Over the last 5 or six years …Papaya Global Payroll For Accountants… functions on the provider side and likewise on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give 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 type of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very bleak and I wish I was elsewhere at this moment in time fine so let’s begin our agenda 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 separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya International payroll payments as a tactical asset uh we’ll also discuss a recap which should leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more typical and managing them becomes a growing number of intricate Worldwide companies are seeking to discover Solutions and new ways to enhance processes specifically from a payroll and cross-border payment perspective many companies preserve separate savings account just for payroll while some have several accounts in different countries does it make good sense for business to maintain different bank accounts often in various nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international business simplify the episode complex processes of
making payroll payments precisely efficiently firmly and on time during this webinar we’ll stroll 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 improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one country however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of reasons most importantly regulations compliance information security and banking guidelines then there are the large numbers they add further complexity the worldwide Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people 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 around the globe in the traditional payroll design there’s typically an overwhelming number of different systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or really very standard there’s no real consistency structure we’re residing in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind whenever I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service invests in worldwide payroll the less of a photo they see a lack of presence likewise extends to payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global services have actually revealed that they don’t 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 bad HCM data information entry mistakes improperly interacted hires and terminations in addition to lack management and system setups and after that when you round everything off and the information is shipped to the wrong place the average expense of a global 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 smoothly if they rely on the essential several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re making payments to workers or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t need to be included best and what does
it need to be considered 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 abilities 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 consumer’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is definitely vital however everywhere you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to sort of progress with that it also too to add to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely important that payroll and financing groups work closer together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
The modern world positions a high value on well-being and the settlement landscape is becoming increasingly detailed. Organizations are constantly introducing brand-new benefits and payment options, which adds to the general intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can result in inefficiencies and bottlenecks. In my opinion, this does not have to hold true. In today’s technically sophisticated period, there’s no justification for keeping cumbersome treatments. Payroll, the company’s most significant cost, need to be processed correctly and on time. Even small delays can negatively impact staff members’ well-being and have far-reaching repercussions. Therefore, it’s vital to focus on accurate and prompt payments.
payroll team get um so I’m not exactly sure anybody on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle all of us find out about 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 believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment solution is an excellent primary step um providing an end-to-end payroll option for your workers globally again I believe is another huge um procedure once again aligning and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of businesses and minimizing the variety of tools platforms and bank accounts they require for their Global payroll too could not agree with you more and on the the front in terms of 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 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we understand how how important 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 easy as possible for everybody that’s associated with those processes and likewise so imagine sorry I’m simply I was just gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions picture 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 definitely be an interesting job trying 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 need days of the week to try to look through them and really see what was going on and kind of try to return to everyone so proceeding look why do companies choose to primary different bank accounts there are Papaya Global Payroll For Accountants organizations out there doing precisely this for specific nations and I have actually operated in a business or lots of services doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we don’t need to and any person that’s handling that process 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 think numerous reasons one is it’s the requirement I believe people have actually got so used to we need a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it requires changing but ultimately individuals are really stuck to what they recognize
with right um modification is a hard thing all of us don’t like modification um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having preserving several bank accounts but there’s a huge amount of intricacy chooses setting up a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the intricacy is huge but I think the truthful response is modification um people have not had the ability to change or have not had always the understanding to actually make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century or two there is a lot to track and this method does present a number of difficulties um so Johnny might you inform us about those challenges 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 jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Payroll For Accountants