Over the last 5 or six years …Why Am I Being Charged A Fee Papaya Global Payroll… functions on the service provider side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply offer everybody another number of uh well among 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 rather fascinating 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 comes from and I really 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 extremely really gloomy and I want I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies preserve different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll also go over a wrap-up and that ought to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of common and managing them ends up being increasingly more intricate Worldwide organizations are seeking to discover Solutions and brand-new methods to improve procedures especially from a payroll and cross-border payment standpoint lots of companies keep different checking account just for payroll while some have numerous accounts in various nations does it make sense for business to keep different bank accounts in some cases in various nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business enhance the episode complex procedures of
making payroll payments precisely efficiently securely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of factors most significantly policies compliance information security and banking rules then there are the large numbers they include more complexity the global Labor force is currently 3 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 consider that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll design there’s often an overwhelming number of different systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or really really basic there’s no real consistency framework we’re residing 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 often with pen and paper which simply blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization invests in global payroll the less of a picture they see a lack of presence also reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal almost half of international businesses have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors improperly communicated hires and terminations as well as lack management and system configurations and then when you round it all off and the information is shipped to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they depend on the essential multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges business face when they’re making payments to workers or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t require to be consisted of best and what does
it require to be thought of there’s differing 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 need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look right eventually developing a knowledge base is definitely vital however 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to kind of move on with that it also also to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and finance teams work more detailed together than ever um I’m constantly surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from calculation 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 process it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on wellness and the compensation landscape is ending up being significantly intricate. Companies are continuously presenting new advantages and payment choices, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into different groups, which can lead to ineffectiveness and traffic jams. In my viewpoint, this does not need to hold true. In today’s technically sophisticated period, there’s no validation for keeping cumbersome procedures. Payroll, the company’s greatest expense, should be processed properly and on time. Even slight hold-ups can adversely affect workers’ well-being and have far-reaching effects. Therefore, it’s crucial to prioritize precise and timely payments.
payroll group get um so I’m uncertain anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong 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 things is absolutely important that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment service is an excellent primary step um offering an end-to-end payroll solution for your employees worldwide once again I think is another huge um process again lining up and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of companies and decreasing the number of tools platforms and savings account they require for their International payroll too couldn’t 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 five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyway we understand how how crucial a role 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 simple as possible for everyone that’s associated with those processes and also so envision sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and in fact see what was going on and sort of try to get back to everyone so proceeding appearance why do companies pick to primary different bank accounts there are Why Am I Being Charged A Fee Papaya Global Payroll businesses out there doing exactly this for particular nations and I’ve worked in a service or lots of services doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for anybody where we do not have to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the requirement I believe people have got so used to we require a new bank account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I think this is a process that requires looking at it requires changing however eventually individuals are really stuck to what they’re familiar
with best um modification is a challenging thing all of us do not like modification um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having keeping numerous bank accounts but there’s a substantial quantity of complexity chooses setting up a checking account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for private people so the complexity is huge however I believe the truthful response is modification um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to track and this approach does pose a number of obstacles um so Johnny might you tell us about those challenges 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 manage our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this improved capability, I have effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Why Am I Being Charged A Fee Papaya Global Payroll