Over the last 5 or 6 years …How To Run Bonus Payroll In Papaya Global… functions on the service provider side and likewise on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everybody another couple of uh well among 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 interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I really 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 extremely really uninspiring and I want I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies maintain separate
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of keeping different savings account for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. 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 likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently safely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most importantly guidelines compliance information security and banking guidelines then there are the large numbers they include more complexity the global Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people 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 all over the world in the standard payroll model there’s frequently an overwhelming number of different systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely really standard there’s no genuine consistency framework we’re living in an era of tech however 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 simply blows my mind each time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more an organization spends on global payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal almost half of global businesses have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors poorly communicated hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is delivered to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they depend on the essential several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s a great question I always toss this back and say what is it what does not need to be consisted of 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 amount of time 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 consumer’s own in-country account so there’s intricacy anywhere you look right eventually constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to sort of move forward with that it also 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 important that payroll and financing groups work more detailed together than ever um I’m constantly surprised when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate 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 often 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 individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of crucial to contribute to sort of the level of complexity there’s more and more advantages being organ or being offered by businesses across the world so once again you’re simply wanting to add a growing number of payments to this currently complex landscape so if you type 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 genuine challenges or real challenging kind of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we run in they simply make them more prompt 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 we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any business has from an expense point of view from an effect perspective on employees 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 need to be done right it has the most significant detrimental impact on people’s well-being and many other factors if individuals aren’t paid uh I’ve constantly been surprised coming into this Market type of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only observe when things fail. However, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally also. For that reason, it is essential to ensure that jobs like Wi-Fi Worldwide and other vital matters are done correctly. Using the first Global Payments first payroll payment service is a fantastic preliminary action towards providing an extensive payroll service for staff members worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and checking account needed for international payroll are key consider achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things don’t go as planned. Ultimately, we don’t do it for the appreciation.
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 procedures and also so picture sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task attempting to clean all those up for sure oh definitely 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 check out them and really see what was going on and sort of shot to get back to everybody so moving on appearance why do companies pick to main separate checking account there are How To Run Bonus Payroll In Papaya Global businesses out there doing exactly this for particular nations and I’ve operated in a service or numerous businesses doing precisely that I can say it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing extra work for anybody where we don’t have to and anyone 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 think numerous factors one is it’s the requirement I believe people have actually got so used to we require a new savings account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually 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 lots of other ways um to to type of do it so I believe there’s a range I think this is a procedure that needs looking at it requires changing but eventually individuals are really stuck to what they recognize
with right um modification is a tough thing we all do not like change um so I believe it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having preserving numerous bank accounts but there’s a big amount of intricacy goes with setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for individual people so the intricacy is big however I think the honest response is modification um people haven’t had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we have actually always done it that way is no genuine excuse for not looking at the the advantages 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 track of and this technique does pose numerous difficulties um so Johnny might you inform us about those challenges 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 handle our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. How To Run Bonus Payroll In Papaya Global