Managing payroll worldwide is a daunting task … Papaya Global Hungary…
How much revenue does the company make? Papaya Global Hungary
Over the last 5 or six years …Papaya Global Hungary… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or so 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 just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really gloomy and I want I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies maintain separate
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is especially beneficial for international companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly 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 bank account how business accurately forecast 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 sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of factors most significantly regulations compliance information security and banking guidelines then there are the large numbers they add further intricacy the global Workforce is currently three and a half billion individuals 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 factor in that there are some 230 million services and growing all doing their own thing all over the world in the conventional payroll model there’s often an overwhelming variety of various systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or very extremely fundamental there’s no genuine consistency structure we’re living in a period of tech however 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 and that just blows my mind each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a business spends on worldwide payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of global companies have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes poorly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they count on the necessary multiple processes systems and partners it is just 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 staff members or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t need to be included ideal and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities 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 intricacy any place you look right eventually developing a knowledge base is definitely critical but all over you look with payroll payment they resemble very 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 in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is allowing us to type of progress with that it likewise too to add to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing teams work more detailed together than ever um I’m always amazed when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data 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
The modern-day world places a high value on well-being and the compensation landscape is becoming increasingly complex. Organizations are continuously presenting brand-new benefits and payment choices, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can result in ineffectiveness and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s technologically advanced era, there’s no justification for preserving cumbersome treatments. Payroll, the company’s greatest cost, should be processed correctly and on time. Even slight delays can adversely affect workers’ wellness and have significant effects. Therefore, it’s crucial to prioritize precise and timely payments.
payroll group get um so I’m not exactly sure anybody on this type of webinar has actually been informed 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 but ultimately payroll is such an important 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 workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is a great primary step um offering an end-to-end payroll option for your staff members worldwide once again I think is another substantial um procedure again lining up and guaranteeing you have standardization International processes all of those things are definitely key to success success of businesses and lowering the variety of tools platforms and bank accounts they need for their Worldwide 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’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyway we know how how important a function 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 procedures and likewise so picture sorry I’m just I was just gon na state imagine the amount of thanks you got if you could 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 many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job trying to clean up all those up for sure oh absolutely 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 look through them and actually see what was going on and kind of shot to return to everybody so moving on look why do companies choose to primary different bank accounts there are Papaya Global Hungary companies out there doing precisely this for specific nations and I have actually operated in an organization or numerous services doing precisely that I can state it doesn’t always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we don’t need to and any person that’s handling 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 individuals have actually got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires changing but ultimately people are extremely stuck with what they recognize
with ideal um change is a hard thing we all don’t like change um so I believe it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having maintaining several bank accounts but there’s a huge amount of intricacy goes with setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is huge however I think the honest answer is modification um individuals have not been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century or two there is a lot to monitor and this method does present several challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Hungary
I find time and time again the employees frequently misclassified unknowingly 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 health care opportunities 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 Etc so it’s a big impact that they never ever 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 ten years um Kathy companies are taking out insurance coverage versus misclassification but generally premiums are just covering the cost of legal charges whilst the average claim examined versus companies relates to to 40 or half of the base salary of employee is there any point in getting insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes penalty and interest in many 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 pack you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK