Managing payroll internationally is a complicated job … Papaya Global Year End 2019…
How much revenue does the company make? Papaya Global Year End 2019
Over the last 5 or 6 years …Papaya Global Year End 2019… functions on the provider side and likewise on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone comes 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 extremely very bleak and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business maintain different
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and prompt payroll payments is a complex obstacle for organizations running internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to optimize working capital, and discover how improving international payroll payments can change them from a difficult task into a strategic asset.
due to numerous regulations, compliance requirements, information security issues, and banking rules. The large number of staff members and businesses contributes to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems often lead to manual procedures, information silos, and an absence of integration, causing inconsistencies and inadequacies. In spite of residing in a period of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to provide insights and solutions to streamline and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a company invests in global payroll the less of an image they see a lack of presence also reaches payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the deal almost half of international organizations have actually 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 information 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 location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they count on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles business face when they’re paying to employees or otherwise that’s a great question I always toss this back and state what is it what doesn’t need to be included ideal and what does
it need to be thought about 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 abilities 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 consumer’s own in-country account so there’s complexity anywhere you look ideal ultimately developing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble extremely payments no if however some children 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 essential and technology is allowing us to sort of move on with that it also as well to contribute to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely imperative that payroll and financing groups work closer together than ever um I’m always surprised when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation 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 individuals any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more essential to add to type of the level of intricacy there’s a growing number of benefits being organ or being provided by organizations throughout the world so once again you’re just looking to add a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real obstacles or real challenging kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of years I would absolutely state that the larger 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 groups feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to produce additional handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any service has from a cost viewpoint from an effect viewpoint on workers it is definitely important that it’s done correctly 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 harmful result on individuals’s well-being and numerous other elements if individuals aren’t paid uh I have actually constantly been amazed coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I believe 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 definitely crucial that all of this things is done correctly so leveraging the very first International Payments very first payroll payment solution is a fantastic first step um supplying an end-to-end payroll option for your workers internationally once again I think is another substantial um procedure once again aligning and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of companies and decreasing the variety of tools platforms and bank accounts they need for their Worldwide payroll too could not 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 thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyhow we know how how important a function 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 everybody that’s involved in those procedures and likewise so imagine sorry I’m simply I was simply gon na state think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job trying to clean up all those up for sure oh definitely I can’t envision 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 sort of try to return to everybody so carrying on look why do business select to primary separate bank accounts there are Papaya Global Year End 2019 businesses out there doing precisely this for particular countries and I have actually worked in a service or many companies doing exactly that I can say it doesn’t constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we don’t have to and anyone that’s managing 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 lots of reasons one is it’s the requirement I believe people have actually got so used to we need a new bank 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 just been the standard and the norm individuals have embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs altering however eventually people are very stuck to what they’re familiar
with ideal um modification is a difficult thing all of us do not like change um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having preserving numerous checking account but there’s a substantial amount of complexity opts for establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the complexity is substantial but I think the sincere response is modification um individuals have not been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century or so there is a lot to keep track of and this technique does position numerous challenges um so Johnny could you tell us about those challenges 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 tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 staff members 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 more detailed, considering your achievements. Papaya Global Year End 2019
I discover time and time again the employees often misclassified unknowingly they don’t understand the conditions of work or agreement and are informed by the client why it’s most advantageous primarily to the customer why you need to be used or engaged in this style the employee might owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee 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 have not contributed to pensions Etc so it’s a huge effect that they never knew they were strolling into you could not agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy business are taking out insurance coverage against misclassification but typically premiums are only covering the expense of legal charges whilst the typical claim assessed versus employers corresponds to to 40 or half of the base salary of employee is there any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes penalty and interest in most cases 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 stuff you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK