Handling payroll worldwide is a difficult job … Can I Have More Than One Company In Papaya Global Payroll…
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Over the last 5 or six years …Can I Have More Than One Company In Papaya Global Payroll… functions on the provider side and likewise on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it remains 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 dreary and I wish I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll also review a recap and that should 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 Global workforces end up being a growing number of typical and handling them becomes increasingly more complex Global organizations are seeking to discover Solutions and brand-new methods to improve processes specifically from a payroll and cross-border payment standpoint many organizations preserve different checking account just for payroll while some have several accounts in various countries does it make sense for business to preserve separate checking account in some cases in various countries it does however just for payroll is there a better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business improve the episode complex procedures of
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one nation however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of factors most notably policies compliance data security and banking rules then there are the large numbers they include further complexity the global Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll model there’s typically an overwhelming variety of various systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or really very basic there’s no genuine consistency framework we’re living in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind every time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service spends on global payroll the less of an image they see an absence of exposure likewise reaches payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of global services 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 due to time reporting poor HCM data information entry mistakes improperly communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the data is delivered to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they depend on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t require to be included ideal and what does
it require 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 timespan 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 client’s own in-country account so there’s intricacy wherever you look ideal ultimately building a knowledge base is definitely vital but all over you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to sort of progress with that it also too to contribute to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely vital that payroll and finance groups work closer together than ever um I’m always astonished when individuals say I’ve divided 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 split the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process 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 reside in and wellness being a growing number of important to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being provided by services throughout the world so once again you’re just wanting to add a growing number of payments to this currently intricate landscape so if you kind 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 difficulties or real tough sort of pay uses to play to pay people I think yeah I imply over the last well yeah a number of decades I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to produce extra handoffs in the processes that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and a period that you understand that we are operating in today there is no reason why we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single greatest liability that any company has from a cost viewpoint from an effect point of view on workers it is definitely critical 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 have to be done right it has the greatest harmful effect on people’s wellness and lots of other factors if people aren’t paid uh I have actually constantly been surprised entering this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle we all become aware of it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a great initial step um providing an end-to-end payroll option for your workers worldwide once again I believe is another big um procedure once again aligning and ensuring you have standardization Global procedures all of those things are definitely essential to success success of services and decreasing the variety of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 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 do not believe any of us are in fact doing that for for the thanks
anyway 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 simple as possible for everyone that’s involved in those processes and also so imagine sorry I’m just I was just gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean all those up for sure oh definitely I can’t imagine 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 really see what was going on and kind of try to get back to everybody so carrying on look why do business select to primary separate bank accounts there are Can I Have More Than One Company In Papaya Global Payroll services out there doing precisely this for specific nations and I’ve operated in an organization or lots of services doing exactly that I can say it doesn’t always feel efficient and it does create more work I know we’re not purposely doing that we’re not creating additional work for any person where we don’t need to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think many factors one is it’s the standard I believe individuals have got so used to we require a new savings account we open an entity and rightly 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 adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a range I believe this is a process that requires taking a look at it needs changing but ultimately individuals are very stuck with what they’re familiar
with best um change is a hard thing we all don’t like modification um so I believe it’s just type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having preserving multiple savings account however there’s a huge amount of complexity opts for establishing a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for private individuals so the complexity is huge however I believe the truthful answer is change um people have not been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I believe 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 genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century or two there is a lot to monitor and this technique does present several obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Can I Have More Than One Company In Papaya Global Payroll
I find time and time again the employees often misclassified unconsciously they do not comprehend the conditions of work or agreement and are informed by the client why it’s optimum generally to the customer why you ought to be employed or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have passed they have not added to pensions And so on 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 return as much as ten years um Kathy companies are taking out insurance coverage against misclassification but typically premiums are just covering the cost of legal fees whilst the average claim examined versus companies corresponds to to 40 or 50 percent of the base pay of employee exists any point in securing insurance and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest in many cases I haven’t seen it at least so uh the the other area 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 pack you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK