Managing payroll worldwide is a complicated task … Papaya Global Caribbean Netherlands…
How much revenue does the company make? Papaya Global Caribbean Netherlands
Over the last five or six years …Papaya Global Caribbean Netherlands… roles on the service provider side and also on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely dreary 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 challenge years of managing Worldwide payroll why companies keep different
savings 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 strategic asset uh we’ll also discuss a recap which should leave his time at the really extremely 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 International workforces end up being a growing number of common and managing them ends up being more and more intricate International companies are looking to discover Solutions and brand-new methods to streamline processes particularly from a payroll and cross-border payment standpoint numerous organizations preserve separate bank account just for payroll while some have numerous accounts in various countries does it make sense for business to maintain different bank accounts in some cases in different countries it does but just for payroll is there a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business improve the episode complex procedures of
making payroll payments accurately effectively securely and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical 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 complicated for a variety of reasons most significantly guidelines compliance information security and banking rules then there are the sheer numbers they add more complexity the global Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the conventional payroll design there’s typically a frustrating variety of different systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely very basic there’s no real consistency structure we’re living in an era of tech but payroll has actually been slow 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 whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company spends on international payroll the less of a photo they see a lack of presence also reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of international organizations have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes poorly communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is delivered to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they depend on the required numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s a good concern I always toss this back and state what is it what doesn’t require to be consisted of right and what does
it require to be considered there’s differing Bank information 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity anywhere you look right ultimately constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort 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 basic and innovation is permitting us to type of progress with that it likewise as well to add to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely important that payroll and finance teams work closer together than ever um I’m constantly impressed when people say I have actually 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 computation 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 data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high value on well-being and the compensation landscape is ending up being significantly detailed. Organizations are continually presenting brand-new benefits and payment options, which adds to the overall intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can lead to ineffectiveness and traffic jams. In my viewpoint, this does not need to hold true. In today’s highly sophisticated period, there’s no justification for maintaining cumbersome procedures. Payroll, the business’s most significant cost, need to be processed correctly and on time. Even slight delays can negatively impact employees’ wellness and have far-reaching effects. For that reason, it’s vital to focus on accurate and timely payments.
payroll team get um so I’m not exactly sure anybody on this kind 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 staff members or not um but ultimately payroll is such a crucial cycle we all become aware of 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 exercise and I believe 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 stuff is definitely essential that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment service is a terrific first step um supplying an end-to-end payroll solution for your workers globally again I believe is another huge um procedure again aligning and ensuring you have standardization International procedures all of those things are absolutely essential to success success of businesses and lowering the variety of tools platforms and checking account they require 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 have actually never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand how how essential 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 easy as possible for everyone that’s associated with those processes and likewise so picture sorry I’m simply I was just gon na state envision the amount 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 hundreds of thousands possibly Millions imagine getting that lots of 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 trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and actually see what was going on and kind of shot to get back to everyone so carrying on appearance why do business select to main different bank accounts there are Papaya Global Caribbean Netherlands companies out there doing precisely this for specific countries and I’ve worked in an organization or many services doing precisely that I can state it does not always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we don’t have to and any person that’s handling 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 quantity that we are I think numerous factors one is it’s the standard I think individuals have actually got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that requires looking at it requires altering however eventually people are extremely stuck with what they recognize
with ideal um modification is a challenging thing we all don’t like modification um so I believe it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having preserving several savings account however there’s a substantial amount of complexity chooses setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual people so the intricacy is substantial but I believe the honest response is change um individuals haven’t been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century approximately there is a lot to monitor and this technique does position a number of challenges um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Caribbean Netherlands
I discover time and time again the workers often misclassified unwittingly they don’t comprehend the conditions of employment or contract and are told by the customer why it’s most advantageous primarily to the client why you need to be employed or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be impacted 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 contributed to pensions And so on so it’s a huge impact that they never knew they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy business are taking out insurance coverage against misclassification but typically premiums are only covering the cost of legal costs whilst the average claim evaluated against employers equates to to 40 or half of the base pay of worker exists any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes penalty and interest most of the times I have not seen it a minimum of 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 pack you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK