Handling payroll worldwide is a difficult job … Timesheets On Papaya Global…
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Over the last 5 or 6 years …Timesheets On Papaya Global… roles on the company side and also on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or so 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 just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really 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 drizzling here it’s really very bleak and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies maintain different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic possession uh we’ll also go over a wrap-up which must leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and managing them ends up being increasingly more intricate Worldwide organizations are seeking to find Solutions and new methods to streamline procedures specifically from a payroll and cross-border payment viewpoint numerous organizations maintain different bank account just for payroll while some have several accounts in various countries does it make good sense for companies to preserve different bank accounts sometimes in various countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies simplify the episode complex procedures of
making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most importantly regulations compliance information security and banking guidelines then there are the large numbers they include additional complexity the international Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll design there’s typically a frustrating variety of different systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely really fundamental there’s no real consistency structure we’re living in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization spends on worldwide payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide businesses have revealed that they do not 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 poor HCM data information entry mistakes inadequately communicated hires and terminations along with absence management and system configurations and then when you round everything off and the data is shipped to the wrong location the average expense of a global information 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 don’t run smoothly if they rely on the necessary several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s a good question I always throw this back and say what is it what doesn’t require to be included best and what does
it need to be thought about there’s differing Bank information 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 need 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 best ultimately constructing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble extremely payments no if however some babies 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 basic and technology is allowing us to type of move forward with that it also as well to add to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely vital that payroll and financing teams work better together than ever um I’m always surprised when people state I have actually split payroll and payment um if you stroll 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of crucial to contribute to sort of the level of intricacy there’s a growing number of benefits being organ or being offered by companies across the world so once again you’re just aiming to include a growing number of payments to this currently intricate landscape so if you type 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 real tough kind of pay uses to play to pay people I think yeah I mean over the last well yeah a number of decades I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments functions 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 managing the payment side of things however you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to develop extra 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 know that we are operating in today there is no reason we are still making this as difficult as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any organization has from an expense point of view from an impact point of view on workers it is absolutely critical that it’s done correctly and on time so what we mean 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 impact on people’s well-being and lots of other elements if individuals aren’t paid uh I have actually always been impressed entering into this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this kind of webinar has been told 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 employees 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 but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this things is done properly so leveraging the first International Payments first payroll payment service is a terrific primary step um offering an end-to-end payroll option for your staff members internationally again I think is another huge um procedure again lining up and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of businesses and lowering the variety of tools platforms and savings account they need for their Global 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 have actually 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 complaints where things haven’t gone quite where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know 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 simple as possible for everybody that’s involved in those procedures and also so envision sorry I’m simply I was simply gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and really see what was going on and sort of shot to get back to everyone so moving on appearance why do companies select to primary different bank accounts there are Timesheets On Papaya Global businesses out there doing precisely this for specific countries and I’ve worked in a business or lots of services doing precisely that I can state it does not always feel effective and it does create more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we do not have to and any person that’s managing 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 quantity that we are I think numerous reasons one is it’s the standard I think people have got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires altering but ultimately people are very stuck with what they recognize
with right um change is a hard thing all of us do not like modification um so I think it’s just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having keeping several bank accounts but there’s a big amount of complexity opts for establishing a savings account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for specific people so the complexity is huge however I believe the truthful response is modification um people haven’t been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we’ve 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 could almost be identified to be the next Century or so there is a lot to monitor and this approach does posture a number of challenges um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you should have a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Timesheets On Papaya Global
I discover time and time again the employees often misclassified unconsciously they do not comprehend the conditions of employment or agreement and are informed by the customer why it’s optimum generally to the customer why you should be used or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare advantages 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 passed they haven’t contributed to pensions And so on so it’s a huge impact that they never ever understood they were walking into you couldn’t agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy business are securing insurance against misclassification but typically premiums are only covering the cost of legal fees whilst the typical claim examined versus employers relates to to 40 or 50 percent of the base salary of employee is there any point in taking out insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes charge and interest for the most part I haven’t seen it a minimum of so uh the the other area 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 denied coverage on the basis of the truth that you were not in compliance with laws um in the UK