Over the last five or 6 years …Does Papaya Global Payroll Include 1099… functions on the company side and likewise on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds approximately 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 intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I actually do hope it’s much sunnier than it remains 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 very really uninspiring and I wish I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic possession uh we’ll likewise go over a wrap-up which should leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of typical and managing them becomes more and more complicated Global companies are seeking to find Solutions and new methods to improve processes especially from a payroll and cross-border payment perspective lots of companies keep separate checking account just for payroll while some have several accounts in different countries does it make sense for business to keep different checking account in some cases in various countries it does but just for payroll is there a better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business streamline the episode complex processes of
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of reasons most significantly guidelines compliance data security and banking rules then there are the large numbers they include further complexity the international Labor force is presently 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 services and growing all doing their own thing around the globe in the traditional payroll model there’s often a frustrating variety of various systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or very extremely basic there’s no real consistency structure 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 whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business invests in global payroll the less of an image they see a lack of presence likewise encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of international services have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors improperly interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they depend on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s an excellent question I constantly toss this back and state what is it what does not require to be included best 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look right eventually developing a knowledge base is definitely vital but all over you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to sort of move on with that it likewise as well to add to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and finance groups work closer together than ever um I’m always impressed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide 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 data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more important to add to kind of the level of intricacy there’s more and more advantages being organ or being offered by organizations across the world so again you’re simply looking to add a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real challenges or real difficult sort of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of decades I would absolutely 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 job there are groups feeding details into the next function as it were that’s actually managing the payment side of things but you know in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to develop additional handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason that we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single most significant liability that any service has from an expense perspective from an effect point of view on workers it is absolutely crucial that it’s done properly and on time so what we mean 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 detrimental effect on people’s well-being and many other aspects if individuals aren’t paid uh I’ve constantly been amazed entering into this Market kind of the last 5 to ten years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people just notice when things fail. However, when things go right, it’s seen as just a regular task. This is how it’s perceived externally too. Therefore, it is essential to guarantee that jobs like Wi-Fi International and other essential matters are done correctly. Using the very first Global Payments first payroll payment solution is an excellent initial action towards supplying a thorough payroll service for staff members worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and checking account essential for worldwide payroll are crucial consider attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things don’t go as prepared. Ultimately, we don’t do it for the gratitude.
anyhow we know 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 everybody that’s associated with those processes and likewise so imagine sorry I’m just I was just gon na state think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job attempting to clean up 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 need days of the week to attempt to look through them and really see what was going on and type of try to get back to everybody so moving on look why do business select to main separate checking account there are Does Papaya Global Payroll Include 1099 companies out there doing exactly this for particular countries and I’ve worked in a company or lots of services doing precisely that I can say it does not constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we do not need to and anyone that’s dealing with 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 amount that we are I think numerous reasons one is it’s the requirement I think people have got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years gone past 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 range I believe this is a procedure that needs looking at it requires altering however ultimately individuals are extremely stuck with what they’re familiar
with ideal um modification is a tough thing all of us don’t like modification um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having maintaining several checking account however there’s a huge quantity of complexity goes with setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is substantial however I believe the sincere answer is change um people have not been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be determined to be the next Century or so there is a lot to keep an eye on and this method does pose several difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a variety right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you should have a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Does Papaya Global Payroll Include 1099