Managing payroll internationally is a daunting task … Papaya Global Qatar…
How much revenue does the company make? Papaya Global Qatar
Over the last five or six years …Papaya Global Qatar… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting 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 everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very bleak and I wish I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies preserve separate
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping separate checking account for payroll in different 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 ending up being a tactical property for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how business properly anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most importantly policies compliance information security and banking guidelines then there are the large numbers they add more complexity the international Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll design there’s often an overwhelming variety of different systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or really extremely basic there’s no real consistency framework we’re living in an era of tech however 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 every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that provides me sleepless nights and quite frankly the more a business spends on worldwide payroll the less of a photo they see an absence of exposure also reaches payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal almost half of global businesses have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes poorly communicated hires and terminations along with absence management and system setups and then when you round all of it off and the data is delivered to the wrong location the typical 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 all over the world payroll and payments do not run efficiently if they depend on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles business face when they’re paying to workers or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t need to be included right 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 timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity anywhere you look best eventually building a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble incredibly 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 recognition that payroll payments are definitely basic and innovation is permitting us to sort of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and finance groups work more detailed together than ever um I’m constantly amazed when people say I’ve divided 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 divide the payroll payment from estimation 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 data 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 increasingly more important to contribute to kind of the level of complexity there’s more and more benefits being organ or being provided by companies throughout the world so again you’re just wanting to include a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real challenges or genuine difficult sort of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to produce additional handoffs in the processes that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in a period of tech and an era that you know that we are operating in today there is no reason that we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any business has from an expense viewpoint from an effect perspective on workers it is absolutely critical that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging impact on people’s wellness and numerous other elements if people aren’t paid uh I’ve always been amazed coming into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however ultimately 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 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 essential that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a terrific initial step um providing an end-to-end payroll service for your employees worldwide once again I believe is another big um process again aligning and guaranteeing you have standardization International procedures all of those things are definitely key to success success of businesses and lowering the number 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 anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re meant to be um I do not believe any of us are in fact 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 easy as possible for everybody that’s associated with those processes and likewise so picture sorry I’m just I was simply gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and sort of shot to return to everyone so carrying on look why do companies pick to main separate bank accounts there are Papaya Global Qatar organizations out there doing exactly this for specific nations and I have actually operated in a service or lots of organizations doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for any person where we do not need to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think many factors one is it’s the standard I believe individuals have got so used to we require a brand-new bank 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 requirement and the standard the people have embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a range I believe this is a process that requires taking a look at it needs altering however ultimately people are extremely stuck with what they recognize
with best um change is a challenging thing we all do not like modification um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having keeping numerous bank accounts however there’s a huge quantity of complexity opts for setting up a bank account keeping it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for private people so the intricacy is substantial but I think the sincere response is modification um people haven’t been able to change or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century or two there is a lot to monitor and this approach does position a number of obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I simply 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 Global employees you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Qatar
I discover time and time again the workers often misclassified unconsciously they don’t comprehend the conditions of employment or contract and are told by the customer why it’s optimum primarily to the client why you need to be used or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be affected and a number of times it can be years before this all falls out and by that time it’s too late years have gone by they haven’t contributed to pensions And so on so it’s a huge effect that they never knew they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy business are getting insurance versus misclassification however generally premiums are just covering the cost of legal charges whilst the average claim examined versus companies equates to to 40 or half of the base salary of worker is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do require 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 location 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 rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK