Over the last 5 or 6 years …How To Add A Contractor To Papaya Global Payroll… functions on the service provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating 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 remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very gloomy and I wish I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies maintain different
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is particularly useful for worldwide organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate savings account for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly 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 business accurately anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in enough in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of factors most significantly guidelines compliance data security and banking guidelines then there are the sheer numbers they add additional complexity the global Labor force is currently 3 and a half billion individuals 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 consider that there are some 230 million organizations and growing all doing their own thing worldwide in the conventional payroll model there’s typically an overwhelming number of various systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or really really fundamental there’s no genuine consistency structure 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 frequently with pen and paper and that just blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service spends on global payroll the less of an image they see a lack of exposure likewise reaches payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide businesses have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors inadequately communicated hires and terminations in addition to lack management and system setups and then when you round it all off and the data is shipped to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they depend on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s a good question I always toss this back and state what is it what doesn’t need to be included best and what does
it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy wherever you look best ultimately developing a knowledge base is definitely vital however all over you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to kind of progress with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and financing groups work better together than ever um I’m always amazed when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry 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 data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more essential to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being used by companies across the world so again you’re just looking to include a growing number of payments to this currently complex landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real challenges or genuine tough kind of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of decades I would definitely 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 info into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to produce additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason that we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from an expense point of view from an effect viewpoint on employees it is absolutely critical that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful impact on people’s wellness and numerous other aspects if individuals aren’t paid uh I have actually always been impressed entering into this Market sort of the last five to 10 years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only notice when things fail. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally as well. Therefore, it is necessary to make sure that jobs like Wi-Fi International and other crucial matters are done properly. Using the first Worldwide Payments very first payroll payment service is a fantastic preliminary action towards providing a detailed payroll solution for workers worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and checking account needed for worldwide payroll are key factors in attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
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 easy as possible for everyone that’s involved in those processes and also so picture sorry I’m just I was just gon na state envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and in fact see what was going on and kind of try to return to everybody so proceeding appearance why do companies pick to main different checking account there are How To Add A Contractor To Papaya Global Payroll businesses out there doing exactly this for particular nations and I’ve operated in a service or numerous organizations doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we don’t have to and anyone 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 believe lots of factors one is it’s the standard I think individuals have actually got so used to we need a brand-new checking 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 just been the standard and the norm the people have actually adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires changing but eventually individuals are very stuck with what they’re familiar
with right um change is a challenging thing all of us do not like modification um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having keeping several checking account but there’s a substantial amount of intricacy chooses establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is big but I think the truthful answer is change um people haven’t been able to change or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I believe it is understanding you know and there is an element of resistance to change but we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century or so there is a lot to keep an eye on and this method does pose several challenges um so Johnny might you inform 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 acquired another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your accomplishments. How To Add A Contractor To Papaya Global Payroll