Over the last 5 or 6 years …Does Papaya Global Payroll Allow Employees To View Online… functions on the supplier side and also on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind 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 type of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very really bleak and I wish I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a strategic property uh we’ll likewise review a recap and that ought to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and managing them becomes more and more complex International organizations are aiming to find Solutions and new ways to enhance procedures particularly from a payroll and cross-border payment perspective many companies maintain separate bank account just for payroll while some have numerous accounts in various nations does it make good sense for business to keep separate checking account in some cases in various nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies simplify the episode complex processes of
making payroll payments precisely efficiently securely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how business properly forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one country but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most notably policies compliance information security and banking rules then there are the sheer numbers they include more complexity the global Labor force is currently three and a half billion individuals by 2030 it’s estimated 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 factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll model there’s typically a frustrating number of different systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely very basic there’s no genuine consistency structure we’re living in an age 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 frequently with pen and paper which 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 just 11 of organizations say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service invests in global payroll the less of a picture they see a lack of exposure likewise extends to payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal almost half of international services have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors improperly communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the data is delivered to the incorrect location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they rely on the required several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re paying to employees or otherwise that’s a good question I constantly toss this back and state what is it what does not need to be included best 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 country 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 need to pay from the consumer’s own in-country account so there’s complexity any place you look best eventually constructing a knowledge base is definitely vital but all over you look with payroll payment they resemble super payments no if but some babies 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 think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is permitting us to kind of move on with that it likewise too to add to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and financing groups work more detailed together than ever um I’m always astonished when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t 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 typically 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 also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on wellness and the payment landscape is ending up being increasingly elaborate. Organizations are continually introducing brand-new advantages and payment choices, which adds to the general intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can result in inefficiencies and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s highly advanced age, there’s no justification for keeping troublesome treatments. Payroll, the company’s greatest expenditure, must be processed correctly and on time. Even slight delays can negatively impact staff members’ well-being and have significant consequences. For that reason, it’s vital to prioritize precise and prompt payments.
payroll team get um so I’m not exactly sure anyone on this type 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 staff members or not um however eventually payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s just 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 definitely essential that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment service is an excellent first step um providing an end-to-end payroll option for your workers worldwide once again I believe is another huge um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of companies and minimizing the variety of tools platforms and savings account they require for their Global 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 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 problems where things have not gone quite where they’re suggested to be um I do not think any of us are in fact 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 simple as possible for everybody that’s associated with those procedures and also so envision sorry I’m just I was simply gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing 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 attempt to look through them and actually see what was going on and sort of shot to get back to everyone so proceeding look why do companies pick to primary different bank accounts there are Does Papaya Global Payroll Allow Employees To View Online organizations out there doing exactly this for particular nations and I’ve worked in a business or numerous organizations doing exactly that I can say it does not always feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we do not have to and any person that’s managing 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 believe many factors one is it’s the standard I believe individuals have actually got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that people have looked 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 process that needs taking a look at it requires changing however ultimately people are really stuck to what they recognize
with ideal um change is a hard thing all of us don’t like change um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having maintaining multiple bank accounts but there’s a substantial quantity of intricacy chooses setting up a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for specific people so the complexity is big but I think the truthful answer is modification um individuals have not had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to track and this approach does position numerous challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I just recently made a modification to our Business 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 actually gotten another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your accomplishments. Does Papaya Global Payroll Allow Employees To View Online