Over the last 5 or 6 years …How Much Does Papaya Global Charge For Payroll… roles on the service provider side and also on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I really 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 drizzling here it’s very really dreary and I wish I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we’ll also review a recap which needs to leave his time at the really really 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 Worldwide labor forces end up being increasingly more typical and handling them ends up being more and more complicated Worldwide companies are seeking to find Solutions and new ways to streamline processes particularly from a payroll and cross-border payment perspective many companies keep different checking account just for payroll while some have numerous accounts in different countries does it make good sense for business to maintain different checking account in some cases in various nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies streamline the episode complex processes of
making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one country but when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most notably regulations compliance data security and banking rules then there are the large numbers they include additional intricacy the worldwide Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll design there’s often a frustrating variety of different systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or really very fundamental there’s no genuine consistency structure we’re residing in a period of tech but payroll has actually 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 each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service spends on worldwide payroll the less of a picture they see an absence of visibility also encompasses payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal almost half of global businesses have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors poorly interacted hires and terminations along with lack management and system configurations and then when you round all of it off and the data is shipped to the incorrect location the typical cost of a global information 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 do not run smoothly if they rely on the essential several procedures 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 company face when they’re paying to workers or otherwise that’s an excellent question I always throw this back and say what is it what does not require to be consisted of ideal and what does
it need to be thought of 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 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 consumer’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is definitely vital however everywhere you look with payroll payment they are like extremely 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to kind of move on with that it also too to contribute to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely imperative that payroll and finance groups work better together than ever um I’m always surprised when individuals say 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 divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to contribute to kind of the level of complexity there’s more and more benefits being organ or being provided by companies throughout the world so once again you’re simply looking to add a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine difficulties or genuine tough sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to create extra handoffs in the processes that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single most significant liability that any company has from a cost perspective from an effect viewpoint on employees it is definitely crucial 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 have to be done right it has the most significant destructive result on people’s well-being and many other factors if individuals aren’t paid uh I have actually constantly been amazed coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this kind 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 all of us hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout 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 important that all of this things is done properly so leveraging the very first Global Payments first payroll payment option is a terrific first step um providing an end-to-end payroll option for your workers worldwide once again I think is another substantial um process again aligning and guaranteeing you have standardization International processes all of those things are definitely essential to success success of services and reducing the number of tools platforms and checking account they need for their Global 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 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 complaints where things have not gone quite where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we know 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 imagine sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and sort of shot to get back to everyone so proceeding look why do business choose to main separate bank accounts there are How Much Does Papaya Global Charge For Payroll companies out there doing precisely this for specific nations and I have actually operated in a company or many services doing exactly that I can state it does not constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we don’t need to and anybody that’s managing 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 quantity that we are I believe numerous reasons one is it’s the standard I think individuals have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I believe this is a process that requires taking a look at it requires altering however ultimately people are very stuck with what they’re familiar
with best um change is a difficult thing all of us do not like modification um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having preserving several bank accounts however there’s a huge quantity of complexity chooses setting up a checking account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is substantial but I think the sincere response is modification um people have not been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might practically be figured out to be the next Century or two there is a lot to track and this approach does position several challenges um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I just recently made a modification 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 gained another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. How Much Does Papaya Global Charge For Payroll