Over the last five or six years …Is There A Cancellation Fee For Papaya Global Payroll… roles on the provider side and likewise on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or so 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 simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very uninspiring and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why business maintain different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a strategic asset uh we’ll also review a recap which ought to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more common and handling them ends up being increasingly more intricate Worldwide organizations are wanting to discover Solutions and brand-new ways to streamline procedures particularly from a payroll and cross-border payment standpoint numerous companies keep different savings account just for payroll while some have several accounts in various nations does it make good sense for companies to preserve separate savings account often in various countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies enhance the episode complex processes of
making payroll payments accurately effectively securely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of factors most importantly regulations compliance information security and banking rules then there are the large numbers they add more intricacy the global Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll design there’s frequently a frustrating number of different systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or extremely very basic there’s no real consistency structure we’re residing in an age 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 simply blows my mind whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a service spends on global payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of international services have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors poorly interacted hires and terminations along with absence management and system setups and then when you round all of it off and the information is shipped to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they count on the needed 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 obstacles business face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw this back and state 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 country there’s payment amount of time there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is definitely crucial but all over 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 take a 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 absolutely basic and technology is permitting us to type of move on with that it likewise also to add to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is definitely important that payroll and finance teams work more detailed together than ever um I’m always amazed when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being offered by organizations across the world so again you’re just looking to include increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real difficulties or genuine challenging kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of years I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions 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 but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to produce extra handoffs in the processes that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and an era that you understand that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any business has from an expense perspective from an impact point of view on workers it is definitely critical 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 have to be done right it has the most significant destructive effect on individuals’s wellness and numerous other elements if individuals aren’t paid uh I’ve always been impressed entering this Market type of the last five to ten years is how little thanks the
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only see when things fail. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s perceived externally as well. Therefore, it is essential to guarantee that tasks like Wi-Fi Global and other crucial matters are done correctly. Utilizing the first Global Payments very first payroll payment option is an excellent preliminary step towards offering a thorough payroll solution for workers worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and savings account necessary for worldwide payroll are crucial factors in achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things do not go as prepared. Eventually, we do not do it for the gratitude.
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 simple as possible for everybody that’s associated with 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 amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and sort of try to get back to everyone so moving on appearance why do business choose to primary different checking account there are Is There A Cancellation Fee For Papaya Global Payroll services out there doing precisely this for particular nations and I’ve operated in an organization or lots of companies doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for anyone where we don’t have to and anyone that’s managing 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 amount that we are I believe numerous reasons one is it’s the requirement I think individuals have got so utilized to we need a brand-new checking account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other ways 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 requires changing but eventually people are extremely stuck to what they recognize
with ideal um change is a difficult thing all of us do not like modification 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 lot of track of things um I understand certainly the advantages of having maintaining multiple savings account but there’s a huge quantity of complexity goes with setting up a bank account keeping it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for specific people so the complexity is substantial however I think the sincere response is change um individuals haven’t been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century approximately there is a lot to track and this technique does position a number of challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Is There A Cancellation Fee For Papaya Global Payroll