Managing payroll internationally is a difficult task … חברת Papaya Global…
How much revenue does the company make? חברת Papaya Global
Over the last 5 or 6 years …חברת Papaya Global… roles on the company side and likewise on the supplier side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather 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 really 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 extremely really bleak and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies keep different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical possession uh we’ll also review a recap and that should 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 labor forces end up being more and more common and handling them becomes more and more complex Global organizations are aiming to discover Solutions and new methods to enhance procedures specifically from a payroll and cross-border payment perspective many organizations maintain separate checking account just for payroll while some have numerous accounts in different nations does it make good sense for companies to keep separate checking account in some cases in various nations it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies enhance the episode complex processes of
making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of reasons most notably policies compliance data security and banking rules then there are the sheer numbers they include more intricacy the global Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll design there’s typically an overwhelming variety of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really extremely basic there’s no real consistency framework we’re residing 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 whenever I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company invests in worldwide payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international organizations have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes improperly communicated hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is shipped to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they count on the required several procedures 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 workers or otherwise that’s a good concern I always toss this back and state what is it what doesn’t need to be consisted of right and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity any place you look right ultimately developing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a 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 absolutely essential and innovation is allowing us to kind of move on with that it also also to contribute to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely necessary that payroll and financing groups work more detailed together than ever um I’m always surprised when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more essential to contribute to sort of the level of intricacy there’s a growing number of benefits being organ or being provided by businesses throughout the world so once again you’re just seeking to add a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real challenges or genuine challenging sort of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would certainly say that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that does not always require to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and a period that you know that we are working in today there is no reason why we are still making this as tough as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any organization has from an expense point of view from an effect viewpoint on staff members it is absolutely crucial that it’s done properly 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 most significant damaging result on individuals’s wellness and many other aspects if people aren’t paid uh I’ve always been surprised entering this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle we all find out about it when it fails 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 deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment option is a terrific primary step um supplying an end-to-end payroll option for your employees worldwide again I believe is another substantial um process again lining up and ensuring you have standardization International procedures all of those things are definitely essential to success success of businesses and decreasing the variety of tools platforms and savings account they require for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I don’t think any of us are really 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 everyone that’s involved in those processes and also so think of sorry I’m just I was simply gon na state think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job attempting 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 need days of the week to attempt to browse them and in fact see what was going on and kind of try to get back to everyone so proceeding look why do companies choose to primary separate checking account there are חברת Papaya Global organizations out there doing exactly this for specific countries and I’ve worked in a business or many organizations doing precisely that I can state it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we don’t have to and anybody that’s handling 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 factors one is it’s the requirement I believe people have actually got so used to we need 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 believe it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I think this is a process that requires taking a look at it needs altering however ultimately people are really stuck with what they’re familiar
with ideal um change is a challenging thing we all don’t like modification um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having keeping several bank accounts however there’s a substantial quantity of complexity goes with establishing a savings account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for private individuals so the intricacy is substantial but I think the truthful answer is change um individuals have not had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century or two there is a lot to track and this approach does position several challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I simply did you changed our Business 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 are worthy of a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you חברת Papaya Global
I discover time and time again the employees frequently misclassified unknowingly they do not comprehend the conditions of work or contract and are told by the client why it’s most advantageous mainly to the client why you ought to be used or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have gone by they haven’t contributed to pensions And so on so it’s a big impact that they never ever knew they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy companies are securing insurance coverage against misclassification but normally premiums are only covering the expense of legal costs whilst the average claim assessed against companies corresponds to to 40 or 50 percent of the base salary of employee is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes charge and interest most of the times I have not seen it at least so uh the the other area that I do believe 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 rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK