Over the last five or six years …Where Do I Find Papaya Global Payroll Item List… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very uninspiring and I wish I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we’ll likewise discuss a recap and that must leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of typical and managing them ends up being more and more complicated International organizations are seeking to find Solutions and new methods to simplify procedures especially from a payroll and cross-border payment perspective numerous companies preserve separate checking account just for payroll while some have numerous accounts in various nations does it make sense for business to maintain different bank accounts sometimes in different countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies simplify the episode complex processes of
making payroll payments properly efficiently securely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one country however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most importantly guidelines compliance information security and banking guidelines then there are the large numbers they add more intricacy the global Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the standard payroll model there’s frequently an overwhelming variety of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really very standard there’s no real consistency framework we’re living in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce 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 photo they see a lack of presence likewise extends to payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of international organizations have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors inadequately communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the information is shipped to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they depend on the necessary numerous 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 challenges business face when they’re making payments to employees or otherwise that’s a great concern I always toss this back and state what is it what does not require to be included best and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 have to pay from the consumer’s own in-country account so there’s complexity any place you look right ultimately developing a knowledge base is definitely crucial but everywhere 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to kind of move forward with that it also also to add to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and financing groups work more detailed together than ever um I’m always surprised when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation 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 data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high value on well-being and the compensation landscape is becoming increasingly complex. Businesses are continually presenting brand-new advantages and payment choices, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can result in inadequacies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s technologically advanced age, there’s no reason for maintaining troublesome treatments. Payroll, the business’s biggest cost, must be processed properly and on time. Even minor delays can negatively affect employees’ wellness and have far-reaching effects. For that reason, it’s important to prioritize accurate and prompt payments.
payroll team get um so I’m unsure anyone on this type of webinar has actually been informed 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 workers or not um but ultimately payroll is such an important cycle all of us hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s just 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 stuff is definitely crucial that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment option is a fantastic primary step um providing an end-to-end payroll option for your workers worldwide again I think is another substantial um process once again aligning and ensuring you have standardization International procedures all of those things are absolutely essential to success success of organizations and lowering the number of tools platforms and savings account they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand how how essential 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 simple as possible for everybody that’s associated with those procedures and likewise so picture sorry I’m simply I was simply gon na state envision 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 discussing numerous thousands possibly Millions think of getting that many 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 up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and actually see what was going on and type of shot to return to everybody so proceeding appearance why do business select to main separate checking account there are Where Do I Find Papaya Global Payroll Item List businesses out there doing exactly this for particular countries and I have actually operated in a service or numerous organizations doing precisely that I can say it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we don’t need to and anybody that’s dealing with 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 think people have got so used to we require a new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I think this is a process that requires taking a look at it needs changing however ultimately individuals are really stuck with what they’re familiar
with ideal um change is a tough thing all of us don’t like change um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having preserving several checking account however there’s a substantial amount of complexity chooses setting up a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for private individuals so the complexity is huge but I believe the sincere response is modification um individuals have not been able to change or have not had always the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on 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 technique does present several challenges um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you are worthy of a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Where Do I Find Papaya Global Payroll Item List