Managing payroll worldwide is an overwhelming job … Eynat Papaya Global…
How much revenue does the company make? Eynat Papaya Global
Over the last five or six years …Eynat Papaya Global… roles on the provider side and likewise on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds approximately to join we all 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 everybody is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really dreary and I wish I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we’ll likewise discuss a wrap-up and that must leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more typical and managing them becomes more and more complicated Worldwide organizations are looking to find Solutions and brand-new ways to enhance procedures especially from a payroll and cross-border payment viewpoint numerous companies maintain different checking account just for payroll while some have numerous accounts in various nations does it make good sense for companies to preserve separate savings account often in various countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business simplify the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex difficulty for services running globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, find out how business anticipate payroll costs to enhance working capital, and discover how simplifying global payroll payments can change them from a challenging task into a strategic property.
due to various regulations, compliance requirements, data security concerns, and banking rules. The large variety of workers and businesses contributes to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems often lead to manual processes, information silos, and a lack of combination, resulting in inconsistencies and inadequacies. Regardless of living in an age of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to provide insights and services to simplify and optimize worldwide 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 data in real time that’s another number that provides me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of a picture they see an absence of presence also encompasses payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of global organizations have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors inadequately communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the data is shipped to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they depend on the required numerous 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 challenges service face when they’re making payments to staff members or otherwise that’s a great question I constantly throw this back and say what is it what does not require to be consisted of right 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 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 consumer’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is definitely vital however everywhere you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link 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 technology is allowing us to sort of progress with that it also also to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely imperative that payroll and financing teams work better together than ever um I’m constantly amazed when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation 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 individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on well-being and the payment landscape is becoming increasingly elaborate. Companies are continually presenting brand-new advantages and payment alternatives, which contributes to the overall complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s technologically advanced era, there’s no reason for keeping troublesome treatments. Payroll, the business’s greatest expense, should be processed properly and on time. Even small delays can adversely affect workers’ well-being and have far-reaching repercussions. For that reason, it’s important to prioritize accurate and timely payments.
payroll team get um so I’m uncertain anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment service is an excellent initial step um supplying an end-to-end payroll service for your workers worldwide again I believe is another big um process once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of businesses and minimizing the number of tools platforms and savings account they need 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 ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand 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 easy as possible for everybody that’s involved in those procedures and likewise so imagine sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and actually see what was going on and sort of try to get back to everyone so carrying on appearance why do companies select to primary different bank accounts there are Eynat Papaya Global businesses out there doing exactly this for particular countries and I’ve operated in a service or lots of services doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we don’t have to and anybody 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 believe numerous reasons one is it’s the standard I believe individuals have actually got so utilized to we require a new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I think this is a process that requires looking at it needs altering however eventually people are extremely stuck to what they recognize
with right um modification is a tough thing all of us do not like change um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having maintaining numerous checking account but there’s a huge amount of intricacy goes with establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for private people so the complexity is huge however I think the honest response is modification um individuals haven’t been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to change but we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century or two there is a lot to monitor and this approach does posture numerous difficulties um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so
I simply did you changed 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 employees you are worthy of a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Eynat Papaya Global
I discover time and time again the employees often misclassified unconsciously they do not understand the conditions of employment or agreement and are informed by the customer why it’s most advantageous primarily to the customer why you must be utilized or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have gone by they haven’t added to pensions And so on so it’s a huge impact that they never ever knew they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy companies are securing insurance coverage versus misclassification however normally premiums are only covering the expense of legal charges whilst the average claim assessed against employers relates to to 40 or half of the base pay of employee exists any point in getting insurance and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes penalty and interest in most cases I haven’t seen it a minimum of so uh the the other location 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 rejected protection on the basis of the fact that you were not in compliance with laws um in the UK