Over the last five or 6 years …How Does Papaya Global Payroll Work Dates… functions on the service provider side and also on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very bleak and I want 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 obstacle years of managing Worldwide payroll why companies keep different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical property uh we’ll likewise review a wrap-up and that should leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more common and handling them ends up being a growing number of complex Global companies are looking to find Solutions and brand-new methods to streamline procedures especially from a payroll and cross-border payment perspective lots of organizations keep different checking account just for payroll while some have several accounts in different nations does it make sense for business to preserve different savings account often in various countries it does however just for payroll is there a better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping international companies enhance the episode complex procedures of
making payroll payments properly efficiently securely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in enough in one country but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most notably policies compliance data security and banking rules then there are the sheer numbers they include more intricacy the global Labor force is presently three and a half billion individuals 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 companies and growing all doing their own thing around the world in the traditional payroll design there’s typically an overwhelming number of various systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or very really fundamental there’s no real consistency structure we’re residing in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I think
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 Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a business spends on international payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international services have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors badly interacted hires and terminations in addition to lack management and system configurations and after that when you round everything off and the information is delivered to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they count on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and state what is it what does not require to be consisted of best and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look right eventually building a knowledge base is definitely important however all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you 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 fundamental and innovation is enabling us to type of progress with that it also also to contribute to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely important that payroll and finance teams work better together than ever um I’m always surprised when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split 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 process it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on wellness and the compensation landscape is ending up being increasingly intricate. Companies are constantly introducing brand-new benefits and payment options, which contributes to the overall complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to inefficiencies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s highly innovative age, there’s no reason for preserving cumbersome procedures. Payroll, the business’s greatest expense, need to be processed correctly and on time. Even slight hold-ups can negatively impact employees’ well-being and have far-reaching consequences. For that reason, it’s critical to focus on accurate and prompt payments.
payroll group get um so I’m uncertain anybody on this sort of webinar has actually been told thank you for processing my payroll correctly 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 find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment option is a terrific primary step um providing an end-to-end payroll solution for your workers globally once again I believe is another big um procedure again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of services and decreasing the variety of tools platforms and savings account they require for their International 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 had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know how how essential 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 easy as possible for everybody that’s involved in those processes and likewise so think of sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions envision getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and really see what was going on and kind of try to return to everyone so proceeding appearance why do companies choose to primary different checking account there are How Does Papaya Global Payroll Work Dates organizations out there doing exactly this for specific countries and I’ve worked in a company or numerous organizations doing exactly that I can state it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not producing extra work for any person where we do not have to and anybody that’s dealing with 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 believe lots of factors one is it’s the requirement I think individuals have actually got so used to we require a brand-new bank account we open an entity and rightly 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 simply been the standard and the norm the people have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I believe this is a procedure that requires looking at it needs altering however eventually people are extremely stuck to what they recognize
with best um modification is a challenging thing we all 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 lot of track of things um I comprehend clearly the advantages of having maintaining numerous bank accounts however there’s a big amount of intricacy goes with setting up a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for specific individuals so the intricacy is substantial however I believe the truthful answer is modification um individuals haven’t had the ability to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century or so there is a lot to keep track of and this technique does present several difficulties 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 change to our Enterprise 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 boosted capability, I have successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. How Does Papaya Global Payroll Work Dates