Managing payroll internationally is a challenging task … Papaya Global Payroll Estimator…
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Over the last 5 or 6 years …Papaya Global Payroll Estimator… functions on the company side and also 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 okay thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting 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 everybody originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very gloomy and I wish I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll also review a recap and that must leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more typical and managing them ends up being a growing number of complex Global companies are seeking to find Solutions and brand-new ways to enhance processes particularly from a payroll and cross-border payment standpoint many organizations keep separate bank account just for payroll while some have multiple accounts in different nations does it make good sense for companies to preserve different checking account often in various nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies simplify the episode complex procedures of
Making sure precise, efficient, and timely payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to optimize working capital, and find how enhancing global payroll payments can change them from a troublesome job into a strategic possession.
due to numerous policies, compliance requirements, information security concerns, and banking guidelines. The large variety of employees and organizations adds to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Traditional payroll systems typically lead to manual procedures, data silos, and an absence of integration, resulting in inconsistencies and ineffectiveness. In spite of residing in an era of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to supply insights and services to simplify and enhance global payroll payments.
about it to offer 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 honestly the more a business spends on global payroll the less of an image they see a lack of visibility also encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide organizations 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 mistakes are because of time reporting bad HCM information information entry mistakes badly interacted 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 wrong location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they count on the required multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s a great question I always throw this back and state what is it what doesn’t need to be consisted of right and what does
it need 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity wherever you look right ultimately constructing a knowledge base is definitely crucial but all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link 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 innovation is allowing us to type of move forward with that it also too to add to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is definitely important that payroll and finance teams work better together than ever um I’m always impressed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone 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 process it’s the point of data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more crucial to contribute to type of the level of complexity there’s more and more benefits being organ or being offered by businesses across the world so once again you’re simply wanting to add more and more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine challenges or real difficult type of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of decades I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and an age that you understand that we are operating in today there is no reason that we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from an expense point of view from an impact perspective on workers it is absolutely 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 harmful result on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I’ve always been amazed entering into this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle we all find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done correctly so leveraging the very first International Payments very first payroll payment option is a terrific initial step um supplying an end-to-end payroll solution for your staff members internationally again I think is another substantial um process again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of organizations and reducing the number of tools platforms and savings account they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re implied to be um I do not think any of us are actually doing that for for the thanks
anyhow we know how how essential 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 simple as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m simply I was just gon na say envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job trying 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 attempt to check out them and in fact see what was going on and sort of try to return to everyone so carrying on appearance why do companies pick to primary different bank accounts there are Papaya Global Payroll Estimator services out there doing exactly this for specific nations and I have actually worked in an organization or lots of companies doing exactly that I can say it does not constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we do not have to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I believe individuals have actually 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 think it’s just been the standard and the norm individuals have adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it requires changing however eventually people are extremely stuck to what they recognize
with best um modification is a tough thing we all don’t like modification um so I think it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having keeping numerous savings account but there’s a huge amount of complexity goes with setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific people so the complexity is big but I think the honest response is modification um people have not had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century approximately there is a lot to keep track of and this approach does posture several obstacles um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I just recently made a change to our Business 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 actually gotten another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Payroll Estimator
I find time and time again the employees often misclassified unwittingly they don’t comprehend the conditions of employment or contract and are informed by the customer why it’s optimum generally to the client why you should be utilized or engaged in this fashion the employee may 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 actually passed they haven’t added to pensions Etc so it’s a big effect that they never ever understood they were walking into you couldn’t agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy companies are securing insurance coverage against misclassification but generally premiums are only covering the cost of legal fees whilst the typical claim examined against employers relates to to 40 or 50 percent of the base salary of employee exists any point in getting 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 for the most part I haven’t seen it a minimum of so uh the the other area that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK