Handling payroll globally is a difficult job … Papaya Global Year End…
How much revenue does the company make? Papaya Global Year End
Over the last 5 or 6 years …Papaya Global Year End… functions on the service provider side and also on the vendor side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely dreary and I want I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll also review a recap which ought to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more common and handling them ends up being increasingly more complex International organizations are wanting to discover Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment perspective many organizations preserve different savings account just for payroll while some have multiple accounts in different countries does it make good sense for business to preserve different bank accounts in some cases in different countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business streamline the episode complex processes of
Making sure precise, effective, and timely payroll payments is a complex challenge for companies running globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how business forecast payroll expenses to enhance working capital, and find how simplifying international payroll payments can transform them from a challenging task into a tactical asset.
due to various policies, compliance requirements, information security concerns, and banking guidelines. The large variety of employees and services contributes to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems often lead to manual procedures, data silos, and a lack of combination, causing disparities and ineffectiveness. Regardless of residing in an era of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to offer insights and services to streamline and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a service spends on worldwide payroll the less of an image they see an absence of presence also extends to payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of global services 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 errors are due to time reporting bad HCM data information entry mistakes badly communicated hires and terminations as well as lack management and system configurations and after that when you round all of it off and the data is delivered to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they count 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 challenges organization face when they’re making payments to workers or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t require to be included right and what does
it need 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 time frames 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 complexity any place you look ideal ultimately building a knowledge base is definitely important however all over you look with payroll payment they resemble super 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 think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to type of move forward with that it also also to add to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work better together than ever um I’m always impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high worth on wellness and the compensation landscape is becoming increasingly elaborate. Services are continuously introducing new advantages and payment choices, which adds to the overall intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my opinion, this does not have to be the case. In today’s technically sophisticated age, there’s no reason for keeping cumbersome procedures. Payroll, the company’s biggest expenditure, need to be processed properly and on time. Even small delays can negatively impact employees’ wellness and have far-reaching repercussions. Therefore, it’s important to focus on precise and timely payments.
payroll team get um so I’m not sure anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also 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 first payroll payment solution is a great primary step um offering an end-to-end payroll option for your workers worldwide again I think is another substantial um procedure once again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of services and reducing the variety 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 have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I don’t believe any of us are really 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 everyone that’s involved in those processes and also so imagine sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job attempting to clean all those up for sure oh definitely I can’t imagine 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 actually see what was going on and sort of shot to return to everybody so proceeding appearance why do business pick to primary separate bank accounts there are Papaya Global Year End organizations out there doing exactly this for particular nations and I’ve operated in a business or numerous organizations doing exactly that I can state it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we do not need to and anyone that’s managing 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 quantity that we are I think numerous reasons one is it’s the standard I believe people have actually got so used to we need a new bank account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I think this is a procedure that needs taking a look at it requires changing however ultimately people are extremely stuck to what they recognize
with right um modification is a challenging thing we all don’t like modification um so I think it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having keeping several checking account however there’s a substantial quantity of complexity chooses setting up a savings account keeping it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for individual people so the complexity is substantial but I think the truthful answer is modification um people haven’t had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century or so there is a lot to track and this technique does position several obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I recently made a change 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 acquired another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Year End
I find time and time again the employees typically misclassified unknowingly they do not understand the conditions of work or agreement and are informed by the customer why it’s most advantageous primarily to the customer why you ought to be used or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be affected and several times it can be years before this all falls out and by that time it’s far too late years have actually gone by they have not contributed to pensions And so on so it’s a big effect that they never understood they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy business are getting insurance against misclassification however generally premiums are just covering the expense of legal fees whilst the average claim evaluated versus employers corresponds to to 40 or 50 percent of the base salary of worker exists any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes charge and interest in most 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 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