Managing payroll globally is a challenging job … Arhamaju Papaya Global…
How much revenue does the company make? Arhamaju Papaya Global
Over the last 5 or 6 years …Arhamaju Papaya Global… functions on the company side and also on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it is 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 started our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a strategic possession uh we’ll also review a recap which needs to leave his time at the very 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 Worldwide workforces end up being increasingly more common and handling them becomes increasingly more intricate International companies are seeking to discover Solutions and new methods to simplify procedures especially from a payroll and cross-border payment standpoint lots of companies maintain separate savings account just for payroll while some have several accounts in various nations does it make good sense for business to keep different checking account in some cases in different nations it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies simplify the episode complex processes of
Ensuring accurate, efficient, and prompt payroll payments is a complex obstacle for companies running globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, find out how business forecast payroll expenses to optimize working capital, and find how improving worldwide payroll payments can transform them from a troublesome job into a tactical asset.
due to various policies, compliance requirements, data security concerns, and banking rules. The sheer number of employees and organizations adds to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems often result in manual processes, information silos, and an absence of combination, causing inconsistencies and ineffectiveness. Despite living in an age of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to provide insights and solutions to streamline and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more a company spends on global payroll the less of a photo they see an absence of presence also reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of international companies have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors poorly communicated hires and terminations in addition to lack management and system setups and after that when you round everything off and the data is delivered to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they rely on the necessary several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a great concern I always toss this back and state what is it what does not require to be included ideal and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities 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 consumer’s own in-country account so there’s complexity anywhere you look ideal ultimately constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to sort of progress with that it likewise also to add to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and financing groups work closer together than ever um I’m constantly amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of important to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being used by companies throughout the world so again you’re simply wanting to add increasingly more payments to this currently complex landscape so if you sort 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 obstacles or real difficult sort of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would certainly say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we run 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 an era of tech and an age that you understand that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any business has from an expense viewpoint from an impact perspective on workers it is definitely crucial 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 destructive result on individuals’s well-being and lots of other factors if individuals aren’t paid uh I’ve constantly been surprised coming into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific 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 fails but when it goes right it’s just a tick box exercise and I believe 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 stuff is absolutely crucial that all of this things is done properly so leveraging the very first International Payments very first payroll payment option is a terrific primary step um supplying an end-to-end payroll option for your workers globally once again I think is another big um procedure once again lining up and ensuring you have standardization International processes all of those things are absolutely crucial to success success of organizations and decreasing the variety of tools platforms and checking account they require for their Worldwide 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 had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
anyway we understand how how crucial 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 simple as possible for everyone that’s associated with those procedures and also so think of sorry I’m simply I was just gon na state think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and type of shot to get back to everybody so carrying on look why do companies choose to main separate checking account there are Arhamaju Papaya Global organizations out there doing exactly this for particular countries and I’ve operated in a business or many businesses doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing additional work for any person where we do not need to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the requirement I think individuals have actually got so utilized to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have embraced 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 many other methods um to to sort of do it so I think there’s a range I believe this is a process that requires taking a look at it needs altering however eventually people are extremely stuck to what they’re familiar
with best um change is a challenging thing all of us don’t like change um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having preserving several savings account however there’s a substantial quantity of complexity chooses establishing a bank account preserving it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for private people so the intricacy is substantial but I believe the honest response is change um people have not been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I believe it is understanding you know and there is a component of resistance to change however we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or so there is a lot to keep an eye on and this technique does present a number of obstacles um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so
I just did you switched 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 Global workers you should have a corner office with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Arhamaju Papaya Global
I discover time and time again the employees frequently misclassified unwittingly they don’t understand the conditions of employment or agreement and are informed by the client why it’s most advantageous generally to the client why you should be utilized or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be impacted and a number of times it can be years before this all falls out and by that time it’s too late years have passed they have not contributed to pensions And so on so it’s a huge effect that they never ever knew they were walking into you could not agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy business are getting insurance coverage against misclassification however typically premiums are only covering the expense of legal fees whilst the average claim evaluated against companies relates to to 40 or 50 percent of the base pay of worker exists any point in taking out 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 most of the times I have not seen it a minimum of so uh the the other area that I do believe if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK