Managing payroll internationally is a daunting task … Papaya Global Payroll Certification…
How much revenue does the company make? Papaya Global Payroll Certification
Over the last 5 or six years …Papaya Global Payroll Certification… functions on the provider side and also on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone comes from and I really 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 drizzling here it’s very very bleak and I wish I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies maintain different
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially helpful for international companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of maintaining separate checking account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and prompt payroll payments is a complex difficulty for organizations operating worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to optimize working capital, and find how improving global payroll payments can transform them from a burdensome task into a tactical property.
due to various guidelines, compliance requirements, information security concerns, and banking rules. The sheer number of staff members and businesses contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems often result in manual processes, information silos, and a lack of integration, leading to disparities and ineffectiveness. In spite of living in an era of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to provide insights and options to streamline and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a company invests in worldwide payroll the less of an image they see a lack of presence likewise reaches payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide organizations have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is delivered to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they count on the essential several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re making payments to employees or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t need to be consisted of right and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 need to pay from the customer’s own in-country account so there’s complexity wherever you look right ultimately building a knowledge base is absolutely important but everywhere you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is allowing us to sort of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance teams work better together than ever um I’m always surprised when people say I have actually split 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 divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more essential to add to sort of the level of complexity there’s increasingly more benefits being organ or being offered by services throughout the world so once again you’re simply wanting to include increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine challenges or real challenging sort of pay utilizes to play to pay people I think yeah I imply over the last well yeah a number of decades I would certainly say that the bigger a company 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 details into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to produce extra handoffs at the same times 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 an age of tech and an age that you understand that we are working in today there is no reason why we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from an expense viewpoint from an impact viewpoint on workers it is absolutely important 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 need to be done right it has the most significant detrimental effect on people’s wellness and numerous other elements if people aren’t paid uh I have actually always been amazed coming into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this type of webinar has been told 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 staff members or not um but eventually payroll is such an essential cycle all of us find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe 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 stuff is definitely vital that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment service is a terrific primary step um providing an end-to-end payroll option for your staff members worldwide once again I think is another big um process once again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of businesses and decreasing the variety of tools platforms and checking account they need 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 countless 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 complaints where things have not gone rather where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know how how crucial a function 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 involved in those processes and also so picture sorry I’m just I was simply gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and kind of try to return to everyone so carrying on appearance why do business choose to main different checking account there are Papaya Global Payroll Certification organizations out there doing exactly this for specific nations and I’ve operated in an organization or lots of services doing exactly that I can state it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we do not need to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the standard I think people have got so used to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I think this is a process that requires taking a look at it requires altering however eventually individuals are extremely stuck to what they’re familiar
with ideal um modification is a hard thing we all don’t like modification um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having preserving multiple savings account however there’s a big amount of intricacy opts for setting up a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private people so the complexity is huge but I believe the honest response is change um people have not been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century or two there is a lot to track and this method does position a number of challenges um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you deserve a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Certification
I find time and time again the employees often misclassified unwittingly they don’t comprehend the conditions of employment or contract and are told by the client why it’s optimum mainly to the customer why you must be utilized or engaged in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare benefits 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 passed they haven’t added to pensions And so on so it’s a big impact that they never ever understood they were walking 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 business are securing insurance against misclassification however typically premiums are only covering the cost of legal charges whilst the typical claim assessed versus companies equates to to 40 or half of the base salary of employee is there any point in securing insurance coverage and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest in many cases I haven’t seen it a minimum of so uh the the other area 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 pack you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK