Managing payroll globally is a difficult job … Payroll With Papaya Global…
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Over the last 5 or six years …Payroll With Papaya Global… functions on the company side and likewise on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very bleak and I want I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we’ll likewise discuss a recap and that should leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of common and managing them becomes more and more intricate Global companies are wanting to discover Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment standpoint numerous organizations keep different savings account just for payroll while some have multiple accounts in different nations does it make sense for companies to maintain different checking account often in different nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies simplify the episode complex procedures of
Making sure accurate, effective, and timely payroll payments is a complex difficulty for organizations operating globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to optimize working capital, and discover how simplifying global payroll payments can change them from a troublesome task into a strategic asset.
due to different guidelines, compliance requirements, information security issues, and banking guidelines. The sheer variety of staff members and organizations adds to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically lead to manual procedures, information silos, and a lack of integration, leading to inconsistencies and inadequacies. Despite living in an age of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to provide insights and solutions to simplify and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more a company invests in global payroll the less of a picture they see a lack of presence also reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of international businesses have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors inadequately interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is delivered to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they depend on the needed several 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 difficulties service face when they’re paying to staff members or otherwise that’s a good question I always throw this back and state what is it what does not need to be included ideal and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities 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 consumer’s own in-country account so there’s intricacy any place you look ideal eventually building a knowledge base is definitely critical but everywhere you look with payroll payment they resemble super payments no if however some babies 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 acknowledgment that payroll payments are definitely essential and technology is enabling us to kind of move on with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and finance teams work better together than ever um I’m constantly astonished when people say I’ve divided 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 divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 any place they are however also paying statutory authorities and on statutory third parties so with the
The modern world positions a high value on well-being and the payment landscape is becoming increasingly complex. Businesses are continuously introducing new advantages and payment options, which adds to the total intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can lead to inefficiencies and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s highly sophisticated age, there’s no reason for maintaining cumbersome treatments. Payroll, the company’s biggest expense, should be processed properly and on time. Even minor hold-ups can negatively affect staff members’ well-being and have far-reaching consequences. For that reason, it’s vital to focus on accurate and prompt payments.
payroll team get um so I’m unsure anyone on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle we all find out about it when it fails everyone jumps up and down when it goes wrong but 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 also like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment option is a great first step um providing an end-to-end payroll solution for your workers worldwide again I believe is another big um procedure again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of services and decreasing the variety of tools platforms and savings account they need for their International 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 had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we understand how how essential 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 associated with those processes and also so imagine sorry I’m simply I was just gon na say picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating 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 require days of the week to attempt to browse them and really see what was going on and type of try to get back to everyone so carrying on appearance why do companies pick to main different bank accounts there are Payroll With Papaya Global businesses out there doing exactly this for particular nations and I’ve operated in an organization or lots of businesses doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for anyone where we don’t have to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the standard I believe people have actually got so used to we need a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I think this is a procedure that requires taking a look at it requires changing however ultimately individuals are extremely stuck to what they recognize
with ideal um modification is a challenging thing all of us do not like modification um so I believe it’s simply sort 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 undoubtedly the benefits of having maintaining multiple checking account but there’s a big amount of intricacy chooses establishing a checking account keeping it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is substantial however I believe the truthful response is modification um individuals have not been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to monitor and this technique does pose several difficulties um so Johnny could you tell us about those obstacles yeah obviously 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 tasks on one platform. It seems like our CFO has gotten another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. Payroll With Papaya Global
I discover time and time again the employees frequently misclassified unconsciously they do not understand the conditions of employment or agreement and are informed by the customer why it’s most advantageous primarily to the client why you ought to be utilized or participated in this fashion the employee may 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 actually gone by they haven’t contributed to pensions And so on so it’s a huge impact that they never ever knew they were walking into you couldn’t agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy companies are taking out insurance coverage versus misclassification but normally premiums are just covering the cost of legal costs whilst the average claim assessed against companies equates to to 40 or 50 percent of the base pay of worker exists any point in getting 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 charge and interest in most cases I haven’t seen it a minimum of so uh the the other location that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK