Handling payroll globally is a challenging job … Papaya Global Furlough Module…
How much revenue does the company make? Papaya Global Furlough Module
Over the last 5 or 6 years …Papaya Global Furlough Module… functions on the provider side and likewise on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply offer 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 currently simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly 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 uninspiring and I wish I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll also go over a wrap-up which ought to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more typical and handling them becomes increasingly more complex International organizations are looking to discover Solutions and brand-new ways to enhance processes particularly from a payroll and cross-border payment perspective numerous organizations preserve different bank account just for payroll while some have numerous accounts in various countries does it make good sense for companies to keep separate bank accounts sometimes in various nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business simplify the episode complex procedures of
making payroll payments properly efficiently firmly and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of reasons most importantly regulations compliance information security and banking guidelines then there are the sheer numbers they add further intricacy the international Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll model there’s often an overwhelming variety of various systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or really very standard there’s no real consistency structure we’re residing in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply 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 services say they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a company invests in global payroll the less of a picture they see a lack of visibility also encompasses payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global services have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes poorly interacted hires and terminations as well as lack management and system setups and then when you round it all off and the information is shipped to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they depend on the needed multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they’re paying to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t need to be included ideal and what does
it require to be thought of there’s varying 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 need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look best eventually building a knowledge base is absolutely critical but everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind 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 fundamental and technology is permitting us to sort of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely crucial that payroll and financing groups work closer together than ever um I’m constantly astonished when people state I have actually 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 anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on well-being and the compensation landscape is becoming progressively intricate. Organizations are constantly presenting brand-new advantages and payment options, which adds to the total intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and bottlenecks. In my opinion, this does not need to be the case. In today’s highly sophisticated age, there’s no reason for maintaining cumbersome treatments. Payroll, the company’s greatest cost, must be processed properly and on time. Even slight hold-ups can negatively impact employees’ wellness and have far-reaching effects. Therefore, it’s critical to focus on precise and prompt payments.
payroll team get um so I’m not sure 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 employees or not um however eventually payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise 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 crucial that all of this things is done properly so leveraging the first Global Payments very first payroll payment service is a great first step um providing an end-to-end payroll solution for your employees internationally once again I believe is another big um process once again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of companies and reducing the number of tools platforms and checking account they require for their Global 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 have actually never ever had a hundred countless them within a payroll cycle don’t expect 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 rather where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyway we understand how how important 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 everybody that’s associated with those processes and also so envision sorry I’m just I was simply gon na say think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and sort of shot to get back to everybody so proceeding look why do companies choose to primary different bank accounts there are Papaya Global Furlough Module businesses out there doing exactly this for particular countries and I have actually operated in a company or numerous organizations doing exactly that I can state it does not always feel effective and it does produce more work I know we’re not purposely doing that we’re not developing extra work for anyone where we do not have to and any person that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the requirement I think people have got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions however 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 adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I believe this is a process that needs looking at it requires altering however ultimately people are extremely stuck to what they recognize
with ideal um modification is a challenging thing all of us don’t like change um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having maintaining multiple checking account however there’s a substantial amount of complexity goes with establishing a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for private people so the intricacy is substantial however I believe the truthful response is modification um people have not been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century approximately there is a lot to keep an eye on and this method does present several obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you should have a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Furlough Module
I find time and time again the workers typically misclassified unknowingly they do not comprehend the conditions of work or contract and are told by the customer why it’s most advantageous primarily to the customer why you must be utilized or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have gone by they haven’t added to pensions And so on so it’s a big impact that they never ever understood they were walking into you could not agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy companies are getting insurance against misclassification however normally premiums are just covering the cost of legal charges whilst the average claim examined versus employers corresponds to to 40 or half of the base salary of employee exists any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes charge and interest for the most part I have not seen it a minimum of so uh the the other area 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 stuff you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK