Over the last 5 or six years …How To Set Up Payroll With Papaya Global… roles on the company side and also on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely really gloomy and I wish I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a tactical property uh we’ll also review a wrap-up and that ought to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of typical and managing them becomes more and more intricate Worldwide organizations are seeking to discover Solutions and brand-new ways to improve processes especially from a payroll and cross-border payment perspective many organizations maintain separate checking account just for payroll while some have numerous accounts in various nations does it make sense for business to preserve different savings account in some cases in various nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business streamline the episode complex procedures of
making payroll payments properly efficiently safely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most importantly guidelines compliance information security and banking guidelines then there are the large numbers they add more complexity the global Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 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 around the globe in the standard payroll model there’s typically a frustrating number of different systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or very extremely basic there’s no real consistency structure we’re residing in an age of tech however payroll has been sluggish 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 whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company invests in global payroll the less of an image they see an absence of exposure likewise reaches payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of global services have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes poorly communicated hires and terminations along with lack management and system configurations and then when you round it all off and the data is shipped to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they count on the required numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s an excellent concern I constantly toss this back and state what is it what doesn’t need to be consisted of right and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 need to pay from the customer’s own in-country account so there’s intricacy any place you look right eventually constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link 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 innovation is permitting us to sort of move on with that it also also to add to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely imperative that payroll and financing groups work more detailed together than ever um I’m constantly surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market 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 anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on wellness and the compensation landscape is becoming progressively elaborate. Organizations are continuously introducing brand-new benefits and payment alternatives, which contributes to the total intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can cause inefficiencies and traffic jams. In my opinion, this does not need to hold true. In today’s technologically sophisticated period, there’s no validation for keeping cumbersome treatments. Payroll, the company’s biggest expenditure, must be processed correctly and on time. Even slight hold-ups can adversely impact workers’ wellness and have far-reaching effects. For that reason, it’s important to prioritize accurate and timely payments.
payroll group get um so I’m uncertain anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment service is a fantastic initial step um supplying an end-to-end payroll service for your staff members internationally again I believe is another big um procedure again aligning and ensuring you have standardization Global procedures all of those things are definitely essential to success success of organizations and reducing the number of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we know how how essential 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 procedures and likewise so imagine sorry I’m simply I was just 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 certain we’re discussing hundreds of thousands potentially Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and in fact see what was going on and type of try to get back to everyone so moving on look why do business pick to main different savings account there are How To Set Up Payroll With Papaya Global services out there doing precisely this for particular countries and I have actually worked in an organization or lots of services doing exactly that I can say it does not always feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing additional work for any person where we do not need to and anybody 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 amount that we are I think lots of factors one is it’s the standard I believe individuals have got so utilized to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I think this is a procedure that requires taking a look at it requires altering but eventually people are really stuck to what they recognize
with best um change is a tough thing all of us do not like modification um so I think it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having keeping multiple checking account however there’s a big amount of complexity opts for establishing a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for private people so the complexity is huge but I think the sincere answer is change um people have not been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might almost be identified to be the next Century or two there is a lot to monitor and this method does posture a number of challenges um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you should have a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you How To Set Up Payroll With Papaya Global