Handling payroll globally is a complicated job … Writetowealth Papaya Global…
How much revenue does the company make? Writetowealth Papaya Global
Over the last five or 6 years …Writetowealth Papaya Global… roles on the provider side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everyone another number of uh well one of 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 rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind 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 sunlight is it it’s not no it’s it’s drizzling here it’s very really bleak and I want I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies preserve different
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is particularly beneficial for global organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining separate checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of reasons most notably regulations compliance data security and banking rules then there are the sheer numbers they add additional complexity the international Labor force is presently 3 and a half billion individuals by 2030 it’s estimated 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 traditional payroll model there’s frequently a frustrating variety of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or very really standard there’s no genuine consistency framework we’re residing 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 and that just 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 services state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of a photo they see an absence of visibility also reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide services have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors improperly interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the information is delivered to the wrong place the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they rely on the required numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s a good concern I constantly toss this back and state what is it what doesn’t require to be included right and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities 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 customer’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is definitely crucial but all over you look with payroll payment they resemble super payments no if however some children 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 believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to sort of progress with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and financing groups work more detailed together than ever um I’m constantly astonished when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often 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 however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of crucial to add to kind of the level of intricacy there’s more and more benefits being organ or being used by businesses throughout the world so again you’re just wanting to add increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real obstacles or genuine difficult kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an era of tech and a period that you know that we are operating in today there is no reason why we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any service has from an expense point of view from an effect perspective on employees it is absolutely important that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive impact on people’s well-being and numerous other factors if individuals aren’t paid uh I’ve always been impressed coming into this Market sort of the last 5 to ten years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only notice when things fail. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally also. Therefore, it is important to guarantee that tasks like Wi-Fi Global and other important matters are done correctly. Using the first Global Payments first payroll payment option is an excellent preliminary step towards providing a thorough payroll solution for workers worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and checking account necessary for international payroll are crucial factors in achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things do not go as prepared. Eventually, we don’t do it for the gratitude.
anyway we know how how essential 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 easy as possible for everybody that’s associated with those processes and likewise so imagine sorry I’m just I was just gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions think of getting that numerous 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 a fascinating task attempting to clean up 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 really see what was going on and kind of shot to return to everybody so carrying on appearance why do companies choose to main different bank accounts there are Writetowealth Papaya Global services out there doing exactly this for particular countries and I have actually worked in an organization or numerous businesses doing exactly that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for anybody where we don’t have to and any person that’s managing that process 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 numerous factors one is it’s the standard I believe individuals have got so used to we need a new bank account we open an entity and appropriately so you require 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 standard and the standard individuals have embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I believe this is a process that requires taking a look at it needs changing however ultimately individuals are very stuck with what they recognize
with ideal um change is a hard thing all of us don’t like change um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having maintaining several savings account but there’s a big amount of intricacy goes with setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is huge but I believe the honest response is change um individuals haven’t been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking 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 have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could nearly be identified to be the next Century or so there is a lot to monitor and this method does pose a number of difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so
I simply 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 workers you deserve a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Writetowealth Papaya Global
I find time and time again the employees typically misclassified unconsciously they don’t understand the conditions of employment or contract and are told by the customer why it’s most advantageous mainly to the customer why you should be employed or taken part in this style the employee may owe taxes and Social Security to the authorities the future pension and health care advantages of the employee 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 actually 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 say the UK for instance hmrc can return as much as ten years um Kathy business are getting insurance versus misclassification however typically premiums are only covering the cost of legal charges whilst the average claim examined versus companies relates to to 40 or half of the base pay of employee exists any point in securing insurance coverage and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes charge and interest in most cases I haven’t seen it at least so uh the the other location 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 stuff you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK