Over the last 5 or 6 years …Attachment Of Earnings Order Fines Papaya Global… roles on the company side and also on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well one of 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 rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody 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 really really gloomy and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll likewise go over a recap which should leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more common and handling them ends up being more and more complicated Worldwide companies are wanting to find Solutions and new ways to enhance procedures especially from a payroll and cross-border payment standpoint lots of organizations maintain separate savings account just for payroll while some have multiple accounts in various countries does it make sense for business to preserve separate bank accounts often in different countries it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business streamline the episode complex processes of
making payroll payments precisely effectively safely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of reasons most notably policies compliance information security and banking rules then there are the sheer numbers they add more intricacy the global Labor force is currently three and a half billion people by 2030 it’s approximated 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 companies and growing all doing their own thing all over the world in the conventional payroll model there’s typically a frustrating variety of different systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or very extremely basic there’s no real consistency framework we’re living in an era of tech however payroll has 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 simply blows my mind whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more an organization invests in global payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide companies have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors inadequately interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they count on the necessary 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 concern I constantly toss this back and say what is it what does not require to be consisted of right 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 nation there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is definitely critical however everywhere you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to type of progress with that it also as well to contribute to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely necessary that payroll and finance teams work closer together than ever um I’m constantly amazed when individuals say 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 occupation 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on wellness and the compensation landscape is becoming significantly elaborate. Companies are constantly presenting new benefits and payment alternatives, which contributes to the total complexity. Large corporations frequently divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this does not have to hold true. In today’s highly advanced age, there’s no justification for preserving cumbersome procedures. Payroll, the business’s greatest expense, need to be processed properly and on time. Even slight hold-ups can adversely affect workers’ wellness and have significant effects. Therefore, it’s vital to focus on accurate and timely payments.
payroll team get um so I’m uncertain anybody on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe 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 stuff is absolutely vital that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment solution is a terrific initial step um providing an end-to-end payroll service for your staff members globally again I think is another substantial um process once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of organizations and reducing the number of tools platforms and checking account they need for their Global 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 ever had a hundred countless them within a payroll cycle don’t expect 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 suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyway we understand how how essential a function 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 everyone that’s associated with those processes and likewise so envision sorry I’m simply I was just gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and sort of try to get back to everyone so carrying on look why do companies choose to main different checking account there are Attachment Of Earnings Order Fines Papaya Global businesses out there doing precisely this for specific nations and I have actually worked in a company or numerous services doing precisely that I can say it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we don’t need to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement I believe individuals have actually got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs altering but ultimately individuals are extremely stuck with what they’re familiar
with right um change is a tough thing we all don’t like change um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having preserving numerous savings account but there’s a big amount of complexity opts for establishing a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for private people so the complexity is big however I believe the truthful answer is modification um people haven’t been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you know what could almost be determined to be the next Century or two there is a lot to track and this technique does posture several obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I simply 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 International employees you should have a corner office with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Attachment Of Earnings Order Fines Papaya Global