Over the last five or six years …How Do You Run A Payroll Connection In Papaya Global… functions on the supplier side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort 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 very extremely gloomy and I wish I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies preserve different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll also review a wrap-up and that must leave his time at the very really 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 Global labor forces become a growing number of common and handling them becomes a growing number of intricate International companies are aiming to find Solutions and brand-new methods to simplify procedures particularly from a payroll and cross-border payment viewpoint numerous companies preserve different savings account just for payroll while some have numerous accounts in different countries does it make sense for business to preserve different checking account often in various nations it does however just for payroll exists a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies enhance the episode complex processes of
making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings 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 difficult in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of reasons most significantly policies compliance data security and banking guidelines then there are the large numbers they add further intricacy the global Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll design there’s frequently an overwhelming variety of different systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or very really basic there’s no real consistency framework we’re living in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more an organization invests in international payroll the less of a picture they see a lack of visibility also reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide companies have actually revealed 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 because of time reporting poor HCM information information entry mistakes poorly communicated hires and terminations in addition to lack management and system setups and then when you round everything off and the information is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they depend on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles business face when they’re paying to employees or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t require to be included best and what does
it require to be considered 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 have to pay from the client’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to kind of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely important that payroll and finance teams work more detailed together than ever um I’m always surprised when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually 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 but also paying statutory authorities and on statutory third parties so with the
The modern world positions a high value on well-being and the compensation landscape is ending up being increasingly complex. Companies are continuously presenting brand-new benefits and payment alternatives, which contributes to the total intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can lead to inefficiencies and bottlenecks. In my opinion, this does not have to hold true. In today’s highly innovative age, there’s no reason for maintaining cumbersome treatments. Payroll, the company’s most significant expenditure, should be processed correctly and on time. Even small delays can adversely affect workers’ well-being and have significant effects. Therefore, it’s critical to prioritize precise and prompt payments.
The payroll group may not have 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 staff members or not. Payroll is an essential cycle, and individuals only observe when things fail. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally also. For that reason, it is necessary to make sure that jobs like Wi-Fi Global and other important matters are done properly. Utilizing the first Global Payments very first payroll payment solution is a fantastic initial step towards offering a thorough payroll option for workers worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and checking account necessary for international payroll are key consider accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyhow we know how how essential 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 simple as possible for everybody that’s associated with those processes and also so think of sorry I’m just I was just gon na say think of 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 hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating task 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 browse them and really see what was going on and kind of try to return to everybody so proceeding look why do companies select to main different checking account there are How Do You Run A Payroll Connection In Papaya Global companies out there doing exactly this for particular countries and I have actually worked in a business or numerous organizations doing precisely that I can state it does not always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for anybody where we don’t need to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think 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 people have got so used to we need a brand-new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I believe this is a process that requires looking at it needs changing however eventually individuals are extremely stuck to what they recognize
with right um modification is a difficult thing we all do not like modification um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having preserving numerous savings account however there’s a huge quantity of complexity chooses setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is substantial however I think the honest response is modification um individuals haven’t been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might almost be figured out to be the next Century or two there is a lot to keep an eye on and this method does present a number of obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this improved capability, I have successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements. How Do You Run A Payroll Connection In Papaya Global