Over the last 5 or six years …Does Papaya Global Payroll Handle Workers Comp… functions on the provider side and also on the vendor side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll kind 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 sort of like see where everybody comes from and I truly do hope it’s much sunnier than it is 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 extremely dreary and I wish I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we’ll also discuss a recap which needs to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of typical and managing them ends up being more and more complex Worldwide companies are aiming to find Solutions and brand-new ways to improve procedures specifically from a payroll and cross-border payment viewpoint lots of companies keep separate bank account just for payroll while some have numerous accounts in different countries does it make good sense for companies to maintain different bank accounts sometimes in different nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies enhance the episode complex processes of
making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of reasons most importantly regulations compliance information security and banking guidelines then there are the large numbers they add additional complexity the international Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people 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 around the globe in the traditional payroll design there’s frequently an overwhelming number of various systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or really really standard there’s no genuine consistency framework we’re living in an age 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 which 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 just 11 of services say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service spends on international payroll the less of an image they see an absence of exposure also reaches payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of global services 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 poor HCM data information entry errors poorly interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the data is delivered to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they count on the required several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s a good concern I always toss this back and state what is it what does not require to be included ideal and what does
it require to be considered there’s varying 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 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 client’s own in-country account so there’s complexity wherever you look right ultimately developing a knowledge base is definitely critical but all over you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link in 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 permitting us to kind of move forward with that it also also to add to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and financing groups work more detailed together than ever um I’m constantly amazed when people say 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 divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
The modern world positions a high worth on wellness and the settlement landscape is becoming increasingly elaborate. Companies are continuously introducing brand-new benefits and payment alternatives, which adds to the overall intricacy. Large corporations often divide their payroll and payment processing into different groups, which can lead to inadequacies and bottlenecks. In my opinion, this does not have to be the case. In today’s technologically advanced period, there’s no justification for keeping cumbersome procedures. Payroll, the company’s biggest cost, should be processed properly and on time. Even minor delays can adversely impact employees’ well-being and have far-reaching consequences. For that reason, it’s critical to prioritize precise and prompt payments.
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people just notice when things fail. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally too. Therefore, it is necessary to guarantee that jobs like Wi-Fi International and other important matters are done correctly. Utilizing the very first International Payments first payroll payment option is a great initial action towards supplying a detailed payroll option for staff members worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and savings account essential for international payroll are crucial factors in attaining company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of problems when things do not go as planned. Eventually, we do not do it for the gratitude.
anyhow we understand how how important 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 everybody that’s involved in those processes and also so imagine sorry I’m simply I was simply gon na state picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job attempting 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 try to check out them and really see what was going on and sort of try to get back to everyone so moving on look why do business choose to primary separate savings account there are Does Papaya Global Payroll Handle Workers Comp businesses out there doing exactly this for particular nations and I have actually operated in a service or numerous companies doing exactly that I can state it doesn’t always feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing extra work for anyone where we don’t have to and anybody 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 amount that we are I think lots of reasons one is it’s the requirement I believe individuals have got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that needs looking at it requires altering however ultimately individuals are very stuck to what they recognize
with ideal um change is a challenging thing we all do not like change um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having keeping multiple bank accounts however there’s a big amount of complexity opts for establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for private people so the intricacy is substantial however I think the truthful answer is modification um individuals have not been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might almost be figured out to be the next Century or two there is a lot to monitor and this method does present numerous difficulties um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so
I just 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 are worthy of a corner workplace with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Does Papaya Global Payroll Handle Workers Comp