Managing payroll worldwide is a difficult job … Papaya Global Print Payroll Checks…
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Over the last 5 or six years …Papaya Global Print Payroll Checks… functions on the service provider side and likewise on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everyone another couple of uh well among 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 quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I truly 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 very extremely uninspiring and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies maintain separate
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is particularly useful for global companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of keeping separate bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently securely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in adequate in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of factors most notably guidelines compliance data security and banking rules then there are the sheer numbers they include further complexity the worldwide Workforce is presently 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 presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll model there’s typically an overwhelming number of different systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in large amounts and or really really fundamental there’s no genuine consistency structure we’re residing in a period 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 and that just blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a company spends on global payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of worldwide organizations have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes improperly interacted hires and terminations along with lack management and system setups and then when you round everything off and the information is shipped to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they count on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re making payments to workers or otherwise that’s a great concern I constantly throw this back and state what is it what does not need to be consisted of 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 timespan there’s payment abilities 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 consumer’s own in-country account so there’s complexity anywhere you look right ultimately building a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble extremely payments no if but some infants 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 think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is permitting us to type of progress with that it likewise also to add to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely necessary that payroll and financing groups work more detailed together than ever um I’m always amazed when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere 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 crucial to add to type of the level of intricacy there’s increasingly more benefits being organ or being provided by services across the world so once again you’re just wanting to add a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine challenging kind of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of years I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to create extra handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any business has from an expense point of view from an impact perspective on workers it is definitely vital that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive result on people’s wellness and lots of other factors if people aren’t paid uh I’ve constantly been impressed entering into this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong however 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 absolutely vital that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment option is a great primary step um providing an end-to-end payroll solution for your staff members globally again I believe is another substantial um process again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely essential to success success of businesses and minimizing the number of tools platforms and checking account they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I do not 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 simple as possible for everybody that’s associated with those procedures and also so imagine sorry I’m just I was simply gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions think of getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and really see what was going on and type of try to return to everyone so moving on look why do business pick to primary different savings account there are Papaya Global Print Payroll Checks services out there doing precisely this for specific countries and I have actually worked in a company or many services doing precisely that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not creating additional work for anybody where we do not have to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the requirement I think individuals have actually got so utilized to we need a new savings account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs changing but ultimately people are extremely stuck to what they recognize
with right um change is a tough thing we all do not like modification um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having maintaining numerous savings account however there’s a substantial quantity of intricacy goes with establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the intricacy is substantial but I believe the honest response is change um people haven’t been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we have actually constantly 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 know what might almost be determined to be the next Century or two there is a lot to monitor and this approach does posture several difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Print Payroll Checks
I find time and time again the workers frequently misclassified unknowingly they do not understand the conditions of work or agreement and are informed by the customer why it’s optimum primarily to the client why you ought to be employed or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker 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 actually passed they have not added to pensions And so on so it’s a big impact that they never understood they were walking 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 companies are getting insurance against misclassification but usually premiums are only covering the expense of legal charges whilst the average claim evaluated versus employers relates to to 40 or 50 percent of the base salary of worker exists any point in securing 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 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 coverage on the basis of the truth that you were not in compliance with laws um in the UK