Handling payroll globally is a difficult job … Using Papaya Global…
How much revenue does the company make? Using Papaya Global
Over the last five or 6 years …Using Papaya Global… roles on the supplier side and also on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone originates 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 drizzling here it’s really really dreary and I want I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we’ll also discuss a recap and that must leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of typical and handling them ends up being increasingly more intricate Global organizations are looking to find Solutions and new methods to improve procedures specifically from a payroll and cross-border payment perspective numerous companies keep different bank account just for payroll while some have multiple accounts in different nations does it make good sense for companies to keep separate bank accounts in some cases in various nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies enhance the episode complex processes of
Guaranteeing precise, effective, and prompt payroll payments is a complex difficulty for companies running globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll costs to optimize working capital, and find how improving international payroll payments can transform them from a difficult task into a tactical property.
due to various policies, compliance requirements, information security issues, and banking guidelines. The large variety of employees and businesses adds to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual procedures, data silos, and an absence of integration, leading to inconsistencies and inadequacies. In spite of residing in an age of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to offer insights and solutions to simplify and optimize international payroll payments.
about it to offer you a concept 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 gives me sleep deprived nights and quite frankly the more a company spends on global payroll the less of a photo they see an absence of visibility likewise encompasses payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal almost half of global companies have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors improperly communicated hires and terminations along with lack management and system setups and after that when you round everything off and the data is shipped to the wrong location the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they depend on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re paying to employees or otherwise that’s an excellent question I constantly toss this back and state what is it what doesn’t need to be included ideal and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 client’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is definitely vital but all over you look with payroll payment they are like super payments no if but some infants 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 acknowledgment that payroll payments are definitely fundamental and technology is permitting us to kind of progress with that it likewise as well to add to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely vital that payroll and finance teams work better together than ever um I’m constantly amazed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation 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 wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more crucial to add to kind of the level of complexity there’s a growing number of benefits being organ or being used by organizations throughout the world so again you’re just seeking to include increasingly more 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 challenges or real tough sort of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to develop extra handoffs at the same times that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason that we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from a cost point of view from an effect point of view on employees it is absolutely important that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful result on people’s wellness and numerous other aspects if individuals aren’t paid uh I’ve constantly been surprised coming into this Market type of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just observe when things fail. However, when things go right, it’s seen as just a regular task. This is how it’s perceived externally too. For that reason, it is necessary to guarantee that jobs like Wi-Fi Global and other crucial matters are done properly. Utilizing the first International Payments very first payroll payment option is a terrific preliminary action towards offering a thorough payroll service for employees worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and savings account essential for international payroll are crucial consider attaining company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things do not go as planned. Ultimately, we do not do it for the thankfulness.
anyhow 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 procedures and likewise so envision sorry I’m simply I was simply gon na say picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and kind of shot to get back to everyone so proceeding appearance why do business choose to primary different bank accounts there are Using Papaya Global businesses out there doing exactly this for particular countries and I have actually operated in a company or numerous organizations doing precisely that I can say it doesn’t constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not developing extra work for anyone where we don’t have to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think many factors one is it’s the standard I think people have actually got so used to we need a new savings account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I think this is a process that requires taking a look at it requires changing but ultimately people are very stuck with what they’re familiar
with right um change is a difficult thing all of us don’t like change um so I believe it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having keeping several bank accounts but there’s a huge amount of complexity goes with establishing a bank account keeping it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for private individuals so the complexity is substantial however I believe the sincere response is change um people have not had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century or so there is a lot to track and this technique does posture a number of obstacles um so Johnny might you tell us about those difficulties yeah of course 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you deserve a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Using Papaya Global
I discover time and time again the employees often misclassified unconsciously they do not comprehend the conditions of employment or agreement and are informed by the customer why it’s most advantageous primarily to the client why you must be used or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t added to pensions And so on so it’s a huge effect that they never knew they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy companies are getting insurance coverage against misclassification but normally premiums are only covering the cost of legal costs whilst the typical claim evaluated against employers relates to to 40 or 50 percent of the base salary of worker exists any point in getting insurance and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes charge and interest in many 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 coverage what we are saying is is that if your compliance program is not up to pack you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK