Over the last 5 or six years …How To Add Deductions To Papaya Global Payroll… roles on the service provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind 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 sort of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very gloomy 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 taking a look at the challenge years of handling Worldwide payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll also review a wrap-up which must leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more typical and handling them becomes increasingly more complicated Global organizations are aiming to discover Solutions and brand-new ways to improve procedures specifically from a payroll and cross-border payment perspective numerous organizations keep separate checking account just for payroll while some have multiple accounts in different nations does it make sense for business to preserve separate checking account sometimes in various countries it does however just for payroll exists a much better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies streamline the episode complex procedures of
making payroll payments properly effectively firmly and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of factors most significantly guidelines compliance information security and banking rules then there are the large numbers they include additional complexity the international Labor force is currently 3 and a half billion people by 2030 it’s approximated 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 companies and growing all doing their own thing around the world in the conventional payroll model there’s typically an overwhelming variety of various systems causing lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or extremely extremely standard there’s no real consistency structure we’re living in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization spends on worldwide payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of international companies have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes inadequately interacted hires and terminations as well as lack management and system configurations and then when you round everything off and the information is shipped to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they depend on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t need to be included right and what does
it require to be considered there’s differing Bank information 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 anywhere you look best ultimately developing a knowledge base is definitely critical however all over you look with payroll payment they resemble very payments no if however some babies 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 recognition that payroll payments are absolutely basic and technology is permitting us to sort of move forward with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely important that payroll and financing teams work closer together than ever um I’m always impressed when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation 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 individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of essential to add to type of the level of complexity there’s more and more advantages being organ or being used by businesses across the world so once again you’re just seeking to add a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine obstacles or genuine challenging kind of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to produce extra handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and an age that you understand that we are operating in today there is no reason that we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from an expense perspective from an effect perspective on employees it is definitely vital that it’s done properly and on time so what we suggest 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 elements if individuals aren’t paid uh I have actually constantly been surprised coming into this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m uncertain anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a terrific initial step um offering an end-to-end payroll solution for your workers internationally once again I believe is another substantial um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of companies and lowering the variety of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I do not think any of us are actually doing that for for the thanks
anyhow we know how how crucial 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 procedures and likewise so envision sorry I’m simply I was just gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job attempting to clean all those up for sure oh absolutely I can’t imagine 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 shot to get back to everybody so moving on look why do business select to main separate savings account there are How To Add Deductions To Papaya Global Payroll organizations out there doing precisely this for particular countries and I have actually worked in a business or many services doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we don’t have to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts 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 individuals have got so used to we require a new bank account we open an entity and rightly so you require it for payroll purposes however 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 contribute to that individuals have actually looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I think this is a process that requires looking at it requires altering however ultimately individuals are really stuck to what they’re familiar
with ideal um change is a difficult thing we all do not like change um so I believe it’s simply kind of moving away from the standard 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 maintaining numerous bank accounts but there’s a big quantity of complexity opts for setting up a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for specific people so the complexity is substantial but I believe the truthful answer is change um people have not been able to alter or have not had always the understanding to really make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might nearly be determined to be the next Century approximately there is a lot to keep an eye on and this approach does pose several challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety 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 staff members you deserve a corner workplace with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you How To Add Deductions To Papaya Global Payroll