Over the last five or 6 years …Papaya Global How To Pause Automatic Payroll… functions on the provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone 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 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 extremely uninspiring and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business preserve different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll likewise review a wrap-up which needs to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more common and managing them ends up being more and more complex International companies are looking to find Solutions and brand-new methods to improve processes especially from a payroll and cross-border payment perspective numerous organizations maintain separate bank account just for payroll while some have numerous accounts in various nations does it make sense for companies to preserve different checking account often in various nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies streamline the episode complex processes of
making payroll payments properly effectively securely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most importantly policies compliance information security and banking guidelines then there are the large numbers they add more complexity the worldwide Labor force is currently 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 consider that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll model there’s typically a frustrating number of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or really very basic there’s no genuine consistency structure we’re living in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind each time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a company invests in global payroll the less of a picture they see a lack of presence likewise reaches payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international businesses have actually revealed that they don’t 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 bad HCM data information entry errors poorly interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is shipped to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they count on the needed multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges service face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and state what is it what does not need to be consisted of best and what does
it need to be thought about there’s differing 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 abilities 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 anywhere you look ideal eventually constructing a knowledge base is definitely important but all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is permitting us to kind of progress with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and finance teams work closer together than ever um I’m constantly surprised when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation 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 anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high value on well-being and the settlement landscape is becoming significantly complex. Services are constantly presenting new advantages and payment options, which contributes to the total complexity. Big corporations often divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s highly sophisticated age, there’s no justification for maintaining cumbersome treatments. Payroll, the business’s greatest expense, should be processed correctly and on time. Even slight delays can adversely impact staff members’ wellness and have far-reaching consequences. For that reason, it’s important to prioritize accurate and timely payments.
payroll team get um so I’m not sure anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle we all become aware of it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe 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 things is absolutely crucial that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment solution is a terrific initial step um supplying an end-to-end payroll solution for your employees worldwide once again I believe is another huge um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of businesses and minimizing the variety of tools platforms and bank accounts they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks
anyway we understand how how crucial 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 everybody that’s associated with those processes and likewise so picture sorry I’m simply I was just gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job attempting to clean up all those up for sure oh definitely 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 attempt to check out them and really see what was going on and type of shot to return to everybody so moving on look why do companies choose to primary different checking account there are Papaya Global How To Pause Automatic Payroll companies out there doing exactly this for particular countries and I’ve worked in a company or lots of companies doing precisely that I can state it does not always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we don’t need to and anyone that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the standard I believe individuals have actually got so utilized to we require a new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a range I think this is a procedure that needs taking a look at it requires altering but eventually people are really stuck with what they recognize
with ideal um modification is a challenging thing we all do not like modification um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having maintaining multiple bank accounts however there’s a huge amount of intricacy opts for establishing a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is big however I think the truthful answer is modification um individuals have not been able to change or haven’t had necessarily the knowledge to truly 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 an aspect of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century approximately there is a lot to track and this approach does position a number of difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a range 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 seems like our CFO has acquired another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global How To Pause Automatic Payroll