Over the last five or 6 years …How To Update Papaya Global Payroll 2021… roles on the service provider side and also on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everybody another couple of uh well one of 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 already just to hear where everyone is um it’s nice to to kind of like see where everyone originates 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 really very uninspiring and I want I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business preserve different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical property uh we’ll likewise go over a wrap-up and that should leave his time at the very really 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 increasingly more typical and managing them becomes increasingly more complicated International organizations are aiming to find Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment standpoint lots of organizations preserve separate savings account just for payroll while some have several accounts in various countries does it make good sense for business to preserve different savings account sometimes in different nations it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies simplify the episode complex processes of
making payroll payments precisely effectively securely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one nation however when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of reasons most importantly policies compliance data security and banking guidelines then there are the large numbers they include further intricacy the worldwide Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 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 globe in the conventional payroll design there’s frequently an overwhelming number of different systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or very really standard there’s no real consistency framework we’re residing in an era of tech but 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 just 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 just 11 of organizations state they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on international payroll the less of a photo they see a lack of exposure also reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of global businesses have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors inadequately communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the information is shipped to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they count on the required multiple 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 challenges service face when they’re making payments to staff members or otherwise that’s a great question I always throw this back and state what is it what does not require to be included ideal and what does
it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 client’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is absolutely critical but all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 fundamental and innovation is permitting us to sort of move forward with that it also too to add to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing teams work closer together than ever um I’m constantly surprised when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being used by businesses throughout the world so again you’re simply looking to add increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real difficulties or real challenging kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to develop additional handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and an era that you understand that we are operating in today there is no reason that we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any business has from a cost viewpoint from an effect perspective on workers it is absolutely important 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 individuals’s well-being and many other factors if individuals aren’t paid uh I’ve always been amazed entering into this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment solution is a terrific initial step um providing an end-to-end payroll service for your employees internationally once again I think is another huge um procedure again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of companies and decreasing the number of tools platforms and savings account they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless 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 indicated to be um I do not believe any of us are really doing that for for the thanks
anyway we know how how important 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 involved in those processes and also so think of sorry I’m simply I was just gon na say envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions picture getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and kind of shot to return to everybody so carrying on look why do companies choose to primary separate bank accounts there are How To Update Papaya Global Payroll 2021 services out there doing exactly this for specific countries and I have actually worked in a business or many businesses doing precisely that I can say it does not constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not have to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the standard I think individuals have actually got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I think this is a process that needs looking at it needs changing but ultimately individuals are very stuck with what they recognize
with right um modification is a difficult thing we all don’t like modification um so I think it’s just type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having keeping multiple bank accounts however there’s a substantial quantity of complexity opts for setting up a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is huge however I believe the truthful response is change um people have not been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century or two there is a lot to keep track of and this technique does position a number of obstacles um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a change to our Business 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 acquired another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. How To Update Papaya Global Payroll 2021