Over the last five or six years …Papaya Global One How To Deduct Overpayment… roles on the service provider side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everyone 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 interesting and I can see it going on currently simply to hear where everybody 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 sunshine is it it’s not no it’s it’s drizzling here it’s extremely very dreary and I want I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business maintain separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic possession uh we’ll likewise go over a wrap-up and that must leave his time at the really extremely 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 International workforces become more and more typical and handling them becomes more and more intricate International organizations are looking to find Solutions and brand-new methods to streamline processes specifically from a payroll and cross-border payment perspective lots of organizations keep separate checking account just for payroll while some have several accounts in various countries does it make good sense for companies to maintain separate savings account in some cases in different nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business simplify the episode complex procedures of
making payroll payments precisely effectively securely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of factors most significantly policies compliance information security and banking guidelines then there are the large numbers they add further intricacy the international Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll model there’s often an overwhelming number of various systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or very really basic there’s no real consistency framework we’re living in a period of tech however 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 which simply blows my mind whenever I I believe
about it to provide 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 offers me sleep deprived nights and rather honestly the more a company spends on worldwide payroll the less of a photo they see an absence of visibility also reaches payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of global organizations have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors improperly communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is delivered to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they rely on the essential several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re making payments to staff members or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t require to be consisted of ideal and what does
it require to be considered there’s varying Bank details 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 customer’s own in-country account so there’s complexity wherever you look best ultimately developing a knowledge base is definitely critical however everywhere you look with payroll payment they are like super 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to kind of move forward with that it likewise too to add to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely essential that payroll and financing teams work more detailed together than ever um I’m constantly impressed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of crucial to add to sort of the level of complexity there’s a growing number of advantages being organ or being used by companies throughout the world so again you’re just wanting to add more and more payments to this currently intricate landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine difficult sort of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of years I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to produce additional handoffs while doing sos that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason why we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single biggest liability that any company has from a cost point of view from an effect point of view on staff members it is absolutely vital that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging effect on people’s wellness and many other aspects if individuals aren’t paid uh I’ve constantly been surprised entering into this Market sort of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals only discover when things go wrong. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s viewed externally also. For that reason, it is necessary to ensure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment option is a great initial action towards offering an extensive payroll option for workers worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and checking account needed for worldwide payroll are essential consider accomplishing organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.
anyhow we understand 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 involved in those processes and likewise so think of sorry I’m just I was simply gon na say think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and actually see what was going on and sort of shot to get back to everybody so carrying on appearance why do companies choose to main different bank accounts there are Papaya Global One How To Deduct Overpayment services out there doing precisely this for specific nations and I’ve worked in an organization or many services doing precisely that I can state it does not constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we do not need to and any person 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 actually got so used to we need a brand-new checking account we open an entity and rightly 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 requirement and the norm the people have actually adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I believe this is a process that requires taking a look at it needs changing however eventually people are very stuck with what they recognize
with ideal um modification is a difficult thing all of us don’t like change um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having keeping multiple checking account but there’s a huge quantity of complexity chooses establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is huge however I believe the honest response is modification um people have not had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century or so there is a lot to keep an eye on and this technique does pose a number of challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just 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 employees you deserve a corner workplace with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global One How To Deduct Overpayment