Over the last 5 or 6 years …Does Papaya Global Payroll Do W2… functions on the supplier side and likewise on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely really uninspiring and I wish I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll also review a wrap-up and that should leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more typical and handling them ends up being more and more complicated Worldwide companies are aiming to discover Solutions and new ways to simplify processes especially from a payroll and cross-border payment standpoint numerous organizations maintain different bank account just for payroll while some have numerous accounts in different countries does it make sense for business to maintain different bank accounts in some cases in different nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies streamline the episode complex processes of
making payroll payments accurately effectively securely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of reasons most importantly guidelines compliance data security and banking guidelines then there are the large numbers they include further complexity the global Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the standard payroll model there’s typically an overwhelming number of various systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely extremely basic there’s no genuine consistency framework we’re living in a period of tech but 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 and that just blows my mind each time 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 say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service spends on global payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide companies have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors improperly interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the data is delivered to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they rely on the required 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 business face when they’re making payments to staff members or otherwise that’s a good question I always throw this back and say what is it what doesn’t require to be included ideal and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 customer’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is absolutely important but all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to sort of move forward with that it also as well to add to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely imperative that payroll and finance groups work closer together than ever um I’m always astonished when people state I’ve 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 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 procedure it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on well-being and the settlement landscape is ending up being progressively elaborate. Companies are constantly presenting new advantages and payment choices, which contributes to the overall intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can result in inefficiencies and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s technologically innovative age, there’s no validation for preserving troublesome treatments. Payroll, the company’s most significant cost, need to be processed correctly and on time. Even small hold-ups can adversely impact staff members’ wellness and have far-reaching repercussions. Therefore, it’s vital to focus on accurate and timely payments.
payroll group get um so I’m unsure anybody on this kind 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 eventually payroll is such an important cycle all of us find out 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 also like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment solution is a fantastic first step um providing an end-to-end payroll service for your employees globally once again I think is another huge um procedure again lining up and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of businesses and reducing the variety of tools platforms and savings account 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 anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how important 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 easy as possible for everyone that’s associated with those processes and likewise so envision sorry I’m just I was just gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task attempting to clean 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 look through them and actually see what was going on and sort of shot to return to everybody so moving on look why do companies pick to main different bank accounts there are Does Papaya Global Payroll Do W2 companies out there doing exactly this for specific countries and I have actually worked in a business or lots of businesses doing precisely that I can state it does not always feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we do not have to and anybody 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 think lots of factors one is it’s the standard I think individuals have got so used to we require a new savings account we open an entity and rightly so you require 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 norm individuals have adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I believe this is a procedure that requires taking a look at it needs changing however eventually people are extremely stuck with what they recognize
with best um modification is a difficult thing all of us do not like change um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having keeping numerous bank accounts but there’s a big quantity of intricacy opts for establishing a bank account preserving it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for individual individuals so the intricacy is huge however I think the sincere response is change um people have not been able to alter or have not had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century or two there is a lot to keep track of and this approach does position a number of challenges um so Johnny might you inform us about those obstacles yeah obviously 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 Worldwide staff members you deserve a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Does Papaya Global Payroll Do W2