Handling payroll worldwide is an overwhelming job … Papaya Global Workers Comp…
How much revenue does the company make? Papaya Global Workers Comp
Over the last 5 or six years …Papaya Global Workers Comp… roles on the service provider side and also on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very really uninspiring and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies maintain separate
Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is especially helpful for international organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of factors most significantly policies compliance information security and banking guidelines then there are the sheer numbers they include further intricacy the global Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll model there’s typically a frustrating variety of various systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or really really fundamental there’s no genuine consistency structure we’re living in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more a business spends on global payroll the less of a photo they see a lack of presence likewise reaches payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of global companies have actually expressed that they don’t 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 setups and then when you round everything off and the information is shipped to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they count on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not require 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 nation there’s payment amount of time there’s payment capabilities 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 consumer’s own in-country account so there’s intricacy wherever you look best eventually developing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 absolutely essential and technology is allowing us to kind of progress with that it also as well to add to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely essential that payroll and finance groups work more detailed together than ever um I’m always astonished when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often 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 anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on wellness and the compensation landscape is ending up being significantly elaborate. Companies are continually introducing brand-new advantages and payment choices, which adds to the total complexity. Big corporations typically divide their payroll and payment processing into separate groups, which can result in inefficiencies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s technologically innovative age, there’s no justification for preserving troublesome treatments. Payroll, the business’s greatest expense, need to be processed correctly and on time. Even small hold-ups can adversely affect employees’ wellness and have significant consequences. Therefore, it’s critical to focus on precise and timely payments.
payroll group get um so I’m not sure anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a great initial step um offering an end-to-end payroll solution for your employees globally once again I think is another big um process again lining up and ensuring you have standardization International processes all of those things are absolutely key to success success of organizations and lowering the number of tools platforms and savings account they require for their Worldwide 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’ve never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re indicated to be um I don’t think any of us are in fact doing that for for the thanks
anyway we know how how important a function 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 everybody that’s associated with those processes and likewise so imagine sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions imagine getting that lots of 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 certainly be an intriguing job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and actually see what was going on and type of try to get back to everybody so proceeding look why do business choose to primary different bank accounts there are Papaya Global Workers Comp businesses out there doing precisely this for specific nations and I’ve worked in a business or many organizations doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we don’t need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs altering but eventually people are really stuck to what they’re familiar
with best um modification is a difficult thing we all don’t like change um so I think it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having maintaining multiple checking account however there’s a substantial quantity of complexity opts for establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific people so the intricacy is substantial however I believe the honest response is change um individuals have not been able to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century or so there is a lot to keep an eye on and this approach does position numerous obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Workers Comp
I discover time and time again the employees frequently misclassified unconsciously they don’t understand the conditions of work or contract and are told by the client why it’s optimum primarily to the customer why you should be used or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be impacted and a number of times it can be years before this all falls out and by that time it’s too late years have passed they have not contributed to pensions Etc so it’s a huge effect that they never understood they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy business are taking out insurance against misclassification but normally premiums are just covering the cost of legal charges whilst the typical claim assessed against companies 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 need to read the small print it is not covering the taxes charge and interest for the most part I haven’t 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 pack you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK