Managing payroll internationally is a daunting task … Papaya Global Head Office…
How much revenue does the company make? Papaya Global Head Office
Over the last five or six years …Papaya Global Head Office… roles on the provider side and likewise on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I actually 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 drizzling here it’s very extremely uninspiring and I wish I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies maintain different
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of maintaining separate bank accounts for payroll in various countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
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 savings account how companies accurately forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most importantly regulations compliance information security and banking guidelines then there are the large numbers they include more intricacy the global Workforce is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll design there’s frequently a frustrating variety of various systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or extremely extremely standard there’s no real consistency structure we’re living in an age 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 whenever I I think
about it to offer you a concept 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 sleepless nights and quite honestly the more a business invests in global payroll the less of a photo they see a lack of exposure also encompasses payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of global companies 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 due to time reporting bad HCM information information entry mistakes badly interacted hires and terminations along with lack management and system configurations and then when you round all of it off and the data is delivered to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they count on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re paying to employees or otherwise that’s a good question I always toss this back and state what is it what does not require to be included right and what does
it need to be thought of there’s differing Bank details 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 have to pay from the client’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is definitely critical however all over you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to kind of move on with that it also also to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and financing teams work closer together than ever um I’m constantly surprised when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically 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 people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more essential to contribute to type of the level of intricacy there’s more and more advantages being organ or being used by organizations across the world so once again you’re just wanting to add a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine challenges or genuine difficult kind of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we run in they just make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any business has from a cost viewpoint from an impact point of view on staff members it is definitely crucial that it’s done properly and on time so what we mean 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 harmful result on people’s wellness and lots of other aspects if people aren’t paid uh I have actually always been amazed entering this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this sort of webinar has actually 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 staff members or not um however eventually payroll is such a crucial cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment solution is a terrific first step um providing an end-to-end payroll option for your workers worldwide again I believe is another huge um process again aligning and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of organizations and reducing the variety of tools platforms and savings account they need for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred thousand of 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 complaints where things have not gone rather where they’re meant to be um I do not believe any of us are really doing that for for the thanks
anyway we understand how how crucial 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 involved in those processes and likewise so picture sorry I’m just I was simply gon na say picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions envision getting that lots of 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 definitely 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 require days of the week to attempt to browse them and really see what was going on and type of shot to return to everyone so carrying on appearance why do business pick to primary separate checking account there are Papaya Global Head Office companies out there doing exactly this for particular nations and I’ve worked in an organization or many organizations doing precisely that I can state it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for anybody where we do not have to and anybody that’s managing 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 amount that we are I think lots of factors one is it’s the standard I think people have got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people 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 kind of do it so I think there’s a range I believe this is a process that requires looking at it requires changing however ultimately individuals are extremely stuck to what they’re familiar
with best um modification is a hard thing all of us don’t like change um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having maintaining numerous savings account but there’s a big amount of intricacy chooses setting up a savings account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for individual people so the complexity is substantial but I think the honest response is modification um people have not been able to change or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to change but we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be figured out to be the next Century or two there is a lot to keep track of and this method does position a number of difficulties um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Head Office
I discover time and time again the workers frequently misclassified unwittingly they do not comprehend the conditions of work or contract and are informed by the client why it’s most advantageous mainly to the client why you need to be employed or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be affected and a number of times it can be years before this all falls out and by that time it’s far too late years have actually gone by they haven’t contributed to pensions Etc so it’s a big effect that they never ever knew they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy companies are taking out insurance against misclassification but normally premiums are only covering the expense of legal fees whilst the typical claim assessed versus employers relates to to 40 or half of the base pay of worker is there any point in taking out 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 most of the times 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 saying is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK