Handling payroll globally is a challenging task … Papaya Global.Knutsford…
How much revenue does the company make? Papaya Global.Knutsford
Over the last five or six years …Papaya Global.Knutsford… roles on the service provider side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually 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 raining here it’s very really uninspiring and I wish I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business maintain different
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of preserving separate checking account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will also supply 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 throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how business accurately forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of factors most notably regulations compliance information security and banking rules then there are the large numbers they include more 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 presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll model there’s often a frustrating number of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or very very fundamental there’s no genuine consistency framework we’re residing in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply 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 companies say they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more an organization spends on international payroll the less of a picture they see a lack of exposure also encompasses payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide companies have expressed 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 information data entry mistakes badly communicated hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the information is shipped to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they rely on the required 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 difficulties company face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and state what is it what does not require to be consisted of right 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 need to pay from the customer’s own in-country account so there’s intricacy any place you look right ultimately constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like extremely payments no if but some babies 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 believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to sort of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely vital that payroll and financing groups work better together than ever um I’m always impressed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on well-being and the settlement landscape is ending up being progressively detailed. Businesses are constantly introducing new advantages and payment options, which adds to the general complexity. Big corporations typically divide their payroll and payment processing into different groups, which can cause inadequacies and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s technologically advanced era, there’s no justification for keeping cumbersome treatments. Payroll, the company’s biggest expense, need to be processed properly and on time. Even slight delays can negatively impact employees’ wellness and have significant effects. Therefore, it’s important to prioritize accurate and prompt payments.
payroll team get um so I’m uncertain anyone on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle all of us find out about it when it fails everybody 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done properly so leveraging the first International Payments very first payroll payment option is an excellent initial step um supplying an end-to-end payroll option for your staff members globally again I believe is another substantial um procedure again lining up and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of companies and lowering the variety of tools platforms and checking account they need for their International 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 had a hundred countless them within a payroll cycle don’t 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 do not think any of us are really doing that for for the thanks
anyway we understand how how crucial 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 think of sorry I’m just I was just gon na say think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and in fact see what was going on and kind of shot to get back to everyone so proceeding look why do business select to main different checking account there are Papaya Global.Knutsford businesses out there doing precisely this for specific countries and I’ve operated in an organization or lots of organizations doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating extra work for anybody where we don’t have to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the requirement I think people have actually got so used to we need a new savings 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 think it’s just been the requirement and the norm the people have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires changing but eventually individuals are really stuck with what they’re familiar
with best um modification is a challenging thing all of us don’t like modification um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having preserving multiple savings account however there’s a substantial quantity of complexity goes with setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the complexity is huge but I believe the truthful answer is change um individuals haven’t been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or two there is a lot to keep track of and this technique does pose several difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so
I just did you switched our Enterprise 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 Worldwide staff members you deserve a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global.Knutsford
I find time and time again the workers frequently misclassified unconsciously they don’t understand the conditions of work or contract and are informed by the client why it’s most advantageous generally to the client why you need to be used or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare advantages 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 actually passed they have not contributed to pensions Etc so it’s a huge effect that they never ever understood they were walking into you could not agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy companies are taking out insurance versus misclassification however usually premiums are just covering the expense of legal fees whilst the average claim assessed versus employers equates to to 40 or 50 percent of the base salary of worker exists any point in getting insurance coverage and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes penalty 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 stating is is that if your compliance program is not up to pack you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK