Handling payroll worldwide is a daunting task … Restore Papaya Global Backup…
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Over the last five or 6 years …Restore Papaya Global Backup… functions on the supplier side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type 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 raining here it’s really really dreary and I want I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies preserve separate
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 Global payroll payments as a strategic property uh we’ll likewise review a recap and that should leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of common and handling them ends up being increasingly more complex International companies are wanting 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 numerous accounts in different nations does it make good sense for companies to maintain different bank accounts in some cases in various countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business improve the episode complex procedures of
Making sure precise, efficient, and timely payroll payments is a complex obstacle for services running internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, discover how companies forecast payroll costs to enhance working capital, and discover how simplifying worldwide payroll payments can transform them from a challenging job into a strategic asset.
due to numerous guidelines, compliance requirements, information security concerns, and banking rules. The large number of workers and companies adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently result in manual procedures, data silos, and an absence of integration, resulting in inconsistencies and inadequacies. Regardless of living in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to offer insights and solutions to simplify and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a company invests in global payroll the less of an image they see an absence of exposure also reaches payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of international organizations have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes inadequately interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the data is delivered to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they rely on the required several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a great question I always throw this back and say what is it what doesn’t need to be included best and what does
it require to be considered there’s varying Bank information 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 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 consumer’s own in-country account so there’s intricacy anywhere you look ideal ultimately constructing a knowledge base is absolutely important but all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to type of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely important that payroll and finance groups work more detailed together than ever um I’m constantly impressed when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more important to add to kind of the level of complexity there’s increasingly more benefits being organ or being provided by organizations across the world so again you’re simply aiming to add more and more payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real difficulties or real challenging type of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we operate 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 a period that you know that we are working in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any business has from an expense point of view from an impact point of view on workers it is absolutely vital 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 destructive impact on people’s wellness and many other elements if people aren’t paid uh I have actually always been impressed coming into this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anyone on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this things is done properly so leveraging the very first International Payments first payroll payment service is a terrific first step um providing an end-to-end payroll option for your workers worldwide once again I believe is another huge um procedure once again lining up and ensuring you have standardization Global procedures all of those things are definitely essential to success success of businesses and reducing the number of tools platforms and checking account they require for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never 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 complaints where things have not gone rather where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we understand how how important 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 everyone that’s associated with those processes and likewise so think of sorry I’m just I was just gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and actually see what was going on and type of try to return to everybody so moving on appearance why do companies choose to primary separate bank accounts there are Restore Papaya Global Backup organizations out there doing exactly this for specific countries and I’ve operated in an organization or lots of services doing precisely that I can state it doesn’t always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not developing additional work for anyone where we don’t need to and any person that’s managing that procedure 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 think many reasons one is it’s the requirement I think people have actually got so used to we require a new savings account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs changing but eventually individuals are very stuck with what they’re familiar
with ideal um change is a challenging thing all of us do not like modification um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having keeping several bank accounts however there’s a big quantity of intricacy goes with establishing a bank account maintaining it ensuring it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is substantial however I believe the honest answer is modification um people haven’t been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on 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 approach does position a number of obstacles um so Johnny could you tell us about those obstacles yeah obviously 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 Worldwide workers you should have a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Restore Papaya Global Backup
I find time and time again the employees typically misclassified unconsciously they do not comprehend the conditions of employment or agreement and are told by the client why it’s most advantageous mainly to the client why you need to be utilized or taken part in this fashion 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 a number of times it can be years before this all falls out and by that time it’s far too late years have actually gone by they haven’t added to pensions And so on so it’s a huge effect 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 ten years um Kathy business are taking out insurance coverage versus misclassification but usually premiums are only covering the expense 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 need to check out the small print it is not covering the taxes penalty and interest in many cases I have not seen it at least so uh the the other location that I do believe 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 reality that you were not in compliance with laws um in the UK