Managing payroll worldwide is an overwhelming job … Papaya Global Employees…
How much revenue does the company make? Papaya Global Employees
Over the last five or 6 years …Papaya Global Employees… functions on the supplier side and also on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely uninspiring and I wish I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a tactical possession uh we’ll likewise go over a recap and that needs to leave his time at the very really 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 Worldwide workforces become a growing number of common and managing them ends up being more and more complicated Global organizations are aiming to find Solutions and brand-new methods to streamline processes especially from a payroll and cross-border payment standpoint numerous organizations keep separate checking account just for payroll while some have several accounts in various nations does it make good sense for business to maintain separate bank accounts often in different nations it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies improve the episode complex procedures of
making payroll payments properly efficiently firmly and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of reasons most importantly guidelines compliance information security and banking rules then there are the sheer numbers they add more intricacy the international Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll model there’s typically an overwhelming variety of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or very very basic there’s no genuine consistency structure we’re residing in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a service invests in global payroll the less of a picture they see an absence of visibility also extends to payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction almost half of worldwide companies have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors inadequately interacted hires and terminations as well as lack management and system configurations and then when you round everything off and the data is shipped to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they depend on the needed several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles organization face when they’re paying to staff members or otherwise that’s a great concern I always toss this back and state what is it what doesn’t require to be consisted of best and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 client’s own in-country account so there’s intricacy wherever you look ideal eventually constructing a knowledge base is absolutely crucial but all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to type of move forward with that it also as well to add to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely vital that payroll and financing groups work better together than ever um I’m always impressed when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more important to contribute to type of the level of intricacy there’s more and more benefits being organ or being used by companies across the world so once again you’re just looking to include increasingly more payments to this currently complicated landscape so if you type 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 genuine difficulties or real difficult sort of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to create additional handoffs at the same times that we run in they just make them more timely they make them less efficient and they do not 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 why we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any business has from a cost viewpoint from an effect perspective on workers it is absolutely important that it’s done properly and on time so what we indicate 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 harmful impact on people’s wellness and many other aspects if individuals aren’t paid uh I have actually always been astonished entering into this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m uncertain anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle all of us find out 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 believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment option is a terrific initial step um providing an end-to-end payroll service for your workers globally once again I believe is another big um process again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of services and reducing the variety of tools platforms and bank accounts they need for their Worldwide 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’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I do not believe any of us are really doing that for for the thanks
anyhow we know how how important a role 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 easy as possible for everybody that’s associated with those processes and likewise so picture sorry I’m just I was simply gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions picture getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and type of try to get back to everyone so carrying on appearance why do business pick to main different checking account there are Papaya Global Employees organizations out there doing precisely this for particular nations and I’ve operated in a business or lots of companies doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not creating additional work for any person where we don’t need to and any person that’s dealing with that procedure 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 many 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 appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I think this is a process that requires looking at it needs changing but ultimately people are very stuck with what they recognize
with ideal um modification is a challenging thing all of us do not like change um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having preserving numerous savings account but there’s a big amount of complexity chooses setting up a checking account keeping it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is substantial however I think the truthful answer is change um individuals haven’t been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might practically be figured out to be the next Century or two there is a lot to keep an eye on and this technique does pose several obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so
I just did you changed 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 International staff members you are worthy of a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Employees
I discover time and time again the employees frequently misclassified unknowingly they do not understand the conditions of work or contract and are told by the client why it’s optimum mainly to the customer why you need to be used or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and health care benefits 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 gone by they have not added to pensions And so on so it’s a huge impact that they never ever understood they were walking into you could not agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy companies are taking out insurance against misclassification but typically premiums are just covering the cost of legal charges whilst the average claim evaluated versus companies corresponds 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 fine print it is not covering the taxes charge and interest in many cases I have not seen it at least so uh the the other area that I do believe if you managed to get the protection what we are saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK