Over the last 5 or six years …Why Are Hrs Black Instead Of Blue In Papaya Global Payroll… functions on the service provider side and also on the supplier side from a payroll point of view so truly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everybody another number of uh well among 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 rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely gloomy and I want I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll also review a recap which should leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and handling them becomes increasingly more complicated International companies are looking to discover Solutions and new methods to streamline procedures specifically from a payroll and cross-border payment viewpoint lots of companies maintain different savings account just for payroll while some have multiple accounts in various nations does it make sense for business to preserve different bank accounts in some cases in various nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies simplify the episode complex processes of
making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll costs 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 challenging in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of factors most notably guidelines compliance information security and banking rules then there are the large numbers they include additional intricacy the global Workforce is presently 3 and a half billion people 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 services and growing all doing their own thing around the globe in the conventional payroll model there’s typically an overwhelming variety of various systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or really very standard there’s no real consistency framework we’re living in an age of tech however 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 an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a service spends on international payroll the less of a picture they see a lack of exposure also encompasses payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal almost half of international companies have actually revealed that they don’t 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 bad HCM information data entry errors inadequately communicated hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is shipped to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they rely on the essential several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s a great question I always toss this back and state what is it what doesn’t require to be included best and what does
it need 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 time frames 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 intricacy anywhere you look best eventually developing a knowledge base is absolutely crucial however all over you look with payroll payment they are like incredibly payments no if however 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 acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to kind of progress with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and finance groups work better together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from estimation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more important to add to kind of the level of intricacy there’s increasingly more advantages being organ or being provided by services throughout the world so once again you’re simply seeking to add a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real challenges or real challenging type of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to develop additional handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an age that you understand that we are operating in today there is no reason that we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single biggest liability that any business has from a cost point of view from an effect viewpoint on workers it is definitely critical 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 biggest damaging result on people’s well-being and lots of other elements if individuals aren’t paid uh I have actually constantly been amazed coming into this Market kind of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals just notice when things go wrong. However, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally also. Therefore, it is important to ensure that tasks like Wi-Fi International and other essential matters are done properly. Utilizing the first Worldwide Payments very first payroll payment service is an excellent initial step towards providing a thorough payroll service for staff members worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and checking account needed for international payroll are essential factors in accomplishing organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as prepared. Ultimately, we don’t do it for the thankfulness.
anyhow we understand how how crucial a role 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 everyone that’s involved in those procedures and also so think of sorry I’m simply I was just gon na state think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions envision getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating 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 need days of the week to try to check out them and in fact see what was going on and sort of try to get back to everybody so moving on appearance why do business select to main different checking account there are Why Are Hrs Black Instead Of Blue In Papaya Global Payroll services out there doing exactly this for particular countries and I have actually operated in a business or lots of services doing precisely that I can say it doesn’t always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not creating extra work for anybody where we do not have 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 quantity that we are I think many factors one is it’s the requirement I think individuals have got so used to we require a new savings account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard 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 many other ways um to to type of do it so I believe there’s a variety I believe this is a process that needs taking a look at it requires altering but ultimately people are extremely stuck with what they recognize
with right um change is a tough thing we all do not like modification um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having keeping numerous checking account but there’s a substantial amount of complexity opts for setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is big but I believe the sincere answer is change um people have not been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does pose several challenges um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your accomplishments. Why Are Hrs Black Instead Of Blue In Papaya Global Payroll