Over the last five or 6 years …Papaya Global Phone Number Payroll… functions on the service provider side and also on the vendor side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody 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 raining here it’s really really uninspiring and I wish I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll also go over a wrap-up and that ought to 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 Global workforces end up being increasingly more common and handling them ends up being more and more intricate Global organizations are aiming to discover Solutions and new methods to enhance processes especially from a payroll and cross-border payment standpoint many companies preserve different checking account just for payroll while some have several accounts in different countries does it make good sense for companies to maintain different checking account sometimes in various countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business enhance the episode complex processes of
making payroll payments precisely efficiently securely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most notably regulations compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the international Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll design there’s frequently an overwhelming number of various systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or extremely really standard there’s no genuine consistency structure we’re living in an era of tech but payroll has been sluggish 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 each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a business spends on worldwide payroll the less of a picture they see a lack of presence also reaches payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of global services have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors inadequately communicated hires and terminations along with absence management and system configurations and then when you round everything off and the data is delivered to the incorrect location the average cost of a global data 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 depend on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re paying to workers or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t require to be included ideal and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 client’s own in-country account so there’s intricacy wherever you look best ultimately developing a knowledge base is absolutely crucial but 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 type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to type of progress with that it also as well to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and financing groups work better together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market 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 information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being provided by businesses throughout the world so again you’re just looking to add increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine difficulties or genuine difficult type of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of years I would certainly say that the bigger 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 details into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we need to create extra handoffs at the same times that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and a period that you understand that we are operating in today there is no reason why we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any business has from an expense viewpoint from an impact perspective on staff members it is definitely vital that it’s done properly and on time so what we imply 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 result on people’s wellness and numerous other aspects if people aren’t paid uh I have actually always been amazed coming into this Market type of the last five to 10 years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only notice when things go wrong. However, when things go right, it’s seen as simply a routine task. This is how it’s viewed externally also. Therefore, it is important to guarantee that jobs like Wi-Fi Worldwide and other vital matters are done correctly. Using the first Worldwide Payments very first payroll payment option is an excellent preliminary action towards offering a detailed payroll solution for workers worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and checking account essential for international payroll are key factors in attaining service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyhow we know how how crucial 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 involved in those processes and also so think of sorry I’m simply I was simply gon na say picture 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 talking about hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job trying 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 try to check out them and in fact see what was going on and type of try to return to everyone so carrying on look why do business choose to main separate savings account there are Papaya Global Phone Number Payroll companies out there doing exactly this for specific countries and I have actually operated in an organization or numerous organizations doing precisely that I can say it does not always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anyone where we do not need to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the requirement I think people have actually got so used to we need a new bank account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a range I believe this is a procedure that requires taking a look at it requires altering but eventually individuals are extremely stuck with what they recognize
with right um change is a hard thing we all do not like change um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having maintaining numerous checking account but there’s a big quantity of complexity chooses establishing a savings account preserving it ensuring it can send International transfers ensuring it’s set up with the best user accesses for specific individuals so the complexity is huge however I believe the honest answer is change um people haven’t had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century or so there is a lot to monitor and this method does posture a number of challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Phone Number Payroll