Over the last five or six years …Which Checks Do You To Use With Papaya Global Payroll… roles on the service provider side and also on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I actually 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 extremely extremely dreary and I wish I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical possession uh we’ll also go over a wrap-up which should leave his time at the extremely 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 handling them becomes increasingly more intricate International companies are aiming to discover Solutions and new ways to streamline procedures especially from a payroll and cross-border payment standpoint numerous organizations preserve separate checking account just for payroll while some have several accounts in different countries does it make good sense for business to maintain separate checking account in some cases in different countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies streamline the episode complex procedures of
making payroll payments accurately effectively securely and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most significantly policies compliance data security and banking guidelines then there are the sheer numbers they add more intricacy the worldwide Workforce is currently 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 organizations and growing all doing their own thing around the globe in the traditional payroll design there’s often a frustrating number of different systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or really very standard there’s no genuine consistency framework we’re living in an era of tech however payroll has actually 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 every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more an organization spends on global payroll the less of a picture they see a lack of exposure also encompasses payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction nearly half of international services have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes poorly communicated 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 wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they count on the needed several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re paying to employees or otherwise that’s an excellent concern I constantly 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 differing Bank information so the length of an eye band a swift an account number routing code per nation 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 consumer’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is absolutely critical however all over you look with payroll payment they are like very payments no if but some babies 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 think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to sort of move on with that it also as well to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely important that payroll and finance teams work closer together than ever um I’m constantly impressed when individuals 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 profession 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high value on well-being and the payment landscape is becoming increasingly detailed. Businesses are constantly introducing new advantages and payment alternatives, which adds to the total complexity. Big corporations typically divide their payroll and payment processing into different groups, which can result in ineffectiveness and traffic jams. In my viewpoint, this does not have to be the case. In today’s technologically advanced age, there’s no validation for maintaining troublesome treatments. Payroll, the business’s most significant expenditure, should be processed correctly and on time. Even minor hold-ups can negatively affect staff members’ well-being and have far-reaching effects. For that reason, it’s vital to focus on accurate and prompt payments.
payroll team get um so I’m not exactly sure anybody on this type of webinar has actually 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 employees or not um but eventually payroll is such an important cycle we all find out about 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 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 stuff is definitely crucial that all of this things is done properly so leveraging the very first International Payments very first payroll payment solution is an excellent first step um supplying an end-to-end payroll option for your employees internationally once again I believe is another big um process once again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of services and reducing the variety of tools platforms and savings account they need for their International 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 ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyhow 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 easy as possible for everyone that’s involved in those processes and likewise so think of sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean 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 need days of the week to attempt to look through them and really see what was going on and sort of shot to return to everyone so carrying on look why do companies choose to main different bank accounts there are Which Checks Do You To Use With Papaya Global Payroll organizations out there doing precisely this for particular countries and I’ve operated in a service or numerous services doing precisely that I can say it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we do not need to and anyone that’s managing 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 numerous factors one is it’s the standard I believe people have got so utilized to we require a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it needs altering but ultimately people are extremely stuck with what they’re familiar
with best um change is a hard thing we all do not like modification um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having preserving numerous checking account but there’s a huge amount of complexity goes with setting up a savings account keeping it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for private people so the complexity is big however I believe the truthful response is change um people have not been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might almost be determined to be the next Century or so there is a lot to keep an eye on and this method does position numerous challenges um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so
I recently made a modification to our Business 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 boosted capability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Which Checks Do You To Use With Papaya Global Payroll