Managing payroll globally is a daunting job … Papaya Global Competitors…
How much revenue does the company make? Papaya Global Competitors
Over the last 5 or 6 years …Papaya Global Competitors… functions on the supplier side and also on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very bleak and I want I was elsewhere 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 looking at the obstacle years of handling International payroll why companies maintain different
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is especially useful for global companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving different savings account for payroll in various nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently securely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most significantly policies compliance information security and banking rules then there are the large numbers they add additional intricacy the international Labor force is presently 3 and a half billion individuals by 2030 it’s approximated 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 factor in that there are some 230 million businesses and growing all doing their own thing around the world in the standard payroll model there’s frequently an overwhelming variety of various systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or really very fundamental there’s no genuine consistency framework we’re living in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more a business spends on global payroll the less of an image they see an absence of exposure also reaches payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide companies have actually 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 due to time reporting poor HCM data data entry mistakes badly communicated hires and terminations along with absence management and system configurations and after that when you round it all off and the data is delivered to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they count on the required several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re paying to employees or otherwise that’s a good question I constantly toss this back and say what is it what doesn’t require to be included best 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 country there’s payment time frames there’s payment abilities 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 consumer’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is absolutely critical however all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is allowing us to kind of move on with that it likewise also to add to that payroll and finance require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and financing groups work better together than ever um I’m constantly astonished when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually 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 but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more important to contribute to sort of the level of intricacy there’s more and more benefits being organ or being offered by companies across the world so again you’re just wanting to include increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real challenges or real challenging type of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s in fact handling the payment side of things however you understand 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 require to produce additional handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and a period that you know that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single most significant liability that any business has from a cost viewpoint from an effect point of view on workers 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 biggest harmful effect on people’s wellness and many other elements if individuals aren’t paid uh I’ve constantly been impressed coming into this Market sort of the last 5 to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just discover when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally too. Therefore, it is vital to guarantee that jobs like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the very first Global Payments very first payroll payment option is a great preliminary step towards offering a comprehensive payroll service for workers worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and checking account essential for international payroll are key factors in achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things don’t go as planned. Ultimately, we don’t do it for the thankfulness.
anyhow we understand how how crucial 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 imagine sorry I’m just I was simply gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions envision 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 but it would absolutely be a fascinating task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require 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 proceeding look why do business choose to main different bank accounts there are Papaya Global Competitors organizations out there doing exactly this for specific countries and I’ve operated in a service or lots of companies doing precisely that I can say it does not always feel efficient and it does create more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we don’t have to and anybody that’s handling 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 believe lots of factors one is it’s the standard I believe individuals have actually got so utilized to we require a brand-new bank account we open an entity and rightly so you require it for payroll purposes 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 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 numerous other ways um to to sort of do it so I think there’s a range I believe this is a procedure that needs looking at it needs altering however ultimately people are very stuck to what they recognize
with right um change is a difficult thing all of us don’t like change um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having keeping several bank accounts but there’s a huge amount of intricacy opts for setting up a bank account keeping it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for private people so the intricacy is substantial but I think the truthful response is change um individuals have not been able to change or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I believe it is understanding you know and there is an element of resistance to change however we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be determined to be the next Century approximately there is a lot to keep an eye on and this method does present several challenges um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Competitors
I discover time and time again the employees often misclassified unwittingly they don’t comprehend the conditions of employment or agreement and are informed by the customer why it’s most advantageous mainly to the customer why you must be employed or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities 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 added to pensions Etc so it’s a big impact that they never understood they were walking into you could not 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 versus misclassification however typically premiums are only covering the cost of legal charges whilst the average claim evaluated against employers equates to to 40 or half of the base salary of worker exists any point in securing insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest for the most part I haven’t seen it at least so uh the the other location that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to stuff you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK