Managing payroll globally is a daunting task … Papaya Global Not Letting Multiple Users In…
How much revenue does the company make? Papaya Global Not Letting Multiple Users In
Over the last five or 6 years …Papaya Global Not Letting Multiple Users In… functions on the supplier side and also on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very bleak and I wish I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll also go over a wrap-up and that needs to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more typical and managing them becomes more and more complicated Worldwide companies are seeking to find Solutions and brand-new methods to enhance processes especially from a payroll and cross-border payment standpoint many companies preserve separate bank account just for payroll while some have multiple accounts in various countries does it make good sense for companies to maintain different savings account sometimes in various countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies simplify the episode complex processes of
Making sure precise, effective, and prompt payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, discover how companies forecast payroll expenses to optimize working capital, and find how improving international payroll payments can change them from a burdensome job into a tactical possession.
due to different policies, compliance requirements, information security issues, and banking rules. The sheer variety of workers and organizations contributes to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically lead to manual processes, information silos, and an absence of integration, leading to inconsistencies and inadequacies. In spite of residing in an age of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to provide insights and options to simplify and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a business invests in international payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of international organizations have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors inadequately communicated hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the data is delivered to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they count on the required several procedures systems and partners it is simply 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 a good concern I always toss this back and state what is it what does not need to be included best and what does
it require to be considered 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look right ultimately constructing a knowledge base is definitely critical however 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 look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is permitting us to type of move forward with that it likewise too to add to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely vital that payroll and financing teams work closer together than ever um I’m always amazed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to contribute to sort of the level of intricacy there’s increasingly more benefits being organ or being offered by organizations across the world so once again you’re simply aiming to add a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine challenges or genuine difficult type of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of years I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we run in they just make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an era that you understand that we are operating in today there is no reason why we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any company has from a cost viewpoint from an impact point of view on workers it is absolutely crucial 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 need to be done right it has the greatest damaging impact on individuals’s well-being and lots of other aspects if people aren’t paid uh I have actually constantly been surprised coming into this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle we all become aware of it when it goes wrong 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment service is a great first step um offering an end-to-end payroll option for your staff members internationally again I think is another huge um procedure once again lining up and ensuring you have standardization Global processes all of those things are definitely crucial to success success of businesses and lowering the variety of tools platforms and checking account they need for their International 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’ve never ever had a hundred thousand of them within a payroll cycle don’t anticipate 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 do not believe any of us are in fact doing that for for the thanks
anyhow we know how how essential 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 associated with those processes and likewise so imagine sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job attempting to clean up 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 require days of the week to try to browse them and actually see what was going on and sort of shot to get back to everyone so moving on look why do companies choose to primary different bank accounts there are Papaya Global Not Letting Multiple Users In services out there doing exactly this for particular countries and I’ve operated in a business or numerous businesses doing exactly that I can say it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not developing extra work for anyone where we don’t need to and any person that’s managing 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 amount that we are I believe lots of reasons one is it’s the standard I think individuals have got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs changing however ultimately people are really stuck with what they recognize
with best um modification is a challenging thing we all do not like modification 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 lot of track of things um I comprehend clearly the benefits of having keeping multiple savings account but there’s a huge amount of intricacy chooses setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for private people so the intricacy is big however I think the sincere answer is modification um people haven’t been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to alter but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could nearly be identified to be the next Century approximately there is a lot to keep an eye on and this approach does present numerous obstacles um so Johnny might you tell us about those obstacles yeah obviously 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 Worldwide employees you deserve a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Not Letting Multiple Users In
I find time and time again the employees typically misclassified unknowingly they don’t comprehend the conditions of work or contract and are informed by the customer why it’s optimum primarily to the client why you should be used or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be impacted and several times it can be years before this all falls out and by that time it’s too late years have passed they have not added to pensions And so on so it’s a big effect that they never ever understood they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy companies are securing insurance coverage versus misclassification but usually premiums are only covering the expense of legal costs whilst the typical claim examined versus employers relates to to 40 or half of the base pay of worker exists any point in getting insurance coverage 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 most cases I have not seen it at least so uh the the other area that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK