Over the last 5 or six years …Can I Use Papaya Global With Mock Company… functions on the company side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very bleak and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business keep separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we’ll also go over a recap which needs to leave his time at the extremely 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 Global workforces end up being a growing number of common and managing them becomes more and more complicated International companies are seeking to find Solutions and brand-new methods to enhance procedures especially from a payroll and cross-border payment viewpoint lots of organizations preserve different bank account just for payroll while some have multiple accounts in various nations does it make good sense for companies to keep different checking account often in different countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies improve the episode complex processes of
making payroll payments properly efficiently firmly and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of reasons most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they add additional complexity the global Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the standard payroll model there’s typically an overwhelming variety of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or extremely really standard there’s no genuine consistency framework we’re living in an era of tech however 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 which 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 only 11 of services say they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on international payroll the less of a picture they see an absence of presence also encompasses payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of international organizations have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors poorly communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is shipped to the incorrect location the average expense of an international 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 do not run efficiently if they depend on the necessary multiple processes systems and partners it is simply 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 employees or otherwise that’s a great concern I constantly toss this back and state what is it what does not require to be included best and what does
it need to be thought about there’s differing 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy anywhere you look best ultimately building a knowledge base is absolutely critical but all over you look with payroll payment they resemble very payments no if but some babies 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 believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is enabling us to kind of move forward with that it also too to add to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely essential that payroll and financing groups work more detailed together than ever um I’m always impressed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work 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 often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of important to contribute to type of the level of complexity there’s a growing number of benefits being organ or being used by organizations throughout the world so again you’re simply aiming to add more and more payments to this currently complex 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 challenges or real tough kind of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would absolutely say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to produce additional handoffs at the same times that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and an age that you know that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single greatest liability that any business has from a cost point of view from an effect perspective on employees it is absolutely vital that it’s done correctly and on time so what we suggest 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 harmful impact on individuals’s wellness and lots of other elements if individuals aren’t paid uh I have actually constantly been surprised entering this Market kind of the last five to 10 years is how little thanks the
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals only discover when things fail. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally too. Therefore, it is necessary to ensure that tasks like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the first Global Payments first payroll payment option is a great preliminary step towards supplying a comprehensive payroll service for workers worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and savings account essential for international payroll are essential factors in attaining service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things do not go as planned. Ultimately, we don’t do it for the appreciation.
anyway we know how how essential 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 procedures and likewise so imagine sorry I’m just I was simply gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job trying to clean up all those up for sure oh absolutely I can’t imagine 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 sort of try to get back to everybody so proceeding look why do business choose to primary different bank accounts there are Can I Use Papaya Global With Mock Company organizations out there doing precisely this for specific countries and I’ve operated in a business or lots of businesses doing exactly that I can say it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we do not need to and anyone that’s managing 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 quantity that we are I believe numerous reasons one is it’s the standard I believe individuals have actually got so used to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a variety I think this is a process that needs taking a look at it requires changing however eventually people are extremely stuck with what they recognize
with ideal um change is a difficult thing all of us do not like modification um so I think it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having preserving multiple savings account but there’s a substantial amount of complexity goes with establishing a savings account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the intricacy is big however I think the sincere response is change um people have not been able to change or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we have actually constantly 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 determined to be the next Century or two there is a lot to keep an eye on and this method does present a number of difficulties um so Johnny might you inform us about those obstacles yeah obviously 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 jobs on one platform. It feels like our CFO has gained another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your achievements. Can I Use Papaya Global With Mock Company