Handling payroll globally is a challenging job … Timetastic Papaya Global…
How much revenue does the company make? Timetastic Papaya Global
Over the last 5 or 6 years …Timetastic Papaya Global… roles on the company side and also on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody 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 is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely bleak and I wish I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies preserve different
Virtual payroll accounts are an alternative to conventional 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 savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will likewise 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 safely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in adequate in one country however when you’re doing it globally it’s next level and Beyond it becomes complex 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 international Labor force is presently three 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 services and growing all doing their own thing around the globe in the standard payroll model there’s typically an overwhelming number of different systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely extremely basic there’s no real 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 and that simply blows my mind each time I I believe
about it to provide 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 gives me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of a picture they see an absence of presence likewise reaches payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal almost half of global organizations have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors badly interacted hires and terminations along with absence management and system setups and then when you round all of it off and the information is shipped to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they depend on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t need to be consisted of ideal 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 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 complexity any place you look best ultimately building a knowledge base is definitely vital however all over you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is permitting us to sort of move forward with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is definitely necessary that payroll and finance teams work more detailed together than ever um I’m always astonished when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data 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 reside in and well-being being a growing number of important to add to kind of the level of complexity there’s more and more benefits being organ or being provided by services throughout the world so again you’re just aiming to add increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real difficulties or real tough kind of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments works 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 managing the payment side of things however you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason that we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single most significant liability that any company has from an expense point of view from an impact point of view on staff members it is definitely vital that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest destructive impact on people’s wellness and numerous other aspects if individuals aren’t paid uh I have actually constantly been astonished entering into this Market sort of the last five to 10 years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just notice when things go wrong. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s viewed externally too. Therefore, it is necessary to ensure that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the very first Global Payments first payroll payment service is an excellent preliminary step towards providing a comprehensive payroll service for employees worldwide. Standardization, international procedures, and reducing the variety of tools, platforms, and checking account needed for international payroll are essential factors in achieving business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things do not go as prepared. Eventually, we don’t do it for the appreciation.
anyway we understand how how important a role 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 associated with those processes and also so picture sorry I’m simply I was just gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task trying to clean all those up for sure oh absolutely 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 check out them and in fact see what was going on and type of shot to get back to everybody so carrying on appearance why do companies pick to primary different checking account there are Timetastic Papaya Global businesses out there doing exactly this for specific nations and I’ve operated in a business or lots of businesses doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we do not need to and anybody that’s handling 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 lots of reasons one is it’s the standard I believe people have got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to add to that individuals have taken a look 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 process that needs taking a look at it requires changing but ultimately individuals are really stuck to what they’re familiar
with right um change is a difficult thing all of us do not like modification um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having maintaining several savings account but there’s a big amount of intricacy chooses setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private people so the complexity is big but I think the truthful response is modification um individuals haven’t been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could nearly be determined to be the next Century or two there is a lot to keep track of and this technique does position a number of obstacles um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just did you switched our Business 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 Global employees you should have a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Timetastic Papaya Global
I discover time and time again the workers often misclassified unwittingly they do not understand the conditions of employment or contract and are informed by the client why it’s optimum mainly to the customer why you should be utilized or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and health care benefits 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 passed they haven’t contributed to pensions And so on so it’s a big impact that they never understood they were strolling into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy business are securing insurance versus misclassification but typically premiums are only covering the expense of legal charges whilst the average claim examined against companies equates to to 40 or half of the base pay of employee exists 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 most of the times I haven’t seen it a minimum of so uh the the other location that I do believe 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 rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK