Over the last 5 or 6 years …Is There A Glitch In The Papaya Global Payroll Update… roles on the supplier side and likewise on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really bleak and I wish I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies maintain different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we’ll also discuss a recap which should leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of common and managing them becomes increasingly more intricate International organizations are aiming to discover Solutions and brand-new ways to improve processes specifically from a payroll and cross-border payment standpoint numerous organizations keep separate savings account just for payroll while some have numerous accounts in various nations does it make sense for business to maintain separate checking account often in various countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international business streamline the episode complex procedures of
making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic 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 complex for a range of reasons most importantly policies compliance data security and banking rules then there are the large numbers they add additional intricacy the global Workforce is currently 3 and a half billion people 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 companies and growing all doing their own thing around the globe in the traditional payroll design there’s typically an overwhelming number of various systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or really very fundamental there’s no genuine consistency framework we’re residing in an age of tech but 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 and that simply blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a company spends on international payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of global organizations have actually revealed that they do not 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 bad HCM data information entry mistakes badly interacted hires and terminations as well as lack management and system configurations and then when you round it all off and the data is shipped to the incorrect location the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they depend on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges service face when they’re making payments to employees or otherwise that’s a great concern I always toss this back and state what is it what doesn’t require to be consisted of right and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 client’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to sort of move on with that it also also to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely important that payroll and financing teams work more detailed together than ever um I’m always surprised when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of essential to add to type of the level of complexity there’s increasingly more advantages being organ or being provided by organizations throughout the world so again you’re just aiming to add more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine obstacles or real difficult type of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would absolutely say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s actually managing 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 require to produce extra handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and an era 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 appropriately as you stated payroll is the single most significant liability that any organization has from a cost point of view from an impact viewpoint on staff members it is absolutely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging effect on people’s wellness and numerous other elements if people aren’t paid uh I have actually constantly been astonished coming into this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise 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 Global Payments first payroll payment solution is a fantastic primary step um supplying an end-to-end payroll option for your workers globally again I think is another substantial um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of services and decreasing the variety 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 terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand how how important 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 simple as possible for everybody that’s involved in those procedures and also so envision sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job trying to clean 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 require days of the week to try to look through them and in fact see what was going on and type of shot to return to everyone so moving on look why do companies select to primary different checking account there are Is There A Glitch In The Papaya Global Payroll Update organizations out there doing precisely this for specific countries and I have actually worked in an organization or lots of organizations doing precisely that I can state it does not always feel effective and it does create more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we don’t need to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I believe individuals have got so utilized to we require 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 believe 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 many other ways um to to sort of do it so I think there’s a range I think this is a process that requires looking at it needs altering but ultimately people are very stuck to what they’re familiar
with ideal um modification is a difficult thing all of us don’t like change um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having maintaining several checking account but there’s a substantial quantity of intricacy goes with setting up a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is big however I believe the truthful answer is modification um individuals have not been able to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to keep track of and this approach does posture numerous difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so
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