Over the last 5 or six years …How Do I Set Up Child Support In Papaya Global Payroll… roles on the supplier side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very gloomy and I wish I was elsewhere at this moment in time fine 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 International payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll also go over 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 execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more typical and handling them becomes a growing number of complicated Global companies are wanting to discover Solutions and new ways to improve processes particularly from a payroll and cross-border payment perspective many companies preserve separate checking account just for payroll while some have several accounts in different countries does it make good sense for business to keep separate bank accounts in some cases in different nations 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 assisting international business improve the episode complex processes of
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of reasons most notably regulations compliance information security and banking guidelines then there are the sheer numbers they add further complexity the global Workforce is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people 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 all over the world in the standard payroll design there’s frequently a frustrating number of various systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or very really standard there’s no genuine consistency structure we’re residing in an era of tech but 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 and that 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 just 11 of businesses say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business invests in worldwide payroll the less of an image they see an absence of presence also extends to payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of worldwide 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 due to time reporting poor HCM information data entry errors improperly communicated hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is delivered to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they depend on the needed numerous processes 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 obstacles service face when they’re making payments to employees or otherwise that’s a great question I always throw this back and say what is it what doesn’t need to be consisted of ideal and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 client’s own in-country account so there’s complexity anywhere you look best eventually constructing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to kind of progress with that it also also to contribute to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely imperative that payroll and financing teams work better together than ever um I’m constantly astonished when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on wellness and the payment landscape is ending up being significantly elaborate. Businesses are continually presenting new benefits and payment choices, which adds to the general complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s highly innovative period, there’s no reason for keeping cumbersome treatments. Payroll, the company’s biggest expenditure, should be processed correctly and on time. Even small hold-ups can negatively affect staff members’ well-being and have far-reaching repercussions. Therefore, it’s vital to focus on precise and timely payments.
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just discover when things fail. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally too. For that reason, it is essential to ensure that tasks like Wi-Fi Global and other important matters are done correctly. Utilizing the first Global Payments very first payroll payment solution is a fantastic preliminary action towards providing an extensive payroll option for employees worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and savings account essential for worldwide payroll are key factors in attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things do not go as prepared. Eventually, we do not do it for the appreciation.
anyhow we understand how how important 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 easy as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job trying to clean up all those up for sure oh absolutely 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 type of try to get back to everyone so moving on look why do business pick to primary different savings account there are How Do I Set Up Child Support In Papaya Global Payroll services out there doing exactly this for specific countries and I have actually worked in an organization or many organizations doing precisely that I can state it does not always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for any person where we don’t have to and anybody that’s managing 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 believe numerous reasons one is it’s the requirement I believe people have actually got so used to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it needs altering however eventually people are extremely stuck with what they’re familiar
with best um change is a challenging thing all of us do not like modification um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having keeping several bank accounts however there’s a big amount of intricacy chooses establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual people so the intricacy is substantial but I think the sincere answer is modification um people haven’t had the ability to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change but we’ve constantly done it that way is no genuine reason for not taking a look 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 approximately there is a lot to track and this approach does pose numerous difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I just did you switched 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 workers you are worthy of a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you How Do I Set Up Child Support In Papaya Global Payroll