Managing payroll globally is a complicated task … Papaya Global Tutorials…
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Over the last 5 or 6 years …Papaya Global Tutorials… roles on the provider side and likewise on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to kind 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 sunlight is it it’s not no it’s it’s raining here it’s very very dreary and I wish I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical possession uh we’ll likewise review a wrap-up and that must leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more common and handling them becomes a growing number of intricate Worldwide organizations are looking to discover Solutions and new methods to simplify processes particularly from a payroll and cross-border payment standpoint lots of organizations keep separate savings account just for payroll while some have numerous accounts in various nations does it make sense for business to keep separate checking account sometimes in various countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business simplify the episode complex procedures of
Ensuring precise, effective, and timely payroll payments is a complex difficulty for services running internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, learn how companies anticipate payroll expenses to optimize working capital, and discover how enhancing international payroll payments can transform them from a troublesome task into a strategic asset.
due to different guidelines, compliance requirements, information security issues, and banking rules. The sheer variety of workers and companies adds to the complexity, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems often result in manual procedures, information silos, and an absence of combination, resulting in disparities and inefficiencies. Despite residing in an era of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to provide insights and options to simplify and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a business invests in international payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal nearly half of international companies have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is shipped to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they rely on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re paying to workers or otherwise that’s an excellent question I always throw this back and say what is it what doesn’t need to be consisted of ideal and what does
it need to be considered there’s varying 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 capabilities 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 client’s own in-country account so there’s intricacy anywhere you look best eventually developing a knowledge base is absolutely important but all over you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort 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 definitely fundamental and innovation is enabling us to sort of move on with that it also as well to add to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely essential that payroll and financing groups work more detailed together than ever um I’m constantly astonished when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more essential to add to sort of the level of complexity there’s increasingly more advantages being organ or being used by organizations across the world so once again you’re just looking 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 vast experience here and I make sure but have you got any experience in kind of real challenges or genuine challenging kind of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of years I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to create additional handoffs at the same times that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and an era that you understand that we are working in today there is no reason why we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single most significant liability that any service has from a cost point of view from an impact perspective on workers it is definitely critical that it’s done correctly 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 most significant damaging result on people’s well-being and lots of other elements if people aren’t paid uh I’ve constantly been impressed coming into this Market type of the last five to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just observe when things fail. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally too. For that reason, it is essential to make sure that tasks like Wi-Fi International and other crucial matters are done correctly. Utilizing the first International Payments very first payroll payment service is an excellent initial step towards providing a comprehensive payroll option for employees worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and checking account essential for global payroll are essential factors in attaining organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things don’t go as prepared. Eventually, we do not do it for the gratitude.
anyhow we understand how how important a function it is and that’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 imagine sorry I’m simply I was just gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and actually see what was going on and kind of try to return to everybody so carrying on look why do business choose to primary separate savings account there are Papaya Global Tutorials services out there doing precisely this for specific countries and I have actually operated in a company or numerous companies doing exactly that I can say it does not constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we don’t need to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the requirement I think people have got so used to we need a new checking 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 think it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I think this is a process that requires taking a look at it requires changing however ultimately people are really stuck with what they’re familiar
with right um change is a difficult thing all of us do not like change um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having maintaining several savings account however there’s a big amount of complexity goes with setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is big however I believe the sincere response is modification um individuals haven’t been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but 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 proceeding and moving into you know what might nearly be identified to be the next Century approximately there is a lot to keep an eye on and this method does posture numerous challenges um so Johnny might you inform us about those obstacles yeah naturally so there’s a range 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 International staff members you should have a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Tutorials
I discover time and time again the employees frequently misclassified unwittingly they do not understand the conditions of employment or contract and are told by the client why it’s optimum generally to the client why you ought to be employed or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker 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 have not added to pensions Etc so it’s a big effect that they never knew they were walking into you could not agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy business are securing insurance versus misclassification but usually premiums are only covering the expense of legal fees whilst the typical claim examined against companies corresponds 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 read the fine print it is not covering the taxes charge and interest most of the times I haven’t seen it a minimum of so uh the the other area that I do think if you managed to get the protection what we are stating 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