Over the last 5 or 6 years …How To Add A New Employee To Papaya Global Payroll… roles on the company side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone 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 certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely really dreary and I wish I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business preserve separate
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly anticipate their payroll expenses 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 challenging in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most notably policies compliance information security and banking guidelines then there are the large numbers they add additional intricacy the international Labor force 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 individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the conventional payroll model there’s frequently a frustrating number of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or really very fundamental there’s no genuine consistency structure we’re residing 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 and that just blows my mind whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more an organization spends on global payroll the less of an image they see an absence of visibility likewise reaches payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction almost half of international businesses have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes badly communicated hires and terminations along with absence management and system setups and then when you round it all off and the information is delivered to the incorrect location the average expense 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 money all over the world payroll and payments don’t run smoothly if they count on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re making payments to workers or otherwise that’s an excellent question I always throw this back and say what is it what does not require 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 nation there’s payment amount of time 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 customer’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link 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 technology is permitting us to type of progress with that it also too to add to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely necessary that payroll and finance teams work better together than ever um I’m always astonished when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more crucial to add to type of the level of complexity there’s increasingly more benefits being organ or being provided by companies across the world so once again you’re just seeking to add a growing number of payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine difficulties or genuine challenging sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would definitely say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s really managing the payment side of things however you understand in in my opinion and my experience that does not always require 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 prompt they make them less effective and they do not make them what they need to be in in a period of tech and a period that you know that we are working in today there is no reason that we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from an expense perspective from an effect point of view on staff members it is definitely critical that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive effect on people’s wellness and numerous other elements if individuals aren’t paid uh I have actually always been impressed coming into this Market type of the last five to ten years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals just observe when things fail. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally too. For that reason, it is essential to ensure that jobs like Wi-Fi International and other essential matters are done properly. Utilizing the first International Payments first payroll payment solution is a terrific initial step towards providing a detailed payroll service for employees worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and checking account necessary for worldwide payroll are essential consider attaining business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things don’t go as planned. Eventually, we do not do it for the thankfulness.
anyway we understand how how essential a function 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 everybody that’s involved in those processes and also so think of sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions imagine getting that many 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 attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and sort of shot to return to everyone so proceeding appearance why do business choose to main different bank accounts there are How To Add A New Employee To Papaya Global Payroll services out there doing exactly this for specific countries and I’ve operated in a business or many companies doing exactly that I can say it doesn’t always feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating extra work for anybody where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous 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 require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I believe this is a process that requires taking a look at it requires altering but eventually individuals are extremely stuck to what they recognize
with best um modification is a hard thing we all do not like change um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having keeping numerous savings account however there’s a substantial amount of complexity goes with establishing a checking account preserving it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for specific individuals so the complexity is huge however I believe the sincere answer is change um individuals haven’t had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century approximately there is a lot to keep an eye on and this method does posture a number of obstacles um so Johnny might 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 Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. How To Add A New Employee To Papaya Global Payroll