Over the last five or six years …How Much Papaya Global Payroll Cost… functions on the supplier side and also on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds approximately 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 currently simply to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it remains 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 very very dreary and I wish I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll also review a recap and that must leave his time at the really very 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 Global labor forces become more and more typical and handling them becomes more and more complicated Global organizations are aiming to find Solutions and new methods to enhance processes specifically from a payroll and cross-border payment standpoint lots of organizations maintain separate bank account just for payroll while some have multiple accounts in different nations does it make sense for companies to preserve separate bank accounts often in various nations it does but just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business improve the episode complex procedures of
making payroll payments precisely efficiently securely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of factors most significantly policies compliance data security and banking guidelines then there are the sheer numbers they include more complexity the international Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll model there’s typically an overwhelming number of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or really extremely fundamental there’s no real consistency structure we’re residing in an era 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 which simply blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that offers me sleepless nights and quite honestly the more an organization spends on global payroll the less of an image they see a lack of visibility likewise reaches payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide services have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes badly communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the information is delivered to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they count on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they’re paying to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t need to be included ideal and what does
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it need 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 time frames 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 customer’s own in-country account so there’s intricacy wherever you look right eventually developing a knowledge base is definitely important but everywhere you look with payroll payment they are like extremely 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 in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to type of progress with that it also too to contribute to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely vital that payroll and finance teams work better together than ever um I’m constantly surprised when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more essential to contribute to type of the level of complexity there’s a growing number of advantages being organ or being used by businesses across the world so again you’re simply wanting to include increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real difficulties or genuine tough sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of years I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to create additional handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you know that we are working in today there is no reason that we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any business has from a cost viewpoint from an impact point of view on employees it is absolutely critical that it’s done correctly 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 biggest damaging impact on people’s well-being and many other aspects if people aren’t paid uh I have actually always been impressed entering this Market kind of the last five to 10 years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just discover when things fail. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally too. For that reason, it is vital to guarantee that tasks like Wi-Fi International and other essential matters are done properly. Using the first Global Payments very first payroll payment service is a fantastic preliminary action towards offering a comprehensive payroll solution for workers worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and bank accounts essential for worldwide payroll are essential consider attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things do not go as prepared. Eventually, we don’t do it for the appreciation.
anyhow we know how how crucial a function 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 easy as possible for everybody that’s associated with those processes and likewise so think of sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean 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 require days of the week to try to look through them and in fact see what was going on and kind of shot to return to everyone so carrying on appearance why do companies choose to primary separate checking account there are How Much Papaya Global Payroll Cost companies out there doing precisely this for specific countries and I have actually worked in a business or lots of businesses doing exactly that I can state it does not constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for any person where we do not need to and any person 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 think many factors one is it’s the standard I think individuals have got so used to we require a new savings account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I think this is a process that needs taking a look at it needs altering however eventually people are really stuck with what they recognize
with ideal um modification is a tough thing we all don’t like change um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having keeping several savings account but there’s a huge quantity of complexity goes with setting up a bank account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the intricacy is substantial however I believe the sincere answer is change um individuals haven’t had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century or two there is a lot to keep track of and this technique does present a number of challenges um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so
I simply did you changed our Business 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 International staff members you should have a corner workplace with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you How Much Papaya Global Payroll Cost