Over the last five or 6 years …Is There A Way To Upload Spreadsheets To Papaya Global Payroll… roles on the service provider side and also on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is 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 managing Global payroll why business maintain separate
Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is especially helpful for global companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most importantly policies compliance information security and banking guidelines then there are the sheer numbers they include further intricacy the global Labor force is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll model there’s typically an overwhelming number of different systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really very fundamental there’s no real consistency structure we’re living in an age of tech however 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 and that just blows my mind each time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more a business invests in global payroll the less of a photo they see a lack of exposure also encompasses payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the deal nearly half of global businesses 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 mistakes are because of time reporting bad HCM data data entry errors inadequately interacted hires and terminations along with absence management and system setups and after that when you round it all off and the data is delivered to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they depend on the needed several processes 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 organization face when they’re paying to staff members or otherwise that’s a good question I constantly toss this back and say what is it what does not need to be included best and what does
it need to be considered there’s varying Bank information 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 complexity anywhere you look right eventually building a knowledge base is absolutely critical but everywhere you look with payroll payment they are like extremely 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 absolutely fundamental and technology is permitting us to sort of move forward with that it also also to contribute to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely necessary that payroll and finance groups work closer together than ever um I’m always surprised when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate 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 eventually it’s payroll is an end-to-end process it’s the point of information 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 wellness being a growing number of essential to add to kind of the level of intricacy there’s a growing number of benefits being organ or being provided by businesses throughout the world so once again you’re just wanting to add more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine challenges or genuine tough kind of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of years I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to produce additional handoffs while doing sos that we run in they simply make them more prompt they make them less effective 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 tough as it needs to be concurred and rightly as you said payroll is the single biggest liability that any organization has from a cost perspective from an effect viewpoint on employees it is definitely critical that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive result on people’s well-being and numerous other elements if people aren’t paid uh I have actually constantly been impressed entering this Market kind of the last 5 to ten years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only observe when things go wrong. However, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally also. For that reason, it is important to ensure that tasks like Wi-Fi International and other vital matters are done correctly. Using the first Global Payments very first payroll payment service is an excellent preliminary action towards supplying a comprehensive payroll option for workers worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and checking account needed for international payroll are crucial factors in achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things do not go as prepared. Ultimately, we don’t do it for the gratitude.
anyway we know how how crucial 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 everyone that’s associated with those processes and also so picture sorry I’m simply I was simply gon na say 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 discussing hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t imagine 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 in fact see what was going on and type of try to return to everyone so moving on appearance why do companies choose to main separate bank accounts there are Is There A Way To Upload Spreadsheets To Papaya Global Payroll services out there doing exactly this for specific countries and I’ve operated in a service or many businesses doing precisely that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we don’t have to and any person that’s dealing with 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 quantity that we are I think numerous reasons one is it’s the requirement I believe people have got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I believe this is a procedure that needs looking at it requires changing however ultimately people are really stuck to what they’re familiar
with best um modification is a challenging thing we all don’t like change um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having keeping numerous savings account but there’s a big amount of complexity goes with setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is substantial however I think the sincere answer is modification um individuals haven’t been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we have actually always 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 nearly be determined to be the next Century or so there is a lot to keep an eye on and this approach does position a number of difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so
I recently made a change to our Enterprise 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 gotten another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your accomplishments. Is There A Way To Upload Spreadsheets To Papaya Global Payroll