Managing payroll worldwide is an overwhelming job … Budget Hr Compliance And Efficiency With Papaya Global…
How much revenue does the company make? Budget Hr Compliance And Efficiency With Papaya Global
Over the last five or six years …Budget Hr Compliance And Efficiency With Papaya Global… roles on the provider side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds approximately to join we all 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 already simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very gloomy and I wish I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies preserve different
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently securely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of factors most notably policies compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the worldwide Workforce is currently 3 and a half billion individuals by 2030 it’s approximated 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 factor in that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll model there’s often a frustrating number of various systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or really very basic there’s no real consistency structure we’re residing in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind each time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a business spends on worldwide payroll the less of a picture they see a lack of presence also reaches payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide companies have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors badly interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is delivered to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they depend on the required numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and state what is it what does not need to be consisted of right and what does
it need to be thought of there’s varying 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 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 client’s own in-country account so there’s complexity any place you look best ultimately developing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble incredibly payments no if however some babies 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to type of move forward with that it likewise too to add to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work better together than ever um I’m always surprised when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to add to kind of the level of complexity there’s increasingly more advantages being organ or being offered by companies throughout the world so again you’re just seeking to include increasingly more payments to this currently complex landscape so if you sort 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 real obstacles or real challenging sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would absolutely say that the larger a business 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 info into the next function as it were that’s actually managing 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 know 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 do not make them what they require to be in in a period of tech and an era that you know that we are operating in today there is no reason why we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single greatest liability that any business has from a cost viewpoint from an impact viewpoint on staff members it is absolutely crucial 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 destructive impact on individuals’s well-being and numerous other factors if people aren’t paid uh I have actually always been impressed entering this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think 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 things is absolutely vital that all of this stuff is done properly so leveraging the first International Payments very first payroll payment service is a fantastic primary step um supplying an end-to-end payroll option for your workers worldwide again I believe is another substantial um procedure once again lining up and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of businesses and decreasing the number of tools platforms and bank accounts 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 had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks
anyhow we know how how important 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 everyone that’s involved in those procedures and also so envision sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions think of 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 absolutely be an intriguing task attempting to clean up all those up for sure oh definitely 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 check out them and in fact see what was going on and type of shot to get back to everybody so proceeding look why do business choose to main separate bank accounts there are Budget Hr Compliance And Efficiency With Papaya Global services out there doing precisely this for particular nations and I have actually worked in an organization or many companies doing exactly that I can state it does not constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not creating additional work for anyone where we don’t need to and anyone that’s handling 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 requirement I believe individuals have got so used to we require a new savings account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I believe this is a procedure that needs looking at it requires altering however ultimately individuals are really stuck with what they’re familiar
with best um modification is a hard thing we all don’t like change um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having maintaining several checking account but there’s a huge amount of complexity chooses setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the intricacy is huge but I believe the honest answer is change um individuals have not been able to change or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a checking 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 alter however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does position several challenges um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so
I simply 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 Worldwide staff members you should have a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Budget Hr Compliance And Efficiency With Papaya Global
I discover time and time again the employees frequently misclassified unwittingly they do not comprehend the conditions of employment or agreement and are told by the customer why it’s most advantageous generally to the customer why you should be used or taken part in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care benefits of the employee can be affected and a number of 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 contributed to pensions Etc so it’s a big impact that they never ever knew they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy business are taking out insurance coverage against misclassification but typically premiums are just covering the expense of legal charges whilst the typical claim evaluated versus employers equates 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 small print it is not covering the taxes charge and interest in most cases I have not seen it a minimum of so uh the the other area that I do think if you managed to get the coverage 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 reality that you were not in compliance with laws um in the UK