Over the last 5 or 6 years …Does Papaya Global Payroll Do 401K… roles on the provider side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really 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 bleak and I wish I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll likewise go over a wrap-up which needs to leave his time at the really 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 more and more typical and handling them ends up being a growing number of complex International organizations are aiming to discover Solutions and brand-new ways to enhance procedures especially from a payroll and cross-border payment perspective lots of organizations maintain separate checking account just for payroll while some have multiple accounts in different countries does it make sense for companies to maintain different bank accounts often in various countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business streamline the episode complex processes of
making payroll payments properly efficiently safely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a range of reasons most importantly policies compliance data security and banking rules then there are the sheer numbers they include more complexity the global Labor force is presently 3 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 currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll design there’s frequently a frustrating variety of various systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or very very standard there’s no real consistency structure we’re residing in an age of tech however payroll has been sluggish 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 each time I I think
about it to provide 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 gives me sleepless nights and quite honestly the more a company spends on international payroll the less of a photo they see an absence of exposure also reaches payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of international companies have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors improperly interacted hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is shipped to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they depend on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re making payments to staff members or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t require to be included ideal and what does
it need to be considered there’s varying 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 need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is definitely important but all over you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind 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 basic and technology is allowing us to type of move forward with that it likewise too to add to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely imperative that payroll and financing teams work better together than ever um I’m always impressed when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more crucial to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being used by services throughout the world so once again you’re just looking to include increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real difficulties or real challenging type of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of years I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to develop extra handoffs at the same times that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason that we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single most significant liability that any company has from an expense perspective from an effect perspective on staff members it is definitely crucial that it’s done properly 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 destructive result on people’s well-being and numerous other factors if people aren’t paid uh I have actually always been impressed entering this Market kind of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only observe when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally as well. Therefore, it is vital to guarantee that jobs like Wi-Fi Global and other crucial matters are done correctly. Using the very first Worldwide Payments first payroll payment solution is a great initial step towards supplying a detailed payroll solution for staff members worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and checking account required for worldwide payroll are key consider achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things don’t go as planned. Eventually, we do not do it for the thankfulness.
anyway we understand how how essential a role 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 picture sorry I’m simply I was just gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions imagine getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job trying to clean all those up for sure oh definitely 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 type of shot to get back to everyone so carrying on look why do companies choose to main different checking account there are Does Papaya Global Payroll Do 401K organizations out there doing exactly this for specific nations and I’ve worked in a business or numerous companies doing precisely that I can say it does not always feel effective and it does develop more work I know we’re not purposely doing that we’re not developing additional work for anybody where we do not need to and any person that’s dealing with 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 quantity that we are I think lots of factors one is it’s the standard I believe people have got so used to we need a new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I think this is a process that requires taking a look at it requires altering however eventually individuals are very stuck to what they recognize
with right um modification is a difficult thing all of us do not like change um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having keeping multiple savings account but there’s a huge quantity of intricacy opts for setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the intricacy is huge however I believe the truthful answer is change um individuals have not been able to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century or two there is a lot to track and this method does pose a number of difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a variety right there is so
I just did you changed 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 staff members you should have a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Does Papaya Global Payroll Do 401K