Handling payroll worldwide is an overwhelming task … How Do I Run Papaya Global Year End…
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Over the last five or 6 years …How Do I Run Papaya Global Year End… roles on the company side and likewise on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely bleak and I want 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 challenge years of handling Global payroll why business keep separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll also go over a wrap-up which needs to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of typical and managing them becomes increasingly more complicated International companies are looking to discover Solutions and brand-new methods to simplify processes especially from a payroll and cross-border payment perspective many organizations keep separate bank account just for payroll while some have multiple accounts in various nations does it make good sense for companies to preserve different savings account often in different nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies streamline the episode complex processes of
Guaranteeing precise, efficient, and prompt payroll payments is a complex challenge for businesses running globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, discover how companies forecast payroll costs to optimize working capital, and find how improving international payroll payments can transform them from a troublesome job into a tactical possession.
due to different guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer number of workers and organizations adds to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems frequently lead to manual procedures, data silos, and a lack of combination, leading to disparities and inefficiencies. In spite of living in an age of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to provide insights and solutions to streamline and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more an organization invests in worldwide payroll the less of a picture they see a lack of presence also encompasses payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide 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 mistakes badly communicated hires and terminations along with lack management and system setups and after that when you round it all off and the information is delivered to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they depend on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s a great question I constantly throw this back and say what is it what does not need to be consisted of right 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 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 need to pay from the client’s own in-country account so there’s complexity any place you look best eventually constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 definitely essential and technology is enabling us to sort of move on with that it also as well to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work closer together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to add to type of the level of intricacy there’s more and more advantages being organ or being provided by services throughout the world so again you’re just looking to add more and more payments to this already intricate landscape so if you kind 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 challenges or real difficult sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we operate 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 an age of tech and an age that you know that we are operating in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any business has from an expense point of view from an effect viewpoint on workers it is definitely important 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 most significant detrimental impact on individuals’s well-being and lots of other factors if individuals aren’t paid uh I’ve always been astonished coming into this Market kind of the last five to 10 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 workers or not um but ultimately payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout 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 things is definitely important that all of this stuff is done properly so leveraging the first Global Payments first payroll payment solution is a fantastic primary step um providing an end-to-end payroll option for your employees globally again I think is another big um procedure again lining up and ensuring you have standardization Global processes all of those things are definitely crucial to success success of businesses and reducing the variety of tools platforms and savings account 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 have actually 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 complaints where things have not gone quite where they’re implied to be um I do not think any of us are really doing that for for the thanks
anyway we know 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 imagine sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and sort of try to get back to everyone so moving on look why do business pick to main different checking account there are How Do I Run Papaya Global Year End organizations out there doing precisely this for particular countries and I’ve operated in a business or lots of companies doing precisely that I can say it does not constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for anybody where we don’t need to and any person that’s dealing with 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 lots of reasons one is it’s the requirement I believe individuals have got so utilized to we require a new checking account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I believe this is a process that requires looking at it needs changing however ultimately individuals are extremely stuck to what they recognize
with right um modification is a tough thing all of us don’t like modification um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having preserving several savings account however there’s a big amount of complexity chooses setting up a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is big however I believe the truthful answer is modification um people have not had the ability to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter however we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to keep track of and this approach does posture several challenges um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I just recently made a change 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 actually gotten another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your accomplishments. How Do I Run Papaya Global Year End
I discover time and time again the workers often 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 need to be employed or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care advantages of the worker 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 gone by they have not contributed to pensions And so on so it’s a big impact that they never ever understood they were strolling 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 versus misclassification however typically premiums are just covering the cost of legal costs whilst the typical claim examined versus companies relates to to 40 or half of the base pay of worker is there any point in securing insurance coverage and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes penalty and interest in most cases I have not seen it at least so uh the the other area that I do believe 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 fact that you were not in compliance with laws um in the UK