Handling payroll worldwide is a complicated job … Papaya Global Fileviewer…
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Over the last five or six years …Papaya Global Fileviewer… roles on the company side and likewise on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I really 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 raining here it’s really really dreary and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business preserve separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical property uh we’ll also go over a wrap-up which ought to leave his time at the really very 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 Worldwide workforces end up being a growing number of typical and handling them ends up being increasingly more complicated Worldwide organizations are wanting to find Solutions and brand-new methods to streamline procedures specifically from a payroll and cross-border payment standpoint numerous companies keep separate savings account just for payroll while some have multiple accounts in different countries does it make sense for business to maintain separate checking account often in different countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business improve the episode complex procedures of
making payroll payments properly effectively firmly and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of factors most significantly guidelines compliance data security and banking rules then there are the sheer numbers they add additional intricacy the worldwide Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 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 around the globe in the conventional payroll design there’s frequently a frustrating number of various systems causing lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or extremely really standard there’s no genuine 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 frequently with pen and paper and that simply blows my mind whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company spends on international payroll the less of a picture they see an absence of exposure also reaches payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide services have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors improperly communicated hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the information is shipped to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they depend on the required multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re paying to workers or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t need to be included best 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 nation there’s payment time frames there’s payment capabilities 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 wherever you look best ultimately building a knowledge base is absolutely vital however everywhere you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to type of progress with that it also also to contribute to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely necessary that payroll and financing groups work more detailed together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry 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 information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more crucial to contribute to type of the level of complexity there’s more and more advantages being organ or being used by companies across the world so again you’re simply seeking to add increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine difficulties or real challenging kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would certainly say that the bigger a business 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 in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and a period that you understand that we are operating in today there is no reason we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from an expense perspective from an impact point of view on staff members it is absolutely 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 harmful impact on people’s wellness and numerous other aspects if individuals aren’t paid uh I have actually constantly been astonished coming into this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m unsure anyone 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 employees or not um but eventually payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think 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 important that all of this stuff is done properly so leveraging the first Global Payments first payroll payment service is a terrific first step um supplying an end-to-end payroll solution for your workers internationally once again I believe is another substantial um process again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of businesses and lowering the number of tools platforms and bank accounts they need for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather 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 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 simple as possible for everyone that’s associated with those procedures and likewise so imagine sorry I’m simply I was just gon na state think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job attempting to clean up 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 require days of the week to attempt to browse them and really see what was going on and sort of try to return to everybody so moving on look why do companies select to main different savings account there are Papaya Global Fileviewer services out there doing exactly this for particular nations and I’ve worked in a company or numerous businesses doing exactly that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing additional work for anyone where we don’t have to and any person that’s handling that process 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 numerous reasons one is it’s the requirement I believe people have got so used to we require a new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it requires changing but ultimately individuals are very stuck with what they’re familiar
with right um modification is a tough thing all of us do not like modification um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having maintaining several bank accounts but there’s a big amount of intricacy goes with setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for specific people so the intricacy is huge but I think the truthful response is change um people have not had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century approximately there is a lot to track and this method does present a number of challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Fileviewer
I find time and time again the employees often misclassified unwittingly they don’t understand the conditions of employment or contract and are informed by the customer why it’s optimum primarily to the client why you must be used or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be affected and several times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t added to pensions Etc so it’s a huge effect that they never ever understood they were strolling 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 business are taking out insurance against misclassification but typically premiums are just covering the cost of legal fees whilst the average claim assessed versus employers relates to to 40 or 50 percent of the base salary 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 fine print it is not covering the taxes penalty and interest in most cases I haven’t 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 saying is is that if your compliance program is not up to stuff you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK