Over the last 5 or six years …How Should I Set Up Paycheck Tips In Papaya Global Payroll… functions on the company side and likewise on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating 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 everyone comes from and I truly do hope it’s much sunnier than it is 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 extremely 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 taking a look at the difficulty years of managing Worldwide payroll why business preserve different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya International payroll payments as a tactical asset uh we’ll also discuss a recap which should leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more common and handling them ends up being more and more intricate International companies are seeking to find Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment perspective lots of organizations keep different bank account just for payroll while some have several accounts in different countries does it make good sense for companies to keep different checking account in some cases in various nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business enhance the episode complex procedures of
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one country however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most importantly regulations compliance information security and banking guidelines then there are the sheer numbers they include further intricacy the international Workforce is presently 3 and a half billion individuals 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 factor in that there are some 230 million services and growing all doing their own thing all over the world in the conventional payroll model there’s often a frustrating number of various systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in large quantities and or very very fundamental there’s no genuine consistency framework we’re living in a period 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 often with pen and paper which just blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that offers me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of an image they see a lack of visibility likewise extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide companies have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors inadequately communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the data is delivered to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they rely on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties service face when they’re paying to workers or otherwise that’s a good question I always toss this back and say what is it what doesn’t require to be consisted of best and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 client’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is definitely important but 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 look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to sort of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work closer together than ever um I’m constantly amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work 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 typically 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 individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the compensation landscape is becoming significantly intricate. Companies are constantly introducing brand-new benefits and payment alternatives, which adds to the general intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can cause inefficiencies and traffic jams. In my opinion, this does not need to be the case. In today’s technically advanced period, there’s no reason for keeping cumbersome procedures. Payroll, the business’s greatest expenditure, must be processed properly and on time. Even slight hold-ups can negatively impact employees’ wellness and have significant repercussions. Therefore, it’s critical to prioritize accurate and timely payments.
payroll team get um so I’m unsure anyone 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 employees or not um but eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just 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 vital that all of this things is done correctly so leveraging the very first International Payments first payroll payment option is a terrific first step um supplying an end-to-end payroll solution for your staff members internationally again I think is another big um process once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of organizations and reducing the number of tools platforms and bank accounts they require for their Worldwide payroll too could not 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 countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
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 easy as possible for everybody that’s associated with those processes and also so think of sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of 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 but it would definitely be an interesting task trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and in fact see what was going on and type of try to get back to everybody so moving on appearance why do business pick to primary different bank accounts there are How Should I Set Up Paycheck Tips In Papaya Global Payroll companies out there doing exactly this for specific nations and I’ve worked in an organization or lots of companies doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we don’t need to and any person that’s dealing with 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 numerous factors one is it’s the standard I believe people have got so used to we require a new checking account we open an entity and rightly so you require it for payroll purposes however there are a variety 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 passed by to add to that people have actually looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I believe this is a process that needs looking at it needs altering however ultimately people are really stuck with what they’re familiar
with ideal um change is a challenging thing all of us do not like modification um so I believe it’s simply kind 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 obviously the benefits of having preserving multiple savings account but there’s a huge quantity of complexity goes with setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is substantial but I believe the truthful answer is modification um individuals have not had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century or two there is a lot to keep track of and this method does position a number of challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so
I just did you switched 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 International employees you should have a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you How Should I Set Up Paycheck Tips In Papaya Global Payroll