covering the taxes penalty and interest most of the times I have not seen it a minimum of 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 pack you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK