Over the last five or 6 years …How Lihe Insurance Deductions In Papaya Global Payroll… roles on the supplier side and also on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays 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 everyone originates from and I actually 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 drizzling here it’s extremely really uninspiring and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we’ll likewise 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 execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more typical and handling them ends up being increasingly more complicated Global organizations are wanting to find Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment perspective lots of organizations maintain separate savings account just for payroll while some have multiple accounts in different countries does it make good sense for business to preserve different bank accounts in some cases in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business improve the episode complex procedures of
making payroll payments properly efficiently firmly and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most notably regulations compliance data security and banking guidelines then there are the sheer numbers they add further intricacy the worldwide Workforce is currently three 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 currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll model there’s often a frustrating number of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or really really standard there’s no genuine consistency structure we’re living in an age of tech but payroll has actually been sluggish 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 a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more a service invests in international payroll the less of a picture they see an absence of exposure also encompasses payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of global services have actually revealed that they do not 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 poor HCM information information entry mistakes poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is delivered to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they rely on the needed numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a good concern I always throw this back and say what is it what does not require to be consisted of 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 nation 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 need to pay from the customer’s own in-country account so there’s complexity anywhere you look right ultimately building a knowledge base is definitely important however all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort 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 definitely essential and technology is permitting us to sort of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and finance teams work closer together than ever um I’m always impressed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high worth on wellness and the payment landscape is ending up being progressively complex. Companies are continuously presenting brand-new benefits and payment options, which contributes to the overall intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can result in inadequacies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s highly sophisticated era, there’s no reason for keeping cumbersome treatments. Payroll, the business’s greatest cost, need to be processed correctly and on time. Even small hold-ups can adversely impact employees’ well-being and have far-reaching effects. Therefore, it’s crucial to prioritize precise and timely payments.
payroll group get um so I’m not exactly sure anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential 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 exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done properly so leveraging the first International Payments very first payroll payment option is a great initial step um providing an end-to-end payroll service for your workers worldwide once again I believe is another substantial um process once again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of companies and reducing the number of tools platforms and bank accounts they need for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we know 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 easy as possible for everybody that’s involved in those processes and likewise so think of sorry I’m just I was simply gon na state picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions envision getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and actually see what was going on and kind of try to return to everyone so moving on look why do companies choose to main different savings account there are How Lihe Insurance Deductions In Papaya Global Payroll companies out there doing precisely this for particular countries and I’ve worked in a service or many organizations doing precisely that I can state it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we do not need to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the standard I believe people have actually got so utilized to we need a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I think this is a procedure that requires taking a look at it needs altering but eventually people are very stuck to what they recognize
with right um change is a challenging thing we all don’t like change um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having preserving multiple savings account but there’s a big quantity of intricacy opts for setting up a checking account preserving it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific people so the complexity is huge however I believe the truthful answer is modification um individuals have not been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to change but we’ve always 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 almost be figured out to be the next Century or so there is a lot to keep an eye on and this method does present several challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so
I simply 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 employees you deserve a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you How Lihe Insurance Deductions In Papaya Global Payroll