Over the last 5 or 6 years …How To Give Sick Time In Papaya Global Payroll… functions on the provider side and likewise on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everyone another number 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 rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it remains 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 bleak and I want I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why companies preserve separate
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of preserving different savings account for payroll in different countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic 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 range of factors most notably regulations compliance data security and banking guidelines then there are the large numbers they include more complexity the worldwide Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals 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 around the world in the traditional payroll model there’s often a frustrating variety of different systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or extremely really fundamental there’s no genuine consistency structure we’re residing in an era of tech however 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 and that simply blows my mind each time I I believe
about it to give you an idea 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 rather honestly the more a service spends on worldwide payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of worldwide companies have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes improperly communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the information is delivered to the incorrect location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they count on the necessary several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t require to be consisted of right and what does
it require to be thought about there’s differing 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 need to pay from the client’s own in-country account so there’s intricacy wherever you look right eventually developing a knowledge base is definitely crucial but all over you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type 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 essential and innovation is permitting us to kind of move on with that it likewise too to add to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely necessary that payroll and financing teams work more detailed together than ever um I’m always amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody 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 information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more essential to add to type of the level of intricacy there’s increasingly more benefits being organ or being provided by companies throughout the world so once again you’re simply seeking to include increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or real tough sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of years I would definitely state that the bigger an organization 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 information into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to create additional handoffs at the same times that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason why we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any company has from a cost viewpoint from an effect point of view on workers it is absolutely important that it’s done correctly and on time so what we mean 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 harmful effect on individuals’s well-being and many other aspects if people aren’t paid uh I’ve always been amazed coming into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment service is an excellent first step um offering an end-to-end payroll solution for your staff members worldwide once again I think is another big um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely key to success success of services and lowering the number of tools platforms and savings account they need for their International payroll too could not 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 thousand of them within a payroll cycle don’t expect 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 think any of us are actually doing that for for the thanks
anyway we know how how essential a role 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 everybody that’s involved in those processes and likewise so think of sorry I’m simply I was simply gon na state picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions imagine getting that lots of 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 a fascinating job attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and sort of try to return to everybody so carrying on look why do companies select to primary different checking account there are How To Give Sick Time In Papaya Global Payroll businesses out there doing exactly this for specific nations and I’ve worked in an organization or lots of companies doing exactly that I can say it does not always feel effective and it does create more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we do not have to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many factors one is it’s the standard I believe people have actually got so used to we need a new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I think this is a process that requires looking at it requires altering but eventually people are very stuck to what they recognize
with best um change is a challenging thing we all don’t like change um so I believe it’s just type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having keeping multiple bank accounts but there’s a huge amount of intricacy opts for establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private people so the intricacy is big however I believe the honest response is change um individuals haven’t been able to alter or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a savings 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 change but we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be determined to be the next Century approximately there is a lot to keep an eye on and this technique does position several obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. How To Give Sick Time In Papaya Global Payroll