Over the last five or six years …How Much Is Papaya Global Payroll For Single Person Company… roles on the company side and likewise on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just 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 remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really bleak and I want I was elsewhere at this moment in time fine so let’s start 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 preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic possession uh we’ll also discuss a wrap-up and that ought to leave his time at the very extremely 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 International workforces end up being a growing number of typical and managing them ends up being a growing number of complicated International companies are seeking to find Solutions and brand-new ways to improve procedures especially from a payroll and cross-border payment viewpoint many organizations preserve separate checking account just for payroll while some have several accounts in different nations does it make good sense for business to preserve different checking account often in various nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business improve the episode complex processes of
making payroll payments precisely efficiently safely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of factors most significantly guidelines compliance data security and banking rules then there are the sheer numbers they include further intricacy the worldwide Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 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 conventional payroll design there’s typically an overwhelming variety of different systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or extremely extremely fundamental there’s no real consistency framework we’re residing in an era 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 typically with pen and paper which simply blows my mind each time I I believe
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 provides me sleepless nights and quite frankly the more a company spends on worldwide payroll the less of a picture they see a lack of exposure also reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal almost half of international businesses have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes improperly interacted hires and terminations in addition to lack management and system setups and after that when you round it all off and the information is delivered to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they count on the required multiple 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 challenges company face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and say what is it what doesn’t need to be included best and what does
it need to be thought about there’s varying 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble incredibly payments no if however some infants 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 believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is allowing us to type of move forward with that it likewise too to add to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work better together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide 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 individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more crucial to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being offered by services throughout the world so again you’re simply wanting to add a growing number of payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real difficulties or genuine challenging type of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and a period that you know that we are working in today there is no reason that we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any company has from an expense point of view from an impact viewpoint on staff members it is absolutely crucial that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging result on individuals’s wellness and many other aspects if individuals aren’t paid uh I’ve always been surprised entering this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m not sure anybody on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment option is an excellent first step um providing an end-to-end payroll option for your employees globally once again I believe is another big um process once again lining up and ensuring you have standardization International procedures all of those things are definitely key to success success of services and decreasing the number of tools platforms and savings account they require for their Worldwide 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’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks
anyway we know how how crucial 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 simple as possible for everybody that’s involved in those procedures and also so picture sorry I’m just I was simply gon na say picture 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 talking about numerous thousands potentially Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task attempting to clean all those up for sure oh definitely 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 attempt to browse them and really see what was going on and type of shot to get back to everyone so proceeding look why do business select to primary separate savings account there are How Much Is Papaya Global Payroll For Single Person Company services out there doing precisely this for specific nations and I have actually worked in an organization or many companies doing precisely that I can say it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for anyone where we don’t have to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the requirement I think people 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 however 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 gone past to add to that individuals have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that needs looking at it needs altering but ultimately people are extremely stuck to what they’re familiar
with best um change is a tough thing we all do not like change um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having maintaining numerous bank accounts but there’s a substantial quantity of complexity chooses setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for private people so the intricacy is big but I believe the honest response is modification 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 bank account I think you’ve struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might practically be determined to be the next Century approximately there is a lot to monitor and this approach does position numerous challenges um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your achievements. How Much Is Papaya Global Payroll For Single Person Company