Over the last 5 or six years …How To Set Up Child Support In Papaya Global Payroll Iop… roles on the supplier side and also on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really 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 raining here it’s really extremely uninspiring and I want I was elsewhere at this moment in time okay so let’s begin 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 business keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we’ll also go over a wrap-up which must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and handling them becomes increasingly more complicated Worldwide companies are wanting to discover Solutions and new ways to improve processes specifically from a payroll and cross-border payment standpoint numerous organizations maintain separate savings account just for payroll while some have numerous accounts in various countries does it make good sense for companies to keep different checking account in some cases in various countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets also called virtual wallets play in helping international companies improve the episode complex procedures of
making payroll payments precisely efficiently safely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of reasons most notably guidelines compliance information security and banking rules then there are the large numbers they include further complexity the international Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll design there’s often a frustrating variety of various systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely very fundamental there’s no genuine consistency structure we’re living in an age 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 simply blows my mind every time I I believe
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 Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service spends on global payroll the less of a photo they see an absence of exposure also encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide businesses have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes inadequately interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the information is shipped to the incorrect location the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they depend on the necessary several procedures 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 service face when they’re making payments to workers or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t require to be included right and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 customer’s own in-country account so there’s complexity wherever you look right ultimately building a knowledge base is definitely important however all over you look with payroll payment they are like super payments no if but some children 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 basic and innovation is allowing us to kind of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing groups work closer together than ever um I’m always impressed when people state I’ve 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 often 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 people wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on wellness and the compensation landscape is becoming increasingly elaborate. Businesses are constantly introducing new benefits and payment options, which contributes to the total complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can lead to inadequacies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s highly innovative era, there’s no validation for preserving cumbersome procedures. Payroll, the business’s greatest expense, should be processed correctly and on time. Even slight delays can adversely impact workers’ wellness and have far-reaching repercussions. Therefore, it’s vital to prioritize precise and timely payments.
payroll team get um so I’m not sure anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment service is a fantastic first step um providing an end-to-end payroll service for your workers internationally again I believe is another substantial um process again lining up and ensuring you have standardization International processes all of those things are absolutely key to success success of companies and lowering the number of tools platforms and checking account they require for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyway we understand how how crucial a function it is and that’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 processes and also so picture sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions think of getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and actually see what was going on and kind of try to get back to everybody so proceeding appearance why do companies select to main separate checking account there are How To Set Up Child Support In Papaya Global Payroll Iop organizations out there doing precisely this for particular nations and I’ve operated in a company or many businesses doing precisely that I can say it doesn’t constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not creating additional work for anyone where we don’t need to and any person that’s handling 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 amount that we are I believe many reasons one is it’s the standard I believe people have got so utilized to we need a brand-new bank account we open an entity and appropriately so you need it for payroll functions but there are a variety 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 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 believe there’s a range I think this is a process that needs taking a look at it requires changing however ultimately individuals are very stuck to what they’re familiar
with best um change is a difficult thing all of us do not like change um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining numerous savings account however there’s a substantial quantity of complexity goes with setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for private individuals so the intricacy is big but I think the honest response is modification um individuals have not been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to keep track of and this approach does position a number of difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so
I just recently made a change 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 gotten another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. How To Set Up Child Support In Papaya Global Payroll Iop