Over the last 5 or six years …How To Add Garnishment In Papaya Global Payroll Desktop… functions on the service provider side and likewise on the vendor side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll type 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 kind of like see where everybody comes 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 very bleak and I wish I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we’ll likewise review a recap and that ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and handling them ends up being a growing number of intricate Worldwide companies are seeking to find Solutions and brand-new ways to simplify procedures especially from a payroll and cross-border payment standpoint numerous organizations maintain separate bank account just for payroll while some have several accounts in different countries does it make good sense for companies to maintain separate bank accounts in some cases in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business streamline the episode complex processes of
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one country but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of reasons most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they add more complexity the global Labor force is presently three 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 currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll design there’s frequently an overwhelming variety of various systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or really extremely standard there’s no real consistency framework we’re residing 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 typically with pen and paper and that just blows my mind each time 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 say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company invests in global payroll the less of an image they see a lack of visibility likewise reaches payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global services have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes improperly interacted hires and terminations along with lack management and system setups and then when you round all of it off and the information is shipped to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they count on the essential several 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 organization face when they’re making payments to employees or otherwise that’s a good concern I constantly throw this back and state what is it what doesn’t need to be included best and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 customer’s own in-country account so there’s intricacy wherever you look best eventually developing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and technology is allowing us to type of move forward with that it also as well to add to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and financing teams work better together than ever um I’m constantly amazed when people say I’ve 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 computation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to contribute to kind of the level of intricacy there’s more and more advantages being organ or being offered by services throughout the world so again you’re just wanting to include increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real difficulties or real tough sort of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple 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 teams feeding information into the next function as it were that’s actually handling the payment side of things however you know 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 need to produce extra handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you know that we are working in today there is no reason we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any organization has from a cost viewpoint from an effect viewpoint on staff members it is absolutely vital 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 many other factors if individuals aren’t paid uh I’ve always been surprised entering this Market sort of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anybody has 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 just observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally too. Therefore, it is necessary to make sure that tasks like Wi-Fi Global and other essential matters are done correctly. Utilizing the first International Payments very first payroll payment service is a fantastic preliminary action towards providing an extensive payroll option for workers worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and checking account necessary for global payroll are key factors in attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things do not go as prepared. Eventually, we don’t do it for the gratitude.
anyhow we understand how how important 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 simple as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and really see what was going on and type of shot to get back to everybody so proceeding look why do business choose to main different checking account there are How To Add Garnishment In Papaya Global Payroll Desktop services out there doing exactly this for specific countries and I’ve worked in a business or numerous companies doing precisely that I can say it does not always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we don’t need to and anyone that’s handling 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 quantity that we are I think lots of factors one is it’s the requirement I believe individuals have actually got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I believe this is a process that needs looking at it needs changing however ultimately people are really stuck to what they’re familiar
with ideal um modification is a hard thing all of us do not like change um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having maintaining several savings account but there’s a big quantity of complexity goes with setting up a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the intricacy is big however I believe the truthful answer is change um individuals haven’t been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might practically be identified to be the next Century approximately there is a lot to monitor and this technique does present numerous challenges um so Johnny could you inform us about those difficulties 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 manage our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. How To Add Garnishment In Papaya Global Payroll Desktop