Over the last 5 or 6 years …Is Papaya Global Payroll Ready For 2020 W4… functions on the service provider side and likewise on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind 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 sunlight is it it’s not no it’s it’s raining here it’s very really dreary and I wish I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business maintain separate
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly helpful for global companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping separate savings account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how business properly anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of reasons most notably policies compliance information security and banking rules then there are the large numbers they include further intricacy the global Workforce is presently three and a half billion people by 2030 it’s approximated 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 businesses and growing all doing their own thing all over the world in the conventional payroll model there’s typically an overwhelming number of different systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or extremely extremely standard there’s no genuine consistency structure we’re residing in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization spends on international payroll the less of a photo they see an absence of presence also extends to payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global businesses have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is delivered to the wrong place the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they rely on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s an excellent question I always toss this back and say what is it what does not need to be included best and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities 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 ultimately developing a knowledge base is absolutely critical however all over you look with payroll payment they are like very payments no if but some children 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to kind of move on with that it likewise too to add to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely important that payroll and financing teams work more detailed 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 anyone what is payroll who does not work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually 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 but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being used by services across the world so again you’re just aiming to add more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine challenges or genuine difficult kind of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that does not always require to be the case you know long gone are the times where we need to create additional handoffs at the same times that we operate 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 we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any company has from a cost perspective from an effect perspective on employees it is definitely critical that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest destructive effect on individuals’s wellness and lots of other aspects if people aren’t paid uh I’ve constantly been amazed coming into this Market type of the last five to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just discover when things fail. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally also. Therefore, it is important to make sure that tasks like Wi-Fi Global and other crucial matters are done properly. Utilizing the very first Worldwide Payments first payroll payment service is a great initial step towards offering a thorough payroll option for workers worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and savings account required for global payroll are key factors in achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyway we understand how how essential 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 simple as possible for everybody that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of shot to return to everyone so moving on look why do companies select to main separate bank accounts there are Is Papaya Global Payroll Ready For 2020 W4 organizations out there doing precisely this for specific countries and I have actually worked in a business or lots of companies doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing extra work for anybody where we don’t need to and anybody that’s handling 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 quantity that we are I believe numerous reasons one is it’s the standard I think individuals have got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually adopted 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 methods um to to type of do it so I think there’s a variety I think this is a process that needs taking a look at it needs changing but eventually individuals are really stuck to what they’re familiar
with best um modification is a difficult thing we all do not like change um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining numerous checking account but there’s a big quantity of intricacy goes with establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for private individuals so the complexity is big but I believe the truthful response is modification um people haven’t had the ability to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we’ve constantly 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 might nearly be identified to be the next Century or so there is a lot to track and this method does posture numerous difficulties um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so
I recently made a modification to our Business 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 gotten another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. Is Papaya Global Payroll Ready For 2020 W4