Managing payroll globally is a daunting job … Papaya Global Czech Republic (Czechia)…
How much revenue does the company make? Papaya Global Czech Republic (Czechia)
Over the last 5 or six years …Papaya Global Czech Republic (Czechia)… roles on the supplier side and also on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes 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 extremely extremely uninspiring 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 taking a look at the difficulty years of managing Global payroll why business maintain different
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is especially beneficial for international companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and prompt payroll payments is a complex difficulty for businesses running internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, learn how business anticipate payroll costs to enhance working capital, and discover how improving international payroll payments can change them from a challenging task into a strategic property.
due to numerous policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of workers and businesses adds to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems often result in manual procedures, data silos, and a lack of integration, resulting in disparities and inadequacies. Despite residing in an age of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to offer insights and options to streamline and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business spends on worldwide payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of global businesses 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 because of time reporting bad HCM information information entry errors improperly communicated hires and terminations as well as lack management and system configurations and then when you round it all off and the information is delivered to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they rely on the essential several procedures 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 difficulties organization face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and state what is it what does not need to be consisted of right and what does
it need to be thought about there’s differing 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 need to pay from the customer’s own in-country account so there’s intricacy any place you look right ultimately constructing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to sort of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely imperative that payroll and financing teams work closer together than ever um I’m constantly amazed when people state I’ve 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more essential to contribute to type of the level of complexity there’s increasingly more advantages being organ or being used by companies across the world so again you’re just aiming to add a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real difficulties or real difficult kind of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you know long gone are the times where we require to produce extra handoffs in the processes that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and an era that you know that we are working in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any company has from a cost viewpoint from an effect viewpoint on staff members it is absolutely 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 biggest damaging impact on people’s well-being and many other factors if individuals aren’t paid uh I have actually always been astonished coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong however 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 things is definitely important that all of this things is done properly so leveraging the very first International Payments very first payroll payment option is a great first step um offering an end-to-end payroll service for your employees internationally once again I believe is another huge um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of organizations and decreasing the number of tools platforms and bank accounts they require for their International 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 anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyway we know how how important a function 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 think of sorry I’m simply I was simply gon na say imagine 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 talking about hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I indicate 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 absolutely 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 type of shot to get back to everybody so moving on appearance why do business select to main different checking account there are Papaya Global Czech Republic (Czechia) companies out there doing precisely this for particular countries and I’ve operated in a company or numerous organizations doing precisely that I can say it does not always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we don’t have to and any person that’s dealing with that process I ‘d be interested to hear your thoughts 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 requirement I believe people have got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I believe this is a process that needs taking a look at it needs changing but eventually individuals are extremely stuck to what they recognize
with ideal um modification is a tough thing all of us do not like change um so I think it’s simply sort 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 clearly the advantages of having maintaining numerous savings account however there’s a substantial quantity of complexity opts for establishing a checking account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is huge but I think the sincere answer is modification um individuals have not been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might almost be figured out to be the next Century or so there is a lot to keep track of and this method does present several obstacles um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Czech Republic (Czechia)
I discover time and time again the employees often misclassified unknowingly they do not understand the conditions of work or contract and are told by the customer why it’s optimum generally to the client why you need to be utilized or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be affected and a number of times it can be years before this all falls out and by that time it’s too late years have gone by they have not added to pensions And so on so it’s a huge impact that they never understood they were strolling into you could not agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy business are getting insurance coverage versus misclassification however generally premiums are just covering the expense of legal charges whilst the average claim assessed versus employers relates to to 40 or 50 percent of the base salary of employee exists any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest for the most part I haven’t seen it at least so uh the the other area that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to pack you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK