Over the last 5 or 6 years …How Does Papaya Global Payroll Record Payroll Liabilities… functions on the company side and also on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to type 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 sunshine 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 okay so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll also go over a wrap-up and that needs to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and managing them becomes increasingly more complex Global organizations are aiming to discover Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment viewpoint numerous companies maintain different bank account just for payroll while some have multiple accounts in different nations does it make sense for companies to keep different savings account in some cases in various nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies simplify the episode complex processes of
making payroll payments properly efficiently securely and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most significantly policies compliance information security and banking guidelines then there are the large numbers they add further intricacy the international Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 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 world in the conventional payroll design there’s typically an overwhelming variety of different systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or very very standard there’s no genuine consistency structure we’re residing in a period of tech but payroll has actually 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 just blows my mind each time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more a service invests in global payroll the less of a picture they see a lack of exposure also reaches payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal almost half of international organizations have actually 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 because of time reporting bad HCM information information entry mistakes improperly communicated hires and terminations along with lack management and system setups and then when you round all of it off and the information is shipped to the wrong location the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they depend on the necessary multiple processes 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 difficulties business face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and state what is it what doesn’t need to be included best and what does
it need to be considered there’s varying 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 consumer’s own in-country account so there’s intricacy anywhere you look best eventually developing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a 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 fundamental and innovation is allowing us to type of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely imperative that payroll and financing teams work closer together than ever um I’m always astonished when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide 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 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 however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world places a high value on well-being and the settlement landscape is becoming significantly detailed. Companies are continually presenting new advantages and payment choices, which adds to the total intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can cause inadequacies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s technologically advanced era, there’s no reason for preserving cumbersome treatments. Payroll, the company’s most significant expense, need to be processed correctly and on time. Even minor delays can adversely affect staff members’ well-being and have far-reaching repercussions. Therefore, it’s important to focus on accurate and prompt payments.
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just discover when things go wrong. However, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally too. For that reason, it is essential to ensure that tasks like Wi-Fi International and other vital matters are done properly. Utilizing the very first Global Payments very first payroll payment service is a fantastic initial step towards providing an extensive payroll service for employees worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and checking account required for worldwide payroll are essential factors in accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things do not go as prepared. Eventually, we do not do it for the gratitude.
anyhow we understand how how important 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 simple as possible for everybody that’s associated with those procedures and likewise so picture sorry I’m simply I was just gon na say think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true 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 get back to everybody so carrying on appearance why do companies select to primary different bank accounts there are How Does Papaya Global Payroll Record Payroll Liabilities services out there doing precisely this for specific nations and I have actually worked in an organization or numerous services doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing additional work for anyone where we do not need to and any person 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 requirement I believe individuals have got so utilized to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I believe this is a process that requires looking at it needs altering however ultimately people are extremely stuck to what they’re familiar
with ideal um change is a difficult thing all of us do not like change um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having keeping numerous bank accounts however there’s a substantial amount of intricacy opts for setting up a checking account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is substantial but I believe the truthful answer is change um individuals haven’t had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to change however we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century or two there is a lot to keep an eye on and this approach does pose several difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so
I just did you changed 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 Worldwide employees you deserve a corner office with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you How Does Papaya Global Payroll Record Payroll Liabilities