Handling payroll worldwide is a complicated task … Papaya Global Equatorial Guinea…
How much revenue does the company make? Papaya Global Equatorial Guinea
Over the last five or six years …Papaya Global Equatorial Guinea… roles on the service provider side and likewise on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already just 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 certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very bleak and I wish I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies preserve different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll also go over a wrap-up and that should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more common and handling them becomes increasingly more complex Worldwide organizations are wanting to discover Solutions and brand-new methods to improve processes especially from a payroll and cross-border payment perspective many companies maintain different bank account just for payroll while some have several accounts in different nations does it make sense for companies to preserve different checking account sometimes in various nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies streamline the episode complex procedures of
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business properly anticipate their payroll costs 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 tough in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of factors most significantly regulations compliance data security and banking guidelines then there are the large numbers they add more intricacy the worldwide Labor force is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals 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 worldwide in the conventional payroll design there’s typically an overwhelming number of different systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or very very basic there’s no real consistency structure we’re residing 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 just blows my mind whenever I I think
about it to give you an idea 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 provides me sleep deprived nights and quite frankly the more an organization invests in global payroll the less of a picture they see a lack of presence also reaches payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global businesses have revealed that they don’t have the level of standardization they require in their procedures or desire 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 absence management and system setups and then when you round everything off and the information is delivered to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they count on the needed multiple 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 business face when they’re making payments to workers or otherwise that’s a good concern I always throw this back and say what is it what does not need to be consisted of ideal and what does
it require 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 consumer’s own in-country account so there’s intricacy anywhere you look right ultimately building a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is allowing us to kind of move forward with that it likewise too to add to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely necessary that payroll and finance groups work closer together than ever um I’m constantly amazed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more essential to contribute to kind of the level of intricacy there’s more and more advantages being organ or being offered by businesses across the world so again you’re just looking to add more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real difficulties or genuine difficult kind of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would definitely state 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 handling the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to produce extra handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in a period 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 requires to be concurred and appropriately as you said payroll is the single greatest liability that any company has from an expense point of view from an impact point of view on staff members it is definitely vital that it’s done properly 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 most significant destructive result on individuals’s wellness and numerous other factors if people aren’t paid uh I’ve always been surprised entering this Market kind of the last 5 to ten years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals only observe when things fail. However, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally also. For that reason, it is vital to make sure that jobs like Wi-Fi Worldwide and other vital matters are done properly. Using the very first Global Payments first payroll payment option is a great preliminary action towards offering a detailed payroll service for employees worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and checking account necessary for worldwide payroll are crucial consider attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things don’t go as prepared. Ultimately, we do not do it for the appreciation.
anyhow we know how how important a function 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 everybody that’s involved in those processes and likewise so think of sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task trying to clean all those up for sure oh definitely 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 look through them and in fact see what was going on and type of try to return to everybody so proceeding appearance why do business select to main separate savings account there are Papaya Global Equatorial Guinea businesses out there doing precisely this for specific countries and I’ve operated in a company or numerous organizations doing precisely that I can state it does not always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we don’t need to and anyone that’s handling 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 many reasons one is it’s the standard I believe individuals have got so utilized to we need a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually looked 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 needs taking a look at it requires changing but eventually people are really stuck with what they recognize
with right um change is a tough thing all of us don’t like change um so I believe it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having preserving multiple bank accounts but there’s a huge amount of intricacy chooses establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for private people so the complexity is huge but I think the sincere response is modification um people have not had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might almost be determined to be the next Century approximately there is a lot to keep track of and this technique does position a number of difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this improved ability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Equatorial Guinea
I find time and time again the employees often misclassified unknowingly they don’t understand the conditions of employment or agreement and are told by the client why it’s most advantageous primarily to the customer why you must be utilized or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and health care advantages of the employee 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 actually passed they have not contributed to pensions And so on so it’s a huge impact that they never knew they were walking into you could not agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy business are taking out insurance coverage versus misclassification but usually premiums are only covering the cost of legal fees whilst the typical claim examined against employers corresponds to to 40 or 50 percent of the base salary of employee 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 for the most part I haven’t seen it at least so uh the the other area that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK