Over the last 5 or 6 years …Compare Papaya Global And Sage Payroll… roles on the provider side and also on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I really 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 very very bleak and I wish I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we’ll likewise discuss a recap and that needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more typical and handling them becomes a growing number of intricate Worldwide organizations are wanting to discover Solutions and new methods to simplify processes especially from a payroll and cross-border payment viewpoint lots of organizations maintain separate checking account just for payroll while some have numerous accounts in different countries does it make good sense for business to maintain different savings account in some cases in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies streamline the episode complex procedures of
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of reasons most significantly guidelines compliance data security and banking rules then there are the large numbers they add more complexity the worldwide Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 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 all over the world in the conventional payroll model there’s often a frustrating number of various systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or really extremely fundamental 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 often with pen and paper and that just blows my mind each 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 organizations say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company invests in worldwide payroll the less of a picture they see an absence of presence likewise encompasses payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of worldwide businesses 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 errors are because of time reporting poor HCM information information entry errors badly interacted hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is shipped to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they rely on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t require to be included best and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country 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 have to pay from the client’s own in-country account so there’s intricacy wherever you look ideal ultimately building a knowledge base is absolutely important but all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 essential and innovation is enabling us to kind of progress with that it likewise too to add to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely important that payroll and finance groups work more detailed together than ever um I’m always surprised when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t 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 procedure it’s the point of data 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 contemporary world places a high worth on wellness and the settlement landscape is becoming significantly complex. Organizations are continually introducing new advantages and payment choices, which contributes to the general intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can lead to inadequacies and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s technically advanced age, there’s no justification for preserving cumbersome procedures. Payroll, the company’s biggest expenditure, need to be processed correctly and on time. Even small hold-ups can adversely affect staff members’ wellness and have significant repercussions. For that reason, it’s important to prioritize precise and prompt payments.
payroll group get um so I’m not sure anybody on this type of webinar has actually been told 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 but ultimately payroll is such a crucial cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view 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 service is a fantastic first step um supplying an end-to-end payroll solution for your staff members internationally once again I think is another substantial um procedure once again lining up and guaranteeing you have standardization International processes all of those things are absolutely key to success success of companies and reducing the variety of tools platforms and bank accounts they need for their International 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 ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyhow we know 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 easy as possible for everyone that’s involved in those processes and also so picture sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task trying to clean all those up for sure oh absolutely 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 attempt to browse them and really see what was going on and sort of try to get back to everyone so moving on look why do companies pick to main different bank accounts there are Compare Papaya Global And Sage Payroll services out there doing exactly this for specific countries and I have actually operated in an organization or lots of businesses doing precisely that I can state it does not constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not developing additional work for anyone where we do not need to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I think individuals have got so utilized to we need a new checking 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 standard and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it requires changing however eventually individuals are really stuck to what they recognize
with right um change is a difficult thing all of us don’t like modification um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having maintaining multiple bank accounts but there’s a substantial quantity of intricacy goes with setting up a checking account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private individuals so the complexity is substantial however I think the honest answer is modification um individuals have not had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to change but we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century approximately there is a lot to keep track of and this approach does present a number of difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I simply did you changed our Enterprise 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 employees you deserve a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Compare Papaya Global And Sage Payroll