Over the last 5 or 6 years …Papaya Global Payroll Checklist… functions on the service provider side and likewise on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely uninspiring and I want I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya International payroll payments as a tactical possession uh we’ll likewise go over a recap and that needs to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of typical and managing them ends up being more and more complicated International companies are looking to discover Solutions and brand-new ways to enhance procedures specifically from a payroll and cross-border payment standpoint numerous companies keep separate checking account just for payroll while some have several accounts in different nations does it make good sense for business to keep different bank accounts often in various countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies simplify the episode complex procedures of
making payroll payments properly efficiently safely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most importantly policies compliance information security and banking guidelines then there are the sheer numbers they include more complexity the worldwide Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 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 conventional payroll model there’s typically a frustrating number of different systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or really very fundamental there’s no genuine consistency framework 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 frequently with pen and paper which simply blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more a service invests in worldwide payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of global organizations 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 errors are because of time reporting poor HCM data information entry errors badly interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is delivered to the wrong place the typical cost of a worldwide information 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 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 paying to workers or otherwise that’s an excellent concern I always throw this back and state what is it what does not require to be consisted of right and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities 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 customer’s own in-country account so there’s complexity any place you look right eventually developing a knowledge base is definitely vital but all over you look with payroll payment they are like extremely 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 acknowledgment that payroll payments are absolutely basic and innovation is allowing us to sort of move on with that it also as well to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and finance groups work more detailed together than ever um I’m constantly amazed when individuals say I have actually split 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 computation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of essential to contribute to type of the level of complexity there’s more and more advantages being organ or being provided by services across the world so again you’re just aiming to add increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine challenges or genuine difficult sort of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would absolutely say 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 teams feeding details into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we operate in they just make them more prompt 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 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 greatest liability that any company has from an expense perspective from an effect viewpoint on workers it is definitely important 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 need to be done right it has the most significant destructive result on individuals’s well-being and many other elements if people aren’t paid uh I’ve always been amazed entering into this Market sort of the last 5 to ten years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll during 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 individuals only observe when things fail. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally too. For that reason, it is essential to make sure that jobs like Wi-Fi Worldwide and other vital matters are done properly. Using the very first Global Payments first payroll payment solution is a terrific initial action towards supplying a detailed payroll solution for employees worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and savings account essential for worldwide payroll are key factors in achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things do not go as planned. Ultimately, we don’t do it for the appreciation.
anyway we know how how essential 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 everyone that’s involved in those procedures and also so picture sorry I’m simply I was just gon na state picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task attempting to clean all those up for sure oh absolutely I can’t envision 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 actually see what was going on and type of try to return to everyone so carrying on appearance why do companies choose to main different checking account there are Papaya Global Payroll Checklist organizations out there doing exactly this for particular nations and I’ve worked in a company or many services doing exactly that I can say it does not constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for anyone where we do not need to and any person that’s handling that process I ‘d be interested to hear your ideas 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 actually got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have adopted and continue to do over years and years gone past to contribute to that people 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 taking a look at it needs changing but ultimately people are really stuck with what they’re familiar
with right um change is a hard thing all of us do not like modification um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having maintaining multiple checking account but there’s a big amount of intricacy opts for establishing a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for private individuals so the intricacy is substantial however I believe the sincere answer is modification um people have not been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century or so there is a lot to keep track of and this approach does posture numerous difficulties um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Payroll Checklist