Over the last five or 6 years …How Do I Update Papaya Global Payroll… roles on the provider side and likewise on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds approximately to join all of us 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 currently simply to hear where everyone is um it’s nice to to type 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 sunshine is it it’s not no it’s it’s raining here it’s extremely really bleak and I wish I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we’ll also go over a recap which should leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and managing them ends up being increasingly more complex International organizations are wanting to discover Solutions and new ways to improve procedures particularly from a payroll and cross-border payment standpoint many organizations maintain separate bank account just for payroll while some have numerous accounts in various nations does it make good sense for companies to maintain different savings account often in different nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies simplify the episode complex processes of
making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of reasons most significantly regulations compliance data security and banking guidelines then there are the large numbers they add additional intricacy the worldwide 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 factor in that there are some 230 million services and growing all doing their own thing worldwide in the conventional payroll model there’s frequently a frustrating number of various systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or extremely very basic there’s no genuine consistency framework 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 each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more an organization spends on global payroll the less of an image they see an absence of exposure likewise encompasses payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international businesses have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors poorly communicated hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the information is delivered to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they count on the necessary numerous processes 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 workers or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t need to be included right and what does
it need to be thought about 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 need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is absolutely important but all over you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type 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 definitely essential and innovation is permitting us to kind of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely 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 does not operate in the payroll occupation would they split the payroll payment from computation 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 people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of essential to add to sort of the level of complexity there’s a growing number of advantages being organ or being offered by organizations throughout the world so again you’re just looking to add increasingly more payments to this already complicated landscape so if you type 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 difficulties or real tough kind of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to develop extra handoffs at the same times that we run in they just 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 an era that you know that we are operating in today there is no reason that we are still making this as challenging as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any business has from an expense viewpoint from an impact point of view on staff members it is absolutely important that it’s done correctly 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 harmful impact on individuals’s well-being and many other factors if people aren’t paid uh I have actually always been astonished entering this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe 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 vital that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment service is a fantastic initial step um providing an end-to-end payroll option for your workers internationally again I believe is another huge um process again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of organizations and reducing the variety 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 had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how crucial 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 easy as possible for everyone that’s associated with those processes and likewise so envision sorry I’m just I was just gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions picture getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and kind of shot to return to everyone so proceeding appearance why do companies pick to main separate bank accounts there are How Do I Update Papaya Global Payroll companies out there doing exactly this for particular countries and I’ve worked in a company or many companies doing exactly that I can say it doesn’t always feel effective and it does create more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we do not have to and anyone that’s handling 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 quantity that we are I think numerous factors one is it’s the requirement I think people have actually got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I believe this is a process that needs looking at it needs altering however ultimately individuals are really stuck with what they recognize
with best um change is a difficult thing all of us do not like modification um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having preserving several checking account however there’s a substantial amount of intricacy opts for establishing a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for private people so the complexity is big however I believe the honest answer is modification um people have not had the ability to alter or have not had always the understanding to really make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century or two there is a lot to keep track of and this approach does present numerous difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. How Do I Update Papaya Global Payroll