Managing payroll worldwide is a complicated job … Papaya Global Contact Uk…
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Over the last five or 6 years …Papaya Global Contact Uk… roles on the company side and also on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer everyone 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 type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I actually 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 really very gloomy and I want I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies preserve different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we’ll likewise go over a wrap-up which needs to leave his time at the very very 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 become more and more typical and handling them ends up being more and more complicated Global organizations are wanting to find Solutions and new ways to streamline processes specifically from a payroll and cross-border payment perspective many organizations maintain separate bank account just for payroll while some have several accounts in different countries does it make good sense for companies to maintain different checking account in some cases in various countries it does however just for payroll exists a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business simplify the episode complex procedures of
making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of factors most significantly policies compliance data security and banking rules then there are the large numbers they include more complexity the worldwide Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll design there’s often an overwhelming number of various systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or very extremely basic there’s no real consistency structure we’re living in an era of tech but 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 think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more an organization invests in international payroll the less of an image they see an absence of exposure likewise extends to payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international companies have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes poorly interacted hires and terminations along with absence management and system setups and then when you round all of it off and the information is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they rely on the essential several processes 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 challenges service face when they’re paying to workers or otherwise that’s a good concern I always throw this back and say what is it what does not require to be consisted of right and what does
it need to be thought about there’s differing Bank information 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 capabilities 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 customer’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is absolutely important but everywhere you look with payroll payment they are like incredibly payments no if but some babies 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to sort of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is definitely necessary that payroll and financing groups work better together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry 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 information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to add to sort of the level of intricacy there’s more and more advantages being organ or being used by companies across the world so once again you’re simply aiming to add more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real difficulties or genuine tough sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and a period that you understand that we are working in today there is no reason that we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any organization has from a cost viewpoint from an impact viewpoint on staff members it is definitely vital that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive effect on people’s wellness and numerous other elements if people aren’t paid uh I’ve constantly been surprised coming into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think 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 important that all of this things is done properly so leveraging the first International Payments first payroll payment service is an excellent initial step um supplying an end-to-end payroll solution for your staff members worldwide again I think is another substantial um procedure again aligning and ensuring you have standardization International processes all of those things are absolutely essential to success success of organizations and reducing the number of tools platforms and savings account 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 have actually never had a hundred thousand of them within a payroll cycle don’t anticipate 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 suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand 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 simple as possible for everyone that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and in fact see what was going on and type of try to get back to everybody so proceeding appearance why do business select to main separate checking account there are Papaya Global Contact Uk organizations out there doing exactly this for specific countries and I have actually operated in a business or many businesses doing precisely that I can state it doesn’t always feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we do not have to and anyone that’s managing that process 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 think lots of reasons one is it’s the requirement I believe people have got so utilized to we need a new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs altering but ultimately individuals are extremely stuck to what they recognize
with best um modification is a difficult thing we all don’t like modification um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having maintaining multiple savings account but there’s a substantial quantity of intricacy chooses establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for private people so the intricacy is huge but I believe the honest answer is modification um individuals have not had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century approximately there is a lot to monitor and this technique does position numerous obstacles um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this improved ability, I have successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Contact Uk
I discover time and time again the workers frequently misclassified unconsciously they do not comprehend the conditions of employment or contract and are told by the client why it’s optimum primarily to the client why you need to be used or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee 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 added to pensions Etc so it’s a big effect that they never ever knew they were walking into you could not agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy companies are getting insurance coverage versus misclassification however typically premiums are just covering the cost of legal charges whilst the average claim evaluated against employers corresponds to to 40 or 50 percent of the base pay of worker exists any point in securing insurance coverage 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 most of the times I haven’t seen it a minimum of so uh the the other area that I do think if you managed to get the protection what we are saying 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