Over the last five or 6 years …How Does Papaya Global Payroll Work With July 4Th Holdiay… roles on the company side and likewise on the vendor side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to kind 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 sunlight is it it’s not no it’s it’s drizzling here it’s very really bleak and I wish I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies preserve different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll also go over a recap and that needs to leave his time at the really very 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 workforces end up being more and more typical and managing them ends up being more and more complicated Global companies are looking to find Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment viewpoint lots of companies maintain separate checking account just for payroll while some have numerous accounts in different nations does it make good sense for companies to maintain separate savings account often in different countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business streamline the episode complex procedures of
making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most significantly policies compliance data security and banking rules then there are the sheer numbers they add additional intricacy the international Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 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 traditional payroll model there’s frequently a frustrating number of different systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or really very basic there’s no real consistency structure we’re living in a period 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 frequently with pen and paper which simply blows my mind whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service spends on worldwide payroll the less of a picture they see a lack of visibility also encompasses payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide businesses have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors badly communicated hires and terminations along with lack management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they rely on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they’re paying to staff members or otherwise that’s an excellent question I constantly toss this back and say what is it what does not 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 nation there’s payment time frames there’s payment capabilities 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 customer’s own in-country account so there’s intricacy any place you look right eventually building a knowledge base is definitely critical but all over you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind 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 basic and innovation is permitting us to kind of progress with that it also also to add to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely vital that payroll and financing teams work better together than ever um I’m constantly surprised when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of important to add to sort of the level of complexity there’s increasingly more benefits being organ or being used by companies across the world so once again you’re simply aiming to add more and more payments to this currently intricate landscape so if you sort 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 obstacles or genuine difficult kind of pay uses to play to pay people I think yeah I mean over the last well yeah a number of years I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s really managing 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 understand long gone are the times where we need to develop extra handoffs while doing sos that we run in they just make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and an era that you know that we are working in today there is no reason we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single most significant 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 indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful impact on individuals’s well-being and lots of other factors if individuals aren’t paid uh I have actually always been amazed entering into this Market kind of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just discover when things fail. However, when things go right, it’s seen as just a regular job. This is how it’s perceived externally too. Therefore, it is essential to ensure that jobs like Wi-Fi Global and other vital matters are done properly. Using the very first Global Payments first payroll payment option is a terrific initial action towards supplying a comprehensive payroll service for workers worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and checking account necessary for international payroll are crucial consider accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyway we know how how important 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 easy as possible for everybody that’s associated with those procedures and also so envision sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous 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 certainly be a fascinating task attempting to clean 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 try to look through them and really see what was going on and kind of try to return to everyone so proceeding look why do business pick to primary different savings account there are How Does Papaya Global Payroll Work With July 4Th Holdiay companies out there doing precisely this for particular countries and I’ve worked in a service or numerous companies doing exactly that I can say it does not always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for any person where we don’t need to and anybody that’s handling 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 quantity that we are I believe numerous reasons one is it’s the standard I think people have got so utilized to we require a new savings account we open an entity and appropriately so you need 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 passed by to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that requires looking at it requires altering but eventually people are really stuck with what they recognize
with ideal um modification is a hard thing we all don’t like change um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having keeping several savings account however there’s a big amount of complexity opts for setting up a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the intricacy is big but I think the truthful answer is change um people have not had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century approximately there is a lot to keep track of and this method does present several difficulties 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 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 gotten another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your accomplishments. How Does Papaya Global Payroll Work With July 4Th Holdiay