Over the last 5 or 6 years …How To Set Up Child Support In Papaya Global Payroll… roles on the service provider side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting 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 really 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 raining here it’s extremely very gloomy and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies keep different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic asset uh we’ll also review a recap which must leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of typical and managing them becomes more and more complicated International organizations are seeking to discover Solutions and new methods to streamline procedures particularly from a payroll and cross-border payment viewpoint lots of companies maintain different checking account just for payroll while some have numerous accounts in various countries does it make sense for companies to maintain different bank accounts sometimes in various nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business simplify the episode complex processes of
making payroll payments accurately effectively securely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of reasons most importantly guidelines compliance information security and banking rules then there are the large numbers they include more intricacy the worldwide Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll design there’s frequently a frustrating variety of different systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or extremely very fundamental there’s no genuine consistency framework we’re residing in a period 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 frequently with pen and paper which simply blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company invests in worldwide payroll the less of an image they see an absence of visibility likewise reaches payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of international companies have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes improperly interacted hires and terminations as well as absence management and system setups and after that when you round all of it off and the information is shipped to the incorrect place the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they count on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s an excellent concern I always toss this back and say what is it what does not need to be consisted of right and what does
it need to be thought of 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 abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look best ultimately building a knowledge base is absolutely important however everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to type of progress with that it likewise also to add to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work closer together than ever um I’m always surprised when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more important to add to kind of the level of intricacy there’s a growing number of advantages being organ or being provided by businesses throughout the world so again you’re simply aiming to include more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real difficulties or real tough sort of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would absolutely state that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we operate in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and an era that you understand that we are working in today there is no reason why we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from a cost perspective from an impact viewpoint on staff members it is definitely important that it’s done properly 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 destructive impact on people’s wellness and numerous other factors if individuals aren’t paid uh I have actually always been surprised entering this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think 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 properly so leveraging the first International Payments very first payroll payment service is a great initial step um providing an end-to-end payroll service for your employees internationally once again I think is another substantial um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of services and minimizing the variety of tools platforms and savings account they require 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 ever 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 problems where things have not gone rather where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand how how important a function 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 associated with those processes and likewise so envision sorry I’m just I was just gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions think of getting that numerous 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 up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and type of shot to return to everyone so carrying on appearance why do business select to main separate bank accounts there are How To Set Up Child Support In Papaya Global Payroll companies out there doing precisely this for particular nations and I’ve worked in an organization or many services doing precisely that I can state it doesn’t always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we don’t have to and anyone that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the requirement I think individuals have got so used to we require a brand-new checking 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 think it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I believe this is a process that requires taking a look at it requires changing but ultimately people are extremely stuck with what they’re familiar
with ideal um modification is a hard thing we all don’t like change um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having maintaining several bank accounts but there’s a substantial quantity of intricacy chooses establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is huge but I believe the honest answer is modification um individuals have not been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century or so there is a lot to keep track of and this technique does present a number of obstacles um so Johnny could you tell us about those difficulties yeah obviously 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 jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering international 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 To Set Up Child Support In Papaya Global Payroll