Over the last five or six years …How To Add Company In Papaya Global Payroll… roles on the provider side and also on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody 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 remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really uninspiring and I wish I was somewhere else 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 difficulty years of managing Worldwide payroll why business keep different
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is especially helpful for global organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging 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 variety of factors most notably guidelines compliance information security and banking rules then there are the large numbers they include more intricacy the international Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll model there’s typically a frustrating number of various systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or really very standard there’s no real consistency structure 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 typically with pen and paper and that simply blows my mind every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more a business invests in global payroll the less of an image they see a lack of exposure likewise extends to payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of worldwide businesses have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes badly communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the information is delivered to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they depend on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re making payments 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 consisted of best and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities 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 complexity anywhere you look ideal ultimately constructing a knowledge base is definitely vital but 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 look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to type of move forward with that it likewise also to add to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely essential that payroll and finance teams work better together than ever um I’m always impressed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation 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 information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of important to add to kind of the level of complexity there’s a growing number of benefits being organ or being offered by services throughout the world so again you’re simply wanting to add a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine obstacles or real difficult type of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of years I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we operate 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 know that we are operating in today there is no reason why we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any business has from an expense viewpoint from an effect perspective on staff members it is definitely crucial 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 need to be done right it has the most significant detrimental effect on people’s wellness and numerous other factors if people aren’t paid uh I have actually always been amazed entering into this Market kind of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only see when things fail. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally too. For that reason, it is vital to guarantee that tasks like Wi-Fi Global and other crucial matters are done properly. Utilizing the very first Worldwide Payments first payroll payment solution is a fantastic preliminary action towards supplying a thorough payroll service for employees worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and savings account essential for global payroll are key factors in attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things do not go as planned. Ultimately, we do not do it for the gratitude.
anyhow we understand 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 simple as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m simply I was just gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and type of shot to return to everyone so carrying on appearance why do business pick to primary different savings account there are How To Add Company In Papaya Global Payroll businesses out there doing exactly this for particular nations and I have actually operated in an organization or many businesses doing exactly that I can say it doesn’t always feel efficient and it does create more work I know we’re not purposely doing that we’re not developing additional work for anyone where we do not need to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the standard I think individuals have got so used to we need a brand-new savings 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 believe it’s just been the requirement and the standard the people have adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I think this is a process that requires taking a look at it requires altering but eventually people are very stuck with what they recognize
with best um change is a challenging thing all of us don’t like change um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having maintaining several savings account however there’s a substantial quantity of complexity chooses setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for specific individuals so the intricacy is big however I think the truthful answer is change um individuals have not had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could nearly be determined to be the next Century or two there is a lot to monitor and this technique does pose a number of challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I just recently made a change to our Business 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 actually gained another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your achievements. How To Add Company In Papaya Global Payroll