Handling payroll globally is a challenging task … Papaya Global Update 2023…
How much revenue does the company make? Papaya Global Update 2023
Over the last five or 6 years …Papaya Global Update 2023… functions on the supplier side and also on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually 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 raining here it’s extremely extremely bleak and I want I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies preserve different
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly useful for global organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of keeping different savings account for payroll in different countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of reasons most importantly guidelines compliance information security and banking rules then there are the sheer numbers they include more intricacy the international Labor force 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 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 worldwide in the traditional payroll model there’s typically a frustrating number of various systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or extremely really fundamental there’s no real consistency framework 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 often with pen and paper which simply blows my mind every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization invests in worldwide payroll the less of an image they see a lack of visibility likewise reaches payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global companies 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 mistakes are due to time reporting bad HCM data data entry errors poorly communicated hires and terminations along with lack management and system configurations and then when you round everything off and the data is delivered to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they depend on the needed multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s an excellent 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 thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities 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 wherever you look ideal eventually building a knowledge base is definitely vital however all over you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to kind of move forward with that it also also to add to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely vital that payroll and financing groups work more detailed together than ever um I’m constantly impressed when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from computation 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 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 also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more crucial to add to sort of the level of complexity there’s a growing number of benefits being organ or being offered by services throughout the world so once again you’re simply seeking to add increasingly more payments to this currently 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 difficulties or genuine difficult type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that does not always need to be the case you know long gone are the times where we need to create additional handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason that we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any organization has from a cost viewpoint from an effect perspective on staff members it is absolutely vital that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful result on individuals’s well-being and many other elements if individuals aren’t paid uh I’ve constantly been amazed coming into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such a crucial cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment service is a great first step um offering an end-to-end payroll service for your workers internationally again I think is another substantial um process again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of companies and lowering the number of tools platforms and checking account they require for their Worldwide payroll too could not 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 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 don’t believe any of us are really doing that for for the thanks
anyhow we know 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 processes and also so envision sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and kind of try to return to everybody so moving on appearance why do business select to main separate savings account there are Papaya Global Update 2023 organizations out there doing precisely this for specific countries and I’ve operated in a service or many companies doing precisely that I can say it does not always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we don’t have to and any person that’s handling 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 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 bank account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I believe this is a process that requires taking a look at it needs altering however eventually people are really stuck with what they recognize
with ideal um change is a challenging thing we all don’t like modification um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having maintaining multiple checking account but there’s a huge quantity of intricacy opts for setting up a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the intricacy is huge but I think the truthful answer is change um individuals haven’t been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century or two there is a lot to track and this technique does present numerous obstacles um so Johnny might you tell us about those difficulties yeah of course 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 jobs on one platform. It feels like our CFO has gotten another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Update 2023
I find time and time again the employees typically misclassified unconsciously they do not understand the conditions of work or agreement and are told by the customer why it’s most advantageous primarily to the customer why you ought to be used or taken part in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care privileges of the employee 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 gone by they haven’t added to pensions Etc so it’s a big impact that they never ever understood they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy companies are getting insurance versus misclassification however typically premiums are just covering the cost of legal fees whilst the typical claim examined versus employers equates to to 40 or 50 percent of the base pay of worker is there any point in securing insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes charge and interest in many cases I haven’t 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 stuff you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK