Handling payroll globally is a difficult job … Papaya Global Peo…
How much revenue does the company make? Papaya Global Peo
Over the last five or six years …Papaya Global Peo… functions on the supplier side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting 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 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 raining here it’s very really bleak and I want I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business preserve different
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is particularly helpful for worldwide companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different checking account for payroll in various countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of factors most significantly policies compliance data security and banking rules then there are the large numbers they add further complexity the global Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll design there’s frequently a frustrating number of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely really fundamental there’s no genuine consistency framework we’re living in an age of tech however 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 just blows my mind whenever I I believe
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 company invests in international payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide companies have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors improperly interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is shipped to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they depend on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re making payments 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 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 nation there’s payment timespan 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 consumer’s own in-country account so there’s intricacy anywhere you look right ultimately constructing a knowledge base is absolutely important but all over 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 kind 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 definitely basic and technology is allowing us to kind of move forward with that it also too to add to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely crucial that payroll and finance teams work closer together than ever um I’m always impressed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation 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 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 however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high worth on well-being and the compensation landscape is becoming significantly intricate. Businesses are constantly introducing new advantages and payment alternatives, which adds to the general complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can lead to inadequacies and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s technologically advanced age, there’s no validation for maintaining cumbersome procedures. Payroll, the business’s most significant expenditure, need to be processed properly and on time. Even slight hold-ups can negatively affect employees’ well-being and have significant consequences. Therefore, it’s critical to prioritize accurate and timely payments.
payroll team get um so I’m uncertain anybody on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle we all hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done properly so leveraging the very first International Payments very first payroll payment option is an excellent primary step um providing an end-to-end payroll solution for your workers internationally once again I think is another huge um procedure again aligning and ensuring you have standardization Global processes all of those things are definitely essential to success success of companies and lowering the number of tools platforms and savings account they need for their International 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 problems where things haven’t gone rather where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyway we know 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 simple as possible for everybody that’s associated with those procedures and also so think of sorry I’m just I was just gon na say picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job attempting 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 try to check out them and actually see what was going on and type of shot to get back to everyone so moving on look why do companies choose to primary separate bank accounts there are Papaya Global Peo companies out there doing exactly this for specific nations and I’ve operated in a service or many organizations doing precisely that I can say it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for any person where we don’t have to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I believe individuals have actually got so utilized to we need a new bank 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 standard the people have 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 believe there’s a variety I think this is a procedure that needs looking at it needs altering but eventually people are extremely stuck with what they’re familiar
with right um change is a tough thing we all do not like modification um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining multiple checking account but there’s a huge amount of complexity goes with establishing a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual people so the complexity is substantial however I think the truthful response is modification um people have not been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century or so there is a lot to keep track of and this approach does present a number of obstacles um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
I just did you changed 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 International employees you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Peo
I find time and time again the employees frequently misclassified unwittingly they do not understand the conditions of work or agreement and are informed by the customer why it’s most advantageous primarily to the client why you must be utilized or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be impacted and numerous 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 Etc so it’s a huge impact that they never knew they were walking into you couldn’t agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy companies are taking out insurance coverage versus misclassification however typically premiums are only covering the expense of legal costs whilst the typical claim assessed versus companies relates to to 40 or half of the base pay of employee is there any point in getting insurance and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge and interest in most cases I have not seen it a minimum of 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 stuff you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK