Over the last five or six years …Does I Have To Use Papaya Global Payroll With Pro Desktop… roles on the provider side and likewise on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays 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 kind of like see where everyone comes 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 drizzling here it’s very very dreary and I wish I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya International payroll payments as a strategic property uh we’ll likewise go over a recap and that should leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more typical and handling them ends up being more and more complex Global companies are seeking to find Solutions and new ways to simplify processes specifically from a payroll and cross-border payment viewpoint many companies maintain different savings account just for payroll while some have numerous accounts in various countries does it make good sense for companies to keep separate savings account in some cases in various nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business streamline the episode complex processes of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of factors most significantly regulations compliance data security and banking guidelines then there are the large numbers they include more complexity the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 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 around the world in the traditional payroll design there’s typically a frustrating number of different systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or really extremely basic there’s no real consistency framework we’re residing in an age 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 often with pen and paper which simply 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 just 11 of organizations state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a business spends on worldwide payroll the less of an image they see an absence of presence likewise extends to payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide businesses have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes inadequately communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the data is delivered to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they count on the needed several 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 obstacles service face when they’re making payments to workers or otherwise that’s a good concern I constantly toss this back and state what is it what does not need to be included right and what does
it require to be thought about there’s varying 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 need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity wherever you look ideal ultimately building a knowledge base is definitely important however everywhere you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is enabling us to type of progress with that it likewise as well to add to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely imperative that payroll and finance teams work better together than ever um I’m constantly astonished when people state I have actually split payroll and payment um if you stroll 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 an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high value on well-being and the compensation landscape is ending up being significantly complex. Businesses are continually introducing new advantages and payment options, which adds to the general intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can result in ineffectiveness and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s technologically innovative age, there’s no justification for keeping troublesome procedures. Payroll, the company’s greatest expenditure, should be processed properly and on time. Even minor delays can adversely impact employees’ well-being and have far-reaching effects. Therefore, it’s vital to focus on accurate and prompt payments.
The payroll team may not have been thanked for properly processing payroll during a webinar. If anybody 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 routine job. This is how it’s viewed externally as well. For that reason, it is essential to guarantee that tasks like Wi-Fi International and other vital matters are done correctly. Utilizing the very first Global Payments very first payroll payment service is a terrific initial step towards offering a detailed payroll service for employees worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and checking account essential for international payroll are crucial factors in attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things do not go as prepared. Ultimately, we do not do it for the thankfulness.
anyway we understand how how crucial a role 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 involved in those procedures and likewise so picture sorry I’m simply I was simply gon na say imagine 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 numerous thousands possibly Millions think of 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 absolutely be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and really see what was going on and sort of shot to get back to everyone so moving on appearance why do business pick to primary different savings account there are Does I Have To Use Papaya Global Payroll With Pro Desktop businesses out there doing exactly this for specific countries and I have actually operated in a business or many businesses doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not creating additional work for any person where we do not need to and anyone that’s dealing with that process 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 think numerous factors one is it’s the requirement I think people have actually got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll functions 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 embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a process that requires looking at it needs changing however ultimately people are extremely stuck to what they’re familiar
with right um change is a challenging thing all of us don’t like modification um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having maintaining several bank accounts but there’s a big amount of complexity opts for establishing a bank account preserving it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for specific people so the complexity is big however I think the honest response is modification um individuals haven’t had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but we’ve 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 know what could nearly be determined to be the next Century approximately there is a lot to monitor and this technique does pose several challenges um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Does I Have To Use Papaya Global Payroll With Pro Desktop