Over the last 5 or 6 years …Papaya Global Payroll Support Phone Number… functions on the company side and likewise on the supplier side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it is 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 very extremely bleak and I wish I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies maintain different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we’ll also review a wrap-up and that should leave his time at the very really 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 become a growing number of common and managing them becomes increasingly more intricate International companies are looking to discover Solutions and new ways to simplify processes particularly from a payroll and cross-border payment perspective lots of organizations maintain different savings account just for payroll while some have numerous accounts in different countries does it make good sense for companies to keep separate bank accounts in some cases in various nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business improve the episode complex procedures of
making payroll payments properly efficiently safely and on time throughout this webinar we’ll walk you through the international 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 enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of factors most notably guidelines compliance information security and banking guidelines then there are the large numbers they include additional intricacy the worldwide Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the conventional payroll design there’s often a frustrating variety of various systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or very extremely standard there’s no real consistency framework we’re residing in a period 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 typically with pen and paper and that just blows my mind each time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a service invests in global payroll the less of an image they see a lack of presence likewise extends to payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of international services have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes badly communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is shipped to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they depend on the needed several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re making payments to workers or otherwise that’s an excellent question I constantly throw this back and state what is it what does not require to be consisted of right and what does
it require to be thought about 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 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 customer’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link in 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 innovation is permitting us to kind of progress with that it likewise too to add to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and financing teams work better together than ever um I’m always surprised when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market 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 wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on well-being and the compensation landscape is becoming significantly elaborate. Services are continuously introducing new advantages and payment alternatives, which contributes to the overall intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can cause inefficiencies and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s technically innovative age, there’s no justification for preserving troublesome procedures. Payroll, the company’s biggest cost, need to be processed correctly and on time. Even minor delays can adversely impact workers’ wellness and have significant effects. Therefore, it’s vital to prioritize precise and prompt payments.
payroll group get um so I’m not exactly sure anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle we all find out about 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 think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment service is a fantastic initial step um providing an end-to-end payroll option for your employees worldwide again I think is another huge um process once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of services and reducing the number of tools platforms and bank accounts they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never 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 complaints where things haven’t gone rather where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand how how essential a role 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 easy as possible for everybody that’s associated with those processes and also so think of sorry I’m just I was just gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly 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 definitely be a fascinating task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and kind of try to return to everyone so proceeding look why do business choose to primary different checking account there are Papaya Global Payroll Support Phone Number organizations out there doing precisely this for specific nations and I’ve operated in an organization or lots of organizations doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for anyone where we do not have to and any person that’s dealing with 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 quantity that we are I think many reasons one is it’s the standard I think individuals have got so used to we require a brand-new checking account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I think this is a process that requires looking at it needs changing however ultimately individuals are very stuck with what they recognize
with best um modification is a hard thing all of us do not like modification um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having keeping numerous bank accounts however there’s a huge quantity of complexity goes with establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for private people so the complexity is substantial however I believe the truthful response is modification um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is understanding 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 taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century approximately there is a lot to track and this approach does posture several difficulties um so Johnny might you tell us about those difficulties yeah obviously so there’s a range right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you are worthy of a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Support Phone Number