Over the last five or six years …How To Set Up Commission In Papaya Global Payroll… functions on the provider side and likewise on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very bleak and I want I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a recap which must 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 Global labor forces end up being more and more common and handling them becomes increasingly more intricate International organizations are wanting to find Solutions and new methods to enhance processes especially from a payroll and cross-border payment perspective lots of companies preserve separate checking account just for payroll while some have numerous accounts in various countries does it make sense for business to preserve separate bank accounts sometimes in different nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international companies enhance the episode complex procedures of
making payroll payments accurately efficiently securely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of reasons most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they add further complexity the worldwide Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll model there’s frequently a frustrating variety of different systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in large quantities and or really extremely basic there’s no genuine consistency framework we’re living in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just 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 just 11 of services say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization invests in international payroll the less of a picture they see an absence of presence also encompasses payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of global businesses have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors poorly interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the data is shipped to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they depend on the required multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s a good concern I constantly toss this back and say what is it what does not require to be consisted of best and what does
it require to be considered 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 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 consumer’s own in-country account so there’s complexity anywhere you look ideal eventually constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to kind of progress with that it likewise also to add to that payroll and finance need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely essential that payroll and finance teams work more detailed together than ever um I’m always amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work 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 often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on wellness and the compensation landscape is becoming increasingly intricate. Services are continually introducing new benefits and payment alternatives, which contributes to the total complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can cause inadequacies and traffic jams. In my opinion, this does not need to hold true. In today’s technologically sophisticated period, there’s no reason for keeping cumbersome procedures. Payroll, the business’s greatest expense, must be processed correctly and on time. Even slight hold-ups can negatively impact workers’ wellness and have far-reaching effects. For that reason, it’s crucial to focus on precise and prompt payments.
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only notice when things fail. However, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally too. Therefore, it is vital to guarantee that jobs like Wi-Fi International and other essential matters are done correctly. Using the first Global Payments very first payroll payment option is a great preliminary step towards offering a comprehensive payroll option for workers worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and bank accounts required for worldwide payroll are key consider accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyhow we understand how how important 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 easy as possible for everyone that’s associated with those procedures and likewise so imagine sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and actually see what was going on and sort of shot to return to everybody so carrying on appearance why do companies pick to main separate savings account there are How To Set Up Commission In Papaya Global Payroll organizations out there doing precisely this for particular nations and I have actually worked in a company or numerous companies doing precisely that I can state it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we don’t need to and anybody that’s handling 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 lots of reasons one is it’s the standard I think individuals have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I think this is a process that needs looking at it needs altering but eventually individuals are very stuck to what they’re familiar
with best um modification is a tough thing all of us do not like change um so I think it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having keeping several savings account but there’s a big quantity of intricacy opts for setting up a checking account keeping it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for private people so the intricacy is huge but I believe the sincere response is modification um people have not had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an element of resistance to change however we have actually constantly done it that way is no real reason for not looking 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 approximately there is a lot to keep track of and this technique does posture numerous difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so
I simply 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 Global workers you should have a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you How To Set Up Commission In Papaya Global Payroll