Over the last 5 or six years …Which Checks Do You E To Use With Papaya Global Payroll… roles on the provider side and likewise on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very dreary and I wish I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll also go over a wrap-up and that ought to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and handling them ends up being increasingly more complicated Worldwide companies are seeking to find Solutions and new methods to streamline procedures particularly from a payroll and cross-border payment viewpoint many companies maintain separate savings account just for payroll while some have numerous accounts in different nations does it make sense for companies to keep different savings account in some cases in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business improve the episode complex processes of
making payroll payments precisely effectively firmly and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll expenses 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 challenging in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of factors most significantly regulations compliance data security and banking rules then there are the sheer numbers they include more intricacy the worldwide Labor force is currently 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 factor in that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll model there’s often an overwhelming number of various systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or very very standard there’s no real consistency framework we’re living 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 frequently with pen and paper and that simply blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a service spends on worldwide payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of international services have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors badly communicated hires and terminations as well as absence management and system configurations and then when you round all of it off and the data is shipped to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they count on the needed several procedures systems and partners it is simply 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 a good concern I always toss this back and state what is it what does not require to be consisted of right and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 consumer’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is definitely critical but all over you look with payroll payment they are like extremely 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is enabling us to type of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and finance groups work more detailed together than ever um I’m always astonished when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from computation 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 people any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world places a high value on well-being and the compensation landscape is becoming significantly intricate. Businesses are continuously presenting new benefits and payment alternatives, which adds to the overall intricacy. Big corporations frequently divide their payroll and payment processing into separate groups, which can result in inefficiencies and bottlenecks. In my opinion, this does not need to hold true. In today’s technologically sophisticated era, there’s no validation for maintaining troublesome treatments. Payroll, the company’s most significant expense, must be processed correctly and on time. Even slight delays can adversely affect staff members’ well-being and have far-reaching repercussions. For that reason, it’s vital to focus on precise and prompt payments.
payroll team get um so I’m not exactly sure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I think 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 things is absolutely essential that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment service is a terrific primary step um providing an end-to-end payroll service for your staff members globally again I think is another huge um procedure once again lining up and ensuring you have standardization Global procedures all of those things are absolutely key to success success of businesses and reducing the variety of tools platforms and checking account they need for their Worldwide 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’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I do not think any of us are actually doing that for for the thanks
anyhow we know how how important a function it is and that’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 everyone that’s associated with those processes and also so imagine sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task attempting to clean up all those up for sure oh absolutely I can’t picture 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 really see what was going on and sort of try to return to everyone so carrying on look why do companies choose to main different bank accounts there are Which Checks Do You E To Use With Papaya Global Payroll companies out there doing exactly this for specific countries and I’ve worked in an organization or lots of companies doing precisely that I can say it doesn’t always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not producing additional work for anybody where we don’t have to and anybody that’s managing that procedure I ‘d be interested to hear your ideas 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 believe people have got so used to we need a brand-new savings account we open an entity and rightly 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 standard and the norm the people have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I think this is a procedure that requires looking at it requires changing however eventually individuals are really stuck with what they’re familiar
with ideal um change is a hard thing we all don’t 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 lot of track of things um I comprehend certainly the benefits of having keeping several savings account but there’s a huge amount of intricacy chooses establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for private people so the intricacy is substantial but I think the truthful response is modification um people have not been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century or two there is a lot to monitor and this technique does position several difficulties um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety 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 ability, I have effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Which Checks Do You E To Use With Papaya Global Payroll