Handling payroll globally is a daunting job … Square Vs Papaya Global Payroll…
How much revenue does the company make? Square Vs Papaya Global Payroll
Over the last 5 or 6 years …Square Vs Papaya Global Payroll… roles on the supplier side and likewise on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing 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 everybody originates from and I actually do hope it’s much sunnier than it remains 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 really bleak and I want I was elsewhere at this moment in time alright 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 separate
Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is particularly helpful for global companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of factors most notably policies compliance data security and banking guidelines then there are the large numbers they include additional complexity the worldwide Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll design there’s frequently an overwhelming variety of various systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or really really fundamental there’s no genuine consistency structure we’re residing in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service invests in global payroll the less of a picture they see a lack of presence also extends to payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global organizations have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes improperly communicated hires and terminations in addition to lack management and system setups and after that when you round all of it off and the information is delivered to the wrong location the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they count on the needed several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to employees or otherwise that’s a good question I always toss this back and say what is it what doesn’t need to be consisted of best 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 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 customer’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is definitely important but all over you look with payroll payment they resemble very payments no if but 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 recognition that payroll payments are absolutely basic and innovation is permitting us to type of progress with that it also too to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work better together than ever um I’m constantly astonished when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession 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 ultimately 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 3rd parties so with the
world we reside in and wellness being more and more crucial to contribute to kind of the level of intricacy there’s more and more advantages being organ or being provided by organizations across the world so once again you’re just wanting to include increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real difficulties or genuine tough sort of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason that we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any organization has from a cost viewpoint from an impact viewpoint on employees it is definitely vital 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 have to be done right it has the biggest harmful result on individuals’s well-being and lots of other elements if people aren’t paid uh I have actually constantly been astonished coming into this Market type of the last 5 to 10 years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals only notice when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s viewed externally too. Therefore, it is necessary to ensure that jobs like Wi-Fi Global and other essential matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment service is an excellent preliminary action towards supplying a thorough payroll solution for employees worldwide. Standardization, worldwide procedures, and decreasing the number of tools, platforms, and checking account required for international payroll are essential consider attaining organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as prepared. Eventually, we do not do it for the thankfulness.
anyhow we know how how crucial 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 also so think of sorry I’m simply I was simply gon na say picture 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 speaking about hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of shot to get back to everybody so proceeding look why do companies pick to primary separate savings account there are Square Vs Papaya Global Payroll companies out there doing precisely this for particular nations and I have actually operated in a service or lots of businesses doing precisely that I can say it does not always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we do not have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I believe people have got so used to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I believe this is a process that requires looking at it needs changing but eventually individuals are very stuck with what they’re familiar
with ideal um change is a challenging thing we all do not like modification um so I think it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having preserving several checking account but there’s a big quantity of complexity chooses establishing a checking account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is huge but I think the honest answer is modification um individuals have not been able to alter or have not had always the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might almost be figured out to be the next Century or so there is a lot to monitor and this approach does posture a number of obstacles um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so
I just 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 gained another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your accomplishments. Square Vs Papaya Global Payroll
I discover time and time again the employees often misclassified unknowingly they don’t understand the conditions of employment or agreement and are told by the client why it’s optimum primarily to the client why you should be used or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be impacted and several 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 big effect that they never understood they were walking into you could not agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy companies are getting insurance versus misclassification but typically premiums are only covering the cost of legal fees whilst the average claim examined versus employers equates to to 40 or half of the base pay of employee exists any point in securing 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 in many cases I have not seen it at least so uh the the other location that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK