Over the last five or six years …How To Pay Payroll Liabilities In Papaya Global Payroll… roles on the provider side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it is 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 gloomy and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic possession uh we’ll also go over a wrap-up and that should leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more typical and handling them ends up being a growing number of complicated International organizations are aiming to discover Solutions and new methods to simplify processes specifically from a payroll and cross-border payment standpoint numerous companies preserve different savings account just for payroll while some have several accounts in various nations does it make sense for companies to keep different checking account in some cases in different countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business simplify the episode complex processes of
making payroll payments properly efficiently securely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of factors most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the worldwide Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the standard payroll design there’s frequently a frustrating number of different systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in big quantities and or extremely extremely standard there’s no real consistency framework we’re residing in an era of tech but payroll has actually been slow 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 an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a service invests in international payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of international organizations have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes poorly interacted hires and terminations as well as absence management and system setups and then when you round everything off and the data is delivered to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they count on the required several 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 obstacles organization face when they’re making payments to employees or otherwise that’s a good concern I constantly throw this back and say what is it what does not require to be included ideal and what does
it require to be thought of there’s differing 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 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 any place you look right ultimately developing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble 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 essential and innovation is permitting us to kind of progress with that it likewise too to add to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and financing groups work better together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process 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 wellness and the payment landscape is ending up being significantly elaborate. Companies are continually introducing brand-new benefits and payment options, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can cause inadequacies and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s highly sophisticated age, there’s no justification for preserving cumbersome procedures. Payroll, the company’s greatest expenditure, need to be processed properly and on time. Even minor hold-ups can adversely affect workers’ wellness and have far-reaching repercussions. For that reason, it’s important to focus on accurate and timely payments.
payroll team get um so I’m not exactly sure anybody on this sort of webinar has 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 staff members or not um but eventually payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think 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 essential that all of this things is done properly so leveraging the very first Global Payments very first payroll payment solution is a terrific primary step um providing an end-to-end payroll option for your workers internationally once again I believe is another big um process once again aligning and ensuring you have standardization Global processes all of those things are absolutely essential to success success of businesses and decreasing the variety of tools platforms and savings account they require for their Worldwide 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand how how important a function it is which’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 also so think of sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions picture getting that numerous 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 an interesting task trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and in fact see what was going on and type of try to return to everybody so carrying on appearance why do companies select to primary separate checking account there are How To Pay Payroll Liabilities In Papaya Global Payroll companies out there doing exactly this for specific countries and I’ve operated in a business or numerous businesses doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we do not have to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I believe individuals have actually got so used to we need a new bank 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 think it’s just been the standard and the norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a range I believe this is a process that requires looking at it requires changing but ultimately people are very stuck with what they’re familiar
with ideal um change is a hard thing we all don’t like modification um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having preserving several savings account but there’s a huge amount of complexity chooses setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for specific people so the complexity is big but I think the truthful answer is change um individuals haven’t been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to change however we’ve always 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 understand what could nearly be figured out to be the next Century or so there is a lot to monitor and this method does pose several obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering global 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. How To Pay Payroll Liabilities In Papaya Global Payroll