Over the last five or six years …How To Put Continuous Child Support Deductions Into Papaya Global Payroll… functions on the service provider side and also on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it remains 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 extremely uninspiring and I wish I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business maintain different
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is particularly useful for international organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of preserving different checking account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most significantly guidelines compliance data security and banking rules then there are the sheer numbers they include further intricacy the international Workforce is presently three 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 currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll design there’s often an overwhelming variety of various systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in big quantities and or very really standard there’s no real consistency structure we’re living in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a business invests in worldwide payroll the less of a picture they see a lack of visibility also encompasses payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction almost half of global services have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes improperly communicated hires and terminations in addition to lack management and system setups and then when you round it all off and the information is shipped to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they rely on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re making payments to staff members or otherwise that’s an excellent concern I always throw this back and state what is it what does not need to be included ideal and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity any place you look right eventually constructing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble incredibly payments no if but some children 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 think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to kind of move on with that it also too to add to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely important that payroll and finance groups work better together than ever um I’m always impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation 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 information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of important to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being offered by services across the world so again you’re just wanting to include increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real difficulties or genuine challenging sort of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we need to create additional handoffs at the same times 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 why we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any service has from an expense viewpoint from an impact viewpoint on workers it is absolutely important 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 have to be done right it has the most significant destructive result on individuals’s wellness and lots of other aspects if individuals aren’t paid uh I have actually constantly been amazed coming into this Market sort of the last 5 to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is a crucial 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 as well. For that reason, it is necessary to make sure that tasks like Wi-Fi Global and other vital matters are done correctly. Utilizing the very first International Payments first payroll payment solution is a terrific initial action towards offering a detailed payroll service for employees worldwide. Standardization, international procedures, and reducing the variety of tools, platforms, and checking account needed for worldwide payroll are essential consider accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things do not go as planned. Eventually, we don’t do it for the gratitude.
anyway we understand how how important 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 everybody that’s associated with those processes and also so picture sorry I’m just I was simply gon na state picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and sort of shot to get back to everybody so carrying on appearance why do companies select to primary separate checking account there are How To Put Continuous Child Support Deductions Into Papaya Global Payroll organizations out there doing precisely this for specific nations and I’ve worked in a service or many services doing precisely that I can say it doesn’t always feel effective and it does develop 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 handling 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 quantity that we are I think numerous reasons one is it’s the requirement I believe individuals have got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it requires altering but eventually individuals are really stuck with what they recognize
with right um change is a difficult thing all of us do not like modification um so I think it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having preserving numerous checking account but there’s a huge quantity of complexity goes with establishing a checking account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is big however I believe the honest response is change um people have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I believe it is understanding you know and there is a component of resistance to change but we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century or so there is a lot to keep an eye on and this method does present a number of challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just 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 acquired another CFO, and with this improved capability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. How To Put Continuous Child Support Deductions Into Papaya Global Payroll