Managing payroll worldwide is a complicated task … Papaya Global Mauritius…
How much revenue does the company make? Papaya Global Mauritius
Over the last 5 or six years …Papaya Global Mauritius… roles on the service provider side and likewise on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind 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 sunlight is it it’s not no it’s it’s drizzling here it’s very really gloomy and I want I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies preserve different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we’ll likewise go over a wrap-up and that should leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more common and handling them ends up being more and more complicated International organizations are aiming to find Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment viewpoint many companies maintain different savings account just for payroll while some have numerous accounts in various countries does it make good sense for business to maintain separate checking account in some cases in different countries it does however just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business streamline the episode complex procedures of
Guaranteeing accurate, effective, and timely payroll payments is a complex obstacle for businesses running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to enhance working capital, and find how enhancing international payroll payments can change them from a difficult task into a tactical asset.
due to numerous regulations, compliance requirements, data security concerns, and banking guidelines. The sheer number of employees and companies contributes to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems typically lead to manual processes, information silos, and a lack of integration, leading to inconsistencies and inadequacies. Despite residing in an age of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to supply insights and solutions to streamline and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization invests in global payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global businesses 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 errors are due to time reporting poor HCM data data entry errors badly communicated hires and terminations along with lack management and system configurations and then when you round it all off and the information is delivered to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they depend on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they’re making payments to workers or otherwise that’s a good question I always throw this back and state what is it what doesn’t need to be included right and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 client’s own in-country account so there’s complexity anywhere you look ideal ultimately building a knowledge base is absolutely important however everywhere you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to kind of move on with that it also also to contribute to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely necessary that payroll and financing groups work better together than ever um I’m always amazed when individuals 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 profession 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 frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the compensation landscape is becoming progressively intricate. Companies are continually presenting brand-new advantages and payment options, which adds to the total complexity. Large corporations frequently divide their payroll and payment processing into different groups, which can cause inefficiencies and traffic jams. In my viewpoint, this does not need to hold true. In today’s technologically sophisticated age, there’s no validation for preserving troublesome procedures. Payroll, the business’s greatest cost, must be processed properly and on time. Even minor hold-ups can negatively affect workers’ wellness and have far-reaching consequences. Therefore, it’s vital to prioritize accurate and prompt payments.
payroll group get um so I’m unsure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle all of us hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe 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 absolutely vital that all of this stuff is done properly so leveraging the first International Payments first payroll payment solution is a terrific initial step um providing an end-to-end payroll option for your workers globally once again I think is another substantial um process once again aligning and ensuring you have standardization International processes all of those things are definitely crucial to success success of businesses and reducing the number of tools platforms and savings account they need for their International 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 countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know how how essential a role 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 everyone that’s associated with those procedures and likewise so think of sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions envision getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and kind of try to get back to everyone so moving on appearance why do business select to primary different checking account there are Papaya Global Mauritius services out there doing exactly this for particular countries and I’ve worked in a company or lots of organizations doing exactly that I can say it does not always feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we do not need to and anybody that’s managing that process 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 many reasons one is it’s the requirement I think people have got so used to we require a new checking account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and lots of other methods 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 changing however ultimately individuals are extremely stuck with what they’re familiar
with best um modification is a challenging thing we all do not like modification um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having keeping several savings account however there’s a huge quantity of complexity chooses setting up a savings account keeping it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the intricacy is substantial however I think the sincere answer is change um people have not had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or so there is a lot to keep track of and this method does pose several obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Mauritius
I find time and time again the employees frequently misclassified unknowingly they don’t understand the conditions of work or contract and are informed by the customer why it’s optimum mainly to the customer why you ought to 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 actually passed they haven’t contributed to pensions And so on so it’s a big impact that they never ever knew they were walking into you could not agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy business are securing insurance against misclassification however generally premiums are only covering the cost of legal costs 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 charge and interest for the most part I have not seen it at least so uh the the other location that I do believe 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 denied protection on the basis of the fact that you were not in compliance with laws um in the UK