Handling payroll internationally is an overwhelming task … Papaya Global Money Transfer…
How much revenue does the company make? Papaya Global Money Transfer
Over the last 5 or 6 years …Papaya Global Money Transfer… functions on the service provider side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days 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 everyone is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it is 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 extremely really bleak and I want I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business maintain different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll likewise review a wrap-up and that ought to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more typical and handling them becomes more and more intricate International organizations are wanting to find Solutions and brand-new ways to streamline procedures particularly from a payroll and cross-border payment standpoint numerous organizations maintain separate bank account just for payroll while some have multiple accounts in various countries does it make sense for business to preserve different checking account often in different nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting international companies simplify the episode complex procedures of
Making sure precise, effective, and prompt payroll payments is a complex difficulty for businesses running worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to optimize working capital, and discover how enhancing global payroll payments can transform them from a challenging job into a strategic possession.
due to different policies, compliance requirements, information security issues, and banking rules. The large number of employees and businesses contributes to the complexity, with an estimated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently lead to manual procedures, information silos, and a lack of combination, causing disparities and inadequacies. Regardless of residing in a period of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to offer insights and solutions to streamline and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that offers me sleepless nights and rather honestly the more an organization invests in international payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of global companies have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes improperly communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the information is delivered to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the essential several 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 obstacles organization face when they’re making payments to staff members or otherwise that’s an excellent concern I constantly toss this back and state what is it what doesn’t require to be included right and what does
it need to be considered 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 have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look right eventually building a knowledge base is definitely crucial however all over you look with payroll payment they are like super 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 acknowledgment that payroll payments are absolutely essential and innovation is enabling us to sort of move on with that it likewise too to add to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely important that payroll and finance teams work better together than ever um I’m always impressed when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more important to contribute to type of the level of complexity there’s a growing number of benefits being organ or being offered by companies throughout the world so again you’re just aiming to add a growing number of payments to this already complicated landscape so if you sort 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 tough sort of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we require to create extra handoffs while doing sos 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 age of tech and an age that you know that we are working in today there is no reason we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single biggest liability that any business has from an expense perspective from an impact viewpoint on workers it is absolutely vital that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the most significant damaging effect on individuals’s well-being and numerous other factors if individuals aren’t paid uh I’ve constantly been amazed entering into this Market kind of the last 5 to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only discover when things go wrong. However, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally too. Therefore, it is vital to guarantee that tasks like Wi-Fi International and other important matters are done correctly. Utilizing the very first Global Payments very first payroll payment solution is an excellent initial action towards providing a thorough payroll solution for staff members worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and checking account needed for global payroll are crucial consider accomplishing organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyhow we understand how how essential 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 easy as possible for everyone that’s involved in those procedures and also so think of sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of getting that lots of 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 definitely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and in fact see what was going on and kind of shot to return to everybody so proceeding appearance why do companies select to main separate savings account there are Papaya Global Money Transfer services out there doing precisely this for particular nations and I have actually operated in an organization or lots of companies doing precisely that I can say it doesn’t always feel effective and it does create more work I understand we’re not purposely doing that we’re not creating extra work for anybody where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I believe individuals have got so used to we need a new savings account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years gone past to add 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 extremely stuck with what they recognize
with ideal um change is a difficult thing we all don’t like modification um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having preserving multiple savings account but there’s a big quantity of intricacy chooses establishing a checking account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is substantial however I believe the sincere answer is modification um people have not had the ability to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might practically be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does present numerous difficulties um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Papaya Global Money Transfer
I discover time and time again the employees often misclassified unwittingly they do not understand the conditions of employment or contract and are informed by the customer why it’s optimum primarily to the customer why you need to be utilized or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and health care privileges of the employee 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 gone by they have not contributed to pensions Etc so it’s a big impact that they never ever knew they were strolling 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 securing insurance coverage against misclassification however generally premiums are only covering the cost of legal fees whilst the typical claim assessed against employers equates to to 40 or half of the base pay of worker exists 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 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 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 reality that you were not in compliance with laws um in the UK