Handling payroll globally is a difficult job … What Is The Latest Version Of Papaya Global…
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Over the last five or 6 years …What Is The Latest Version Of Papaya Global… roles on the company side and likewise on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or two 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 interesting and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I really 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 really really bleak and I want I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll also go over a recap and that must leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more common and handling them becomes a growing number of intricate International companies are looking to find Solutions and brand-new ways to improve processes especially from a payroll and cross-border payment perspective numerous organizations maintain different checking account just for payroll while some have numerous accounts in different nations does it make good sense for companies to preserve different savings account often in various countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international business streamline the episode complex procedures of
making payroll payments properly effectively securely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of reasons most importantly policies compliance data security and banking rules then there are the large numbers they add further intricacy the worldwide Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll design there’s typically a frustrating variety of various systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or extremely very standard there’s no real consistency framework we’re residing in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind each time I I think
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 Workforce data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a service invests in worldwide payroll the less of an image they see a lack 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 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 mistakes are due to time reporting poor HCM information information entry mistakes improperly interacted hires and terminations as well as absence management and system setups and then when you round it all off and the information is delivered to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they count on the needed several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and state what is it what does not need to be consisted of best and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 complexity anywhere you look best ultimately developing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to kind 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 Particulars varying banking requirements and setup processes is absolutely important that payroll and financing groups work more detailed together than ever um I’m constantly astonished when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not 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 information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more important to contribute to kind of the level of intricacy there’s more and more benefits being organ or being provided by companies throughout the world so once again you’re simply looking to add increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine challenging sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of years I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to create additional handoffs while doing sos that we run in they simply make them more timely they make them less effective and they don’t make them what they require to be in in an age of tech and an age that you know that we are working in today there is no reason that we are still making this as difficult as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any service has from an expense point of view from an effect point of view on workers it is definitely important 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 greatest harmful effect on individuals’s wellness and lots of other factors if individuals aren’t paid uh I have actually constantly been surprised coming into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle we all hear about it when it goes wrong 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 deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the first International Payments very first payroll payment solution is a fantastic primary step um supplying an end-to-end payroll solution for your staff members internationally once again I believe is another huge um process once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely key to success success of companies and decreasing the variety of tools platforms and bank accounts they require 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 expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how crucial 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 picture sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and sort of shot to return to everybody so moving on look why do business pick to main different bank accounts there are What Is The Latest Version Of Papaya Global businesses out there doing precisely this for particular countries and I have actually worked in a business or lots of organizations doing exactly that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for any person where we do not have to and anyone that’s managing that procedure 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 many factors one is it’s the requirement I think individuals have got so utilized to we need a new savings 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 requirement and the standard individuals have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I believe this is a procedure that requires looking at it needs changing however ultimately people are really stuck with what they’re familiar
with ideal um change is a challenging thing all of us don’t like modification um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having preserving several bank accounts however there’s a huge quantity of complexity goes with establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is huge however I believe the sincere response is change um people have not had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century or so there is a lot to track and this approach does pose a number of difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so
I simply did you changed 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 staff members you should have a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you What Is The Latest Version Of Papaya Global
I find time and time again the workers frequently misclassified unknowingly they don’t comprehend the conditions of work or agreement and are informed by the client why it’s most advantageous mainly to the customer why you ought to be used or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be affected and numerous 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 Etc so it’s a big effect that they never understood they were strolling into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy companies are getting insurance versus misclassification but typically premiums are only covering the expense of legal fees whilst the average claim examined against companies corresponds to to 40 or half of the base salary 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 location that I do believe 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 rejected protection on the basis of the fact that you were not in compliance with laws um in the UK