Managing payroll globally is a daunting job … Papaya Global Saint Kitts & Nevis…
How much revenue does the company make? Papaya Global Saint Kitts & Nevis
Over the last 5 or 6 years …Papaya Global Saint Kitts & Nevis… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite 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 everybody comes from and I truly do hope it’s much sunnier than it is 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 really extremely dreary and I wish I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business preserve separate
Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of keeping separate savings account for payroll in different nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and prompt payroll payments is a complex challenge for companies running worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, discover how business anticipate payroll costs to enhance working capital, and discover how improving worldwide payroll payments can transform them from a challenging job into a tactical possession.
due to numerous policies, compliance requirements, data security issues, and banking rules. The sheer number of staff members and services adds to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically result in manual processes, information silos, and an absence of combination, leading to inconsistencies and inadequacies. In spite of residing in a period of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to provide insights and solutions to simplify and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that gives me sleepless nights and quite honestly the more a company spends on international payroll the less of an image they see an absence of presence likewise extends to payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide businesses 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 because of time reporting poor HCM information information entry mistakes poorly communicated hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is delivered to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they depend 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 needs to be factored into the challenges service face when they’re paying to employees or otherwise that’s a good concern I always toss this back and say what is it what doesn’t require to be included right and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is definitely vital but everywhere you look with payroll payment they resemble super 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 between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is permitting us to sort of move forward with that it also too to add to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing teams work more detailed together than ever um I’m constantly impressed when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation 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 process it’s the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to contribute to sort of the level of complexity there’s more and more advantages being organ or being used by services across the world so again you’re simply wanting to add increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real difficulties or genuine tough kind of pay utilizes to play to pay people I think yeah I imply over the last well yeah a number of years I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we run in they simply make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and a period that you understand that we are working in today there is no reason why we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any business has from a cost point of view from an impact point of view on staff members it is definitely vital that it’s done correctly and on time so what we imply 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 destructive effect on people’s well-being and lots of other elements if individuals aren’t paid uh I have actually constantly been amazed entering into this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m uncertain anybody on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle all of us find out about it when it fails 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 view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done properly so leveraging the first International Payments very first payroll payment service is a great first step um providing an end-to-end payroll option for your staff members worldwide once again I believe is another huge um procedure once again aligning and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of organizations and lowering the number of tools platforms and checking account they need for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of 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 meant to be um I do not believe 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 easy as possible for everyone that’s associated with those procedures and also so think of sorry I’m just I was just gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions picture 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 definitely be an interesting task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and sort of try to return to everybody so proceeding appearance why do companies pick to main different savings account there are Papaya Global Saint Kitts & Nevis businesses out there doing exactly this for specific nations and I’ve worked in an organization or lots of companies doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we don’t need to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the standard I believe individuals have got so used to we need a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I think this is a process that needs taking a look at it requires altering but ultimately individuals are very stuck with what they recognize
with ideal um change is a hard thing we all do not like modification um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having preserving multiple bank accounts however there’s a big quantity of intricacy opts for setting up a bank account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for specific individuals so the intricacy is huge but I think the sincere answer is change um individuals have not had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change however we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century or two there is a lot to track and this method does position a number of difficulties um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so
I just recently made a modification to our Business 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 improved ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Saint Kitts & Nevis
I find time and time again the employees frequently misclassified unwittingly they don’t comprehend the conditions of work or agreement and are informed by the client why it’s most advantageous generally to the client why you must be utilized or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care privileges 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 gone by they haven’t added to pensions And so on so it’s a huge impact that they never ever knew they were walking into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy business are taking out insurance coverage against misclassification but generally premiums are only covering the cost of legal charges whilst the average claim assessed against employers corresponds to to 40 or 50 percent of the base salary of worker exists any point in securing insurance coverage 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 charge and interest most of the times 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 stating is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK