Managing payroll worldwide is an overwhelming task … Papaya Global Fiji…
How much revenue does the company make? Papaya Global Fiji
Over the last 5 or 6 years …Papaya Global Fiji… roles on the company side and likewise on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it is 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 bleak and I wish I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic possession uh we’ll likewise go over a wrap-up and that needs to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and handling them ends up being more and more complicated International organizations are seeking to discover Solutions and brand-new ways to improve procedures particularly from a payroll and cross-border payment perspective numerous companies maintain separate bank account just for payroll while some have numerous accounts in different nations does it make good sense for business to maintain separate bank accounts often in various countries it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies enhance the episode complex processes of
making payroll payments accurately efficiently securely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in enough in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of factors most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they include further intricacy the global Workforce is currently three and a half billion people by 2030 it’s approximated 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 services and growing all doing their own thing around the globe in the standard payroll model there’s typically an overwhelming variety of various systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or really really fundamental there’s no genuine consistency framework we’re residing in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I believe
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 gives me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of a picture they see an absence of presence likewise reaches payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of worldwide organizations have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes badly interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not 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 obstacles service face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw this back and state what is it what does not need to be consisted of ideal and what does
it need 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 time frames 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 customer’s own in-country account so there’s complexity wherever you look right eventually constructing a knowledge base is absolutely critical however all over you look with payroll payment they resemble extremely payments no if however some babies 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 technology is permitting us to type of move on with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely necessary that payroll and financing teams work more detailed together than ever um I’m constantly astonished when individuals state I have actually split 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 estimation 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 procedure it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more important to add to sort of the level of intricacy there’s increasingly more benefits being organ or being provided by businesses across the world so once again you’re simply wanting to include a growing number of payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine obstacles or genuine tough kind of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would definitely say that the bigger an organization 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 really handling the payment side of things but you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we require to create additional handoffs at the same times that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and an age that you know that we are operating in today there is no reason why we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any company has from an expense point of view from an effect viewpoint on employees it is definitely vital that it’s done properly 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 damaging impact on people’s wellness and many other factors if individuals aren’t paid uh I’ve always been impressed entering into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this sort of webinar has actually been told 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 workers or not um however eventually payroll is such a crucial cycle we all find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment service is a terrific primary step um offering an end-to-end payroll option for your employees worldwide again I think is another substantial um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely essential to success success of businesses and lowering the number of tools platforms and checking account they require for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know how how crucial a function 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 everyone that’s involved in those procedures and likewise so think of sorry I’m just I was just gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions imagine getting that lots of 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 an intriguing job trying to clean up all those up for sure oh absolutely I can’t picture 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 in fact see what was going on and kind of try to get back to everyone so moving on appearance why do business select to primary separate checking account there are Papaya Global Fiji businesses out there doing exactly this for specific countries and I have actually operated in a service or lots of businesses doing exactly that I can say it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we do not have to and anybody that’s dealing with that process 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 believe lots of factors one is it’s the standard I think people have actually got so used to we require a new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years passed by to contribute to that people have taken a look 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 think this is a process that requires looking at it requires changing however eventually individuals are extremely stuck with what they’re familiar
with ideal um modification is a challenging thing we all do not 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 lot of track of stuff um I comprehend undoubtedly the advantages of having preserving numerous checking account however there’s a big quantity of intricacy opts for setting up a savings account keeping it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for individual people so the complexity is big but I believe the truthful answer is change um people have not had the ability to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century or two there is a lot to keep track of and this technique does position numerous obstacles um so Johnny might you tell us about those obstacles yeah obviously 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you are worthy of a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Fiji
I discover time and time again the workers typically misclassified unwittingly they don’t comprehend the conditions of work or agreement and are informed by the client why it’s optimum mainly to the customer why you ought to be utilized or taken part 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 impacted and several times it can be years before this all falls out and by that time it’s far too late years have actually gone by they haven’t added to pensions And so on so it’s a huge impact that they never ever knew they were walking into you could not agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy business are securing insurance coverage versus misclassification however generally premiums are only covering the expense of legal charges whilst the average claim examined versus companies corresponds to to 40 or half of the base pay of worker exists any point in securing insurance coverage and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes charge and interest most of the times I have not seen it at least so uh the the other location 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 stuff you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK