Managing payroll globally is a daunting task … Papaya Global American Samoa…
How much revenue does the company make? Papaya Global American Samoa
Over the last five or 6 years …Papaya Global American Samoa… functions on the provider side and likewise on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply offer everyone another couple 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 interesting and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really gloomy and I want I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business maintain different
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of keeping different checking account for payroll in various countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and prompt payroll payments is a complex difficulty for services running internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, discover how business forecast payroll costs to enhance working capital, and discover how enhancing worldwide payroll payments can transform them from a difficult task into a strategic asset.
due to numerous policies, compliance requirements, data security concerns, and banking rules. The large variety of workers and companies contributes to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems typically result in manual processes, data silos, and an absence of integration, leading to disparities and inadequacies. In spite of residing in an era of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to provide insights and options to simplify and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more a service invests in worldwide payroll the less of a picture they see a lack of visibility also reaches payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of global services have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes improperly interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the data is shipped to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they depend on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not require to be included ideal and what does
it require to be considered there’s differing Bank information 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 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 building a knowledge base is absolutely critical however all over you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 fundamental and technology is permitting us to kind of progress with that it also too to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and finance teams work better together than ever um I’m always impressed when people state I have actually split payroll and payment um if you stroll down the street and asked anybody 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 a market 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 people any place they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of essential to add to type of the level of complexity there’s more and more advantages being organ or being offered by businesses throughout the world so again you’re just looking to add a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real obstacles or real tough sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would definitely state that the larger an organization 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 teams feeding info into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to produce additional handoffs at the same times that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any company has from a cost perspective from an effect point of view on staff members it is absolutely important 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 need to be done right it has the most significant destructive impact on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I’ve always been astonished entering this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle we all hear 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 deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done properly so leveraging the first International Payments very first payroll payment service is a great primary step um offering an end-to-end payroll solution for your staff members worldwide again I believe is another big um process again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely essential to success success of services and lowering the number of tools platforms and bank accounts they require for their Global 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 thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks
anyway we understand how how important 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 everyone that’s involved in those procedures and likewise so imagine sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and sort of try to return to everybody so proceeding appearance why do business choose to main different bank accounts there are Papaya Global American Samoa businesses out there doing precisely this for specific nations and I have actually worked in a service or numerous companies doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we do not have to and anyone that’s dealing with 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 amount that we are I believe numerous reasons one is it’s the standard I think individuals have got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I think this is a procedure that needs looking at it needs altering but eventually individuals are really stuck to what they’re familiar
with best um change is a tough thing all of us don’t like modification um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having maintaining several bank accounts but there’s a substantial quantity of intricacy chooses setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is big however I believe the honest response is change um people have not had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or two there is a lot to keep an eye on and this approach does posture a number of obstacles um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global American Samoa
I find time and time again the workers often misclassified unwittingly they don’t comprehend the conditions of work or agreement and are informed by the customer why it’s most advantageous mainly to the client 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 health care advantages of the employee can be impacted 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 passed they haven’t contributed to pensions And so on so it’s a huge effect that they never understood they were strolling into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy business are securing insurance versus misclassification however normally premiums are only covering the cost of legal costs whilst the typical claim assessed versus employers corresponds to to 40 or half of the base pay of worker 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 penalty and interest most of the times I haven’t seen it at least 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 pack you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK