Over the last five or 6 years …Https App.Papaya Global.Com App V4.0.1 Returns 2018 Fed Pdf_W2_Ps… roles on the provider side and also on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everybody 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 extremely very bleak and I want I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a strategic asset uh we’ll also discuss a recap and that must leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and handling them ends up being increasingly more intricate Global organizations are wanting to discover Solutions and new methods to streamline processes particularly from a payroll and cross-border payment standpoint lots of companies preserve separate savings account just for payroll while some have numerous accounts in various countries does it make sense for business to maintain different savings account often in different countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business improve the episode complex procedures of
making payroll payments accurately effectively safely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of factors most importantly regulations compliance information security and banking rules then there are the sheer numbers they include more complexity the international Labor force is currently three 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 currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll design there’s frequently a frustrating variety of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or extremely really fundamental there’s no real consistency structure we’re residing in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a business spends on international payroll the less of an image they see an absence of visibility likewise reaches payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of global companies have expressed that they do not 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 data data entry mistakes inadequately communicated hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is delivered to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they count on the needed numerous 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 obstacles business face when they’re paying to employees or otherwise that’s an excellent concern I always throw this back and say what is it what does not need to be consisted of right and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 customer’s own in-country account so there’s intricacy wherever you look best ultimately constructing a knowledge base is definitely important but everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to kind of move forward with that it likewise as well to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely essential that payroll and financing groups work more detailed together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work 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 often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high value on well-being and the compensation landscape is ending up being increasingly complex. Services are continually presenting new advantages and payment choices, which adds to the overall intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can result in inefficiencies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s highly advanced age, there’s no reason for maintaining cumbersome treatments. Payroll, the business’s biggest cost, need to be processed properly and on time. Even minor hold-ups can adversely affect workers’ wellness and have far-reaching repercussions. Therefore, it’s crucial to prioritize accurate and prompt payments.
payroll group get um so I’m uncertain anybody on this kind of webinar has been informed 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 workers or not um but eventually payroll is such an essential cycle we all find out about it when it fails everyone jumps up and down when it fails 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 things is absolutely vital that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment option is a fantastic initial step um offering an end-to-end payroll service for your employees globally again I think is another big um process again aligning and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of businesses and decreasing the variety of tools platforms and savings account they require for their Global 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’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how essential a role 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 easy as possible for everyone that’s associated with those procedures and also so picture sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions imagine getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task trying to clean up all those up for sure oh definitely 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 browse them and actually see what was going on and kind of try to return to everybody so moving on look why do business choose to main different bank accounts there are Https App.Papaya Global.Com App V4.0.1 Returns 2018 Fed Pdf_W2_Ps businesses out there doing precisely this for particular countries and I have actually operated in an organization or lots of services doing precisely that I can say it does not constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing additional work for anybody where we do not have to and anybody that’s dealing with 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 amount that we are I think numerous factors one is it’s the standard I believe people have got so utilized to we need a 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 think it’s simply been the requirement and the norm the people have actually 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 ways um to to type of do it so I think there’s a range I think this is a procedure that needs looking at it needs changing however eventually people are very stuck to what they’re familiar
with best um modification is a challenging thing all of us do not like change um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having keeping multiple checking account however there’s a huge amount of intricacy opts for setting up a savings account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is substantial however I think the sincere answer is modification um individuals haven’t had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could nearly be determined to be the next Century or so there is a lot to keep an eye on and this method does present a number of difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a variety right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you should have a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Https App.Papaya Global.Com App V4.0.1 Returns 2018 Fed Pdf_W2_Ps