Handling payroll worldwide is a complicated job … Papaya Global Aeo…
How much revenue does the company make? Papaya Global Aeo
Over the last five or six years …Papaya Global Aeo… functions on the provider side and likewise on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone 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 really extremely gloomy and I want I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business preserve separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll likewise go over a wrap-up 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 execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of common and handling them becomes a growing number of complex International companies are wanting to discover Solutions and brand-new methods to enhance processes specifically from a payroll and cross-border payment viewpoint lots of organizations preserve separate checking account just for payroll while some have numerous accounts in different countries does it make sense for business to preserve separate bank accounts sometimes in various nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies simplify the episode complex procedures of
Guaranteeing precise, effective, and timely payroll payments is a complex difficulty for services running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, find out how companies anticipate payroll expenses to enhance working capital, and find how improving global payroll payments can change them from a difficult job into a strategic property.
due to various guidelines, compliance requirements, information security concerns, and banking rules. The large number of employees and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently result in manual procedures, data silos, and a lack of combination, causing inconsistencies and ineffectiveness. In spite of living in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to provide insights and solutions to simplify and optimize international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a service invests in global payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of global organizations have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors badly communicated hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is delivered to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re paying to employees or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t need to be included ideal and what does
it require to be considered 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 wherever you look ideal eventually building a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 permitting us to sort of move on with that it also also to contribute to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely imperative that payroll and financing teams work better together than ever um I’m always astonished when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work 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 ultimately it’s payroll is an end-to-end process it’s the point of information 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
world we live in and well-being being more and more important to add to sort of the level of complexity there’s increasingly more advantages being organ or being used by organizations across the world so again you’re simply aiming to add a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real obstacles or genuine challenging sort of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we run in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and an age that you understand that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any service has from an expense viewpoint from an impact point of view on staff members it is definitely crucial that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the greatest damaging effect on individuals’s well-being and many other factors if people aren’t paid uh I’ve always been astonished entering this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong but 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 likewise like why WI-Fi Global why all of this stuff is definitely important that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment service is a great initial step um offering an end-to-end payroll service for your employees globally once again I think is another huge um procedure once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of services and decreasing the variety of tools platforms and bank accounts they require for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I do not think any of us are really doing that for for the thanks
anyway we understand how how essential a role 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 involved in those procedures and also so imagine sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and actually see what was going on and sort of shot to get back to everyone so moving on look why do companies choose to primary different bank accounts there are Papaya Global Aeo organizations out there doing precisely this for particular countries and I have actually operated in a service or lots of businesses doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we do not need to and anyone 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 amount that we are I think many factors one is it’s the requirement I believe people have actually got so used to we require a new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I think this is a procedure that needs taking a look at it requires changing but eventually people are extremely stuck with what they’re familiar
with right um modification is a challenging thing all of us do not like modification um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having preserving numerous savings account but there’s a substantial amount of complexity chooses establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual people so the intricacy is huge but I think the sincere answer is modification um people have not had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century approximately there is a lot to keep track of and this method does pose a number of challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you should have a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Aeo
I find time and time again the workers typically misclassified unwittingly they don’t understand the conditions of work 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 advantages of the employee can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have gone by they have not contributed to pensions And so on so it’s a big effect that they never understood they were strolling into you could not agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy business are taking out insurance versus misclassification however generally premiums are just covering the cost of legal charges whilst the typical claim evaluated against companies relates to to 40 or half of the base pay of worker exists any point in getting 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 in many cases I have not seen it at least so uh the the other area that I do think if you managed to get the protection what we are saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK