Over the last five or 6 years …How To Delete A Department In Papaya Global… functions on the supplier side and also on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I actually 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 drizzling here it’s very very uninspiring and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical possession uh we’ll likewise go over a recap and that should leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more common and managing them becomes a growing number of complicated International organizations are wanting to find Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment viewpoint many companies maintain separate savings account just for payroll while some have multiple accounts in various countries does it make good sense for companies to preserve separate savings account often in different nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies streamline the episode complex processes of
making payroll payments precisely efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one country however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of factors most importantly guidelines compliance information security and banking guidelines then there are the large numbers they add additional intricacy the global Labor force is currently three and a half billion people 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 services and growing all doing their own thing around the world in the conventional payroll model there’s often a frustrating number of various systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely extremely standard there’s no genuine consistency framework we’re living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which 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 just 11 of companies state they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more a business spends on worldwide payroll the less of an image they see a lack of presence likewise encompasses payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of global services have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors poorly interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the data is shipped to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they rely on the required multiple procedures 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 challenges organization face when they’re making payments to workers or otherwise that’s a good concern I constantly throw this back and state what is it what does not require to be included ideal and what does
it need to be thought about there’s differing Bank details 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 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 best eventually developing a knowledge base is absolutely important however all over you look with payroll payment they resemble super payments no if however some children 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 essential and innovation is enabling us to kind of move on with that it also as well to add to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and finance groups work closer together than ever um I’m always amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation 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 any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more important to add to sort of the level of intricacy there’s increasingly more benefits being organ or being offered by services across the world so again you’re just seeking to add a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine difficulties or real challenging type of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of decades I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we require to produce extra handoffs at the same times that we run in they simply make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any service has from an expense perspective from an impact viewpoint on staff members it is absolutely important 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 greatest destructive effect on people’s well-being and many other factors if people aren’t paid uh I have actually constantly been amazed entering this Market sort of the last 5 to 10 years is how little thanks the
The payroll group may not have been thanked for properly 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 important cycle, and individuals just observe when things fail. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally as well. Therefore, it is vital to ensure that jobs like Wi-Fi Worldwide and other vital matters are done properly. Using the first International Payments first payroll payment service is a fantastic initial step towards supplying a comprehensive payroll solution for workers worldwide. Standardization, international procedures, and reducing the variety of tools, platforms, and checking account needed for worldwide payroll are key factors in attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things don’t go as planned. Ultimately, we don’t do it for the gratitude.
anyway we understand how how essential 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 simple as possible for everybody that’s involved in those procedures and also so envision sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task attempting to clean up 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 need days of the week to try to check out them and in fact see what was going on and sort of shot to get back to everyone so carrying on look why do business select to main separate checking account there are How To Delete A Department In Papaya Global organizations out there doing exactly this for particular countries and I have actually worked in a company or numerous companies doing exactly 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 additional work for anybody where we do not need to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the standard I believe individuals have actually got so utilized to we require a new bank account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I think this is a procedure that needs taking a look at it requires altering but ultimately people are really stuck with what they’re familiar
with best um modification is a hard thing we all don’t like change um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having maintaining multiple bank accounts but there’s a big quantity of intricacy goes with establishing a checking account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is huge but I believe the truthful answer is modification um people have not had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century or so there is a lot to keep track of and this approach does position several difficulties um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you are worthy of a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you How To Delete A Department In Papaya Global