Handling payroll worldwide is a difficult task … Year To Date Value Papaya Global Youtube…
How much revenue does the company make? Year To Date Value Papaya Global Youtube
Over the last 5 or 6 years …Year To Date Value Papaya Global Youtube… roles on the supplier side and likewise on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very bleak and I want I was elsewhere at this moment in time fine so let’s get started 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 preserve separate
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a range of factors most significantly regulations compliance information security and banking rules then there are the large numbers they include further complexity the worldwide Workforce 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 factor in that there are some 230 million companies and growing all doing their own thing worldwide in the traditional payroll model there’s typically a frustrating number of different systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in large quantities and or very really basic there’s no real consistency framework we’re residing in an age of tech however payroll has actually been slow 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 each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company spends on worldwide payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global businesses have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes badly interacted hires and terminations as well as lack management and system setups and after that when you round it all off and the information is shipped to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they depend on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges business face when they’re making payments to staff members or otherwise that’s an excellent concern I constantly toss this back and state what is it what doesn’t require to be consisted of right and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 any place you look right eventually constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to sort of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and financing groups work more detailed together than ever um I’m constantly astonished 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 split the payroll payment from calculation 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 individuals any place they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of crucial to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being provided by services across the world so again you’re just seeking to include a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine difficulties or real challenging sort of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would certainly state that the bigger a service 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 teams feeding details into the next function as it were that’s really managing 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 need to produce extra handoffs at the same times that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and an era that you understand that we are working in today there is no reason we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single greatest liability that any organization has from a cost point of view from an impact point of view on workers it is definitely crucial 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 biggest damaging impact on people’s wellness and lots of other factors if individuals aren’t paid uh I have actually always been astonished entering this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m unsure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle we all find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout 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 things is definitely crucial that all of this things is done properly so leveraging the very first International Payments very first payroll payment solution is an excellent primary step um offering an end-to-end payroll service for your employees worldwide once again I believe is another huge um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of companies and decreasing the variety of tools platforms and bank accounts they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I do not believe any of us are really doing that for for the thanks
anyhow we know how how crucial a role 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 associated with those procedures and also so think of sorry I’m simply I was simply gon na say think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job trying to clean 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 need days of the week to try to browse them and actually see what was going on and kind of try to return to everybody so proceeding look why do business select to main different checking account there are Year To Date Value Papaya Global Youtube organizations out there doing precisely this for particular nations and I’ve operated in a service or lots of organizations doing precisely that I can state it does not always feel effective and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for anybody where we do not need to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I believe individuals have got so used to we require a brand-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 believe it’s just been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to add to that people have actually taken a look 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 looking at it needs altering however eventually individuals are extremely stuck to what they recognize
with ideal um change is a hard thing all of us do not like modification um so I think it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having keeping several bank accounts but there’s a huge amount of complexity goes with setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual individuals so the intricacy is big however I believe the truthful answer is modification um people have not had the ability to change or have not had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you have actually hit 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 constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century or so there is a lot to keep track of and this technique does posture a number of obstacles um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Year To Date Value Papaya Global Youtube
I discover time and time again the employees typically misclassified unwittingly they don’t comprehend the conditions of employment or contract and are informed by the customer why it’s most advantageous primarily to the customer why you need to be employed or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be affected and several times it can be years before this all falls out and by that time it’s too late years have passed they haven’t contributed to pensions Etc so it’s a big effect that they never ever knew they were walking into you couldn’t agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy business are getting insurance coverage versus misclassification but normally premiums are only covering the expense of legal fees whilst the typical claim evaluated versus employers equates to to 40 or 50 percent of the base salary of employee exists any point in securing insurance coverage and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge and interest for the most part I have not seen it a minimum of so uh the the other location that I do believe if you managed to get the coverage 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