Managing payroll globally is a difficult task … Papaya Global Insurance Company Llc…
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Over the last 5 or 6 years …Papaya Global Insurance Company Llc… roles on the supplier side and likewise on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or so 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 interesting 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 truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very bleak and I want I was somewhere else at this moment in time all right so let’s start 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
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical possession uh we’ll also go over a wrap-up which must leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more common and handling them ends up being increasingly more complicated Global organizations are looking to find Solutions and new methods to simplify processes especially from a payroll and cross-border payment viewpoint many companies preserve different bank account just for payroll while some have several accounts in different nations does it make sense for companies to maintain separate checking account in some cases in various countries it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business improve the episode complex processes of
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical property 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 complex for a variety of factors most significantly regulations compliance data security and banking rules then there are the sheer numbers they include more intricacy the global Workforce is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll model there’s typically an overwhelming number of different systems leading to lengthy manual processes and silos the variety 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 age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often 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 only 11 of services say they have Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more an organization spends on worldwide payroll the less of an image they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal almost half of global services have revealed that they don’t 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 bad HCM data information entry errors improperly communicated hires and terminations along with 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 an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they depend on the necessary numerous 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 paying to workers or otherwise that’s an excellent question I constantly toss this back and say what is it what does not require to be consisted of best and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 client’s own in-country account so there’s complexity any place you look best eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble incredibly payments no if but some infants 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 type of move forward with that it likewise also to add to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work closer together than ever um I’m constantly amazed when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation 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 procedure it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of crucial to add to kind of the level of intricacy there’s a growing number of benefits being organ or being provided by companies throughout 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 vast experience here and I make sure however have you got any experience in kind of real challenges or real challenging kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of years I would absolutely state that the bigger 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 info into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason why we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single most significant liability that any organization has from a cost point of view from an impact viewpoint on workers it is definitely critical 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 have to be done right it has the greatest damaging impact on people’s wellness and lots of other elements if people aren’t paid uh I have actually always been surprised entering this Market kind 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 great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle we all find out about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise 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 stuff is done correctly so leveraging the very first International Payments first payroll payment solution is a fantastic primary step um providing an end-to-end payroll solution for your workers worldwide again I believe is another big um process again lining up and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of companies and lowering the number of tools platforms and savings account they require for their International 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 thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances 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 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 simple as possible for everyone that’s associated with those processes and also so imagine sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and kind of shot to return to everybody so moving on appearance why do companies choose to primary different savings account there are Papaya Global Insurance Company Llc companies out there doing exactly this for particular countries and I have actually worked in an organization or many businesses doing exactly that I can state it doesn’t always feel effective and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for any person where we don’t have to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons 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 need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have adopted 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 lots of other methods um to to kind of do it so I think there’s a range I believe this is a procedure that requires looking at it requires changing but eventually people are very stuck with what they’re familiar
with ideal um change is a hard thing all of us don’t like modification um so I think it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having keeping numerous savings account but there’s a substantial quantity of complexity chooses setting up a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for specific people so the intricacy is big but I believe the sincere response is modification um people have not been able to change or haven’t had always the understanding to truly make that change into alternate Solutions besides 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 however we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century approximately there is a lot to keep an eye on and this method does pose several difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Insurance Company Llc
I discover time and time again the workers often misclassified unwittingly they don’t comprehend the conditions of employment or agreement and are told by the customer why it’s most advantageous primarily to the customer why you must be utilized or taken part in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be affected 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 And so on so it’s a huge impact that they never ever knew they were walking into you could not agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy business are taking out insurance coverage versus misclassification however usually premiums are only covering the expense of legal costs whilst the typical claim assessed versus employers equates to to 40 or 50 percent of the base salary of employee 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 small print it is not covering the taxes charge and interest in many cases 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 pack you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK