Over the last five or 6 years …Does Papaya Global Payroll Create A Efw2 File… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite 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 everybody 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 raining here it’s really really dreary and I wish I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic possession uh we’ll likewise discuss a recap which must leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more typical and managing them becomes a growing number of complex Global organizations are seeking to discover Solutions and brand-new ways to streamline procedures particularly from a payroll and cross-border payment viewpoint many organizations keep separate bank account just for payroll while some have multiple accounts in various nations does it make good sense for business to maintain different checking account sometimes in various countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business enhance the episode complex procedures of
making payroll payments properly efficiently securely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most significantly policies compliance information security and banking guidelines then there are the large numbers they add further intricacy the international Workforce is presently three and a half billion individuals 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 organizations and growing all doing their own thing worldwide in the traditional payroll model there’s typically an overwhelming number of different systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or really extremely fundamental there’s no genuine consistency structure we’re residing in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company spends on worldwide payroll the less of a photo they see an absence of exposure also encompasses payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global companies have actually 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 bad HCM data data entry mistakes badly interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they rely on the needed 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 company face when they’re making payments 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 varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 complexity any place you look ideal eventually building a knowledge base is definitely vital but everywhere you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to type of move on with that it likewise also to add to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely necessary that payroll and finance teams work closer together than ever um I’m constantly amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from estimation 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 individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high worth on wellness and the compensation landscape is ending up being increasingly elaborate. Businesses are continually introducing brand-new benefits and payment options, which adds to the total intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can lead to inadequacies and bottlenecks. In my opinion, this does not have to hold true. In today’s technologically sophisticated age, there’s no validation for preserving cumbersome procedures. Payroll, the business’s biggest expenditure, need to be processed properly and on time. Even small hold-ups can negatively affect employees’ well-being and have significant repercussions. For that reason, it’s vital to focus on precise and timely payments.
payroll team get um so I’m not exactly sure anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but eventually 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 just a tick box workout and I think 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 vital that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment solution is a great first step um providing an end-to-end payroll option for your staff members internationally again I think is another big um process once again lining up and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of services and lowering the variety of tools platforms and savings account they need for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never 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 problems where things haven’t gone quite where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyway we know 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 simple as possible for everyone that’s involved in those procedures and also so think of sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions picture getting that lots of thank you keeps in mind 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 up 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 kind of try to get back to everybody so moving on appearance why do business choose to main separate bank accounts there are Does Papaya Global Payroll Create A Efw2 File services out there doing precisely this for specific nations and I have actually worked in a service or lots of companies doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we do not have to and anybody that’s handling 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 many factors one is it’s the requirement I believe individuals have got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that needs looking at it requires changing however ultimately people are very stuck with what they’re familiar
with best um change is a challenging thing all of us do not like modification um so I believe it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having keeping several checking account however there’s a big amount of intricacy goes with establishing a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the intricacy is substantial but I believe the honest response is modification um individuals haven’t been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions besides 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 however we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or two there is a lot to keep an eye on and this method does position several obstacles um so Johnny could you tell us about those obstacles yeah of course so there’s a variety 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 jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this improved capability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements. Does Papaya Global Payroll Create A Efw2 File