Over the last five or six years …Papaya Global Year End Procedure 2021… functions on the service provider side and also on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really gloomy and I wish I was elsewhere at this moment in time alright 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 handling Worldwide payroll why business keep different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we’ll likewise go over a recap which needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of typical and managing them ends up being a growing number of complicated Worldwide companies are wanting to find Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment viewpoint lots of organizations keep separate checking account just for payroll while some have numerous accounts in different countries does it make sense for companies to keep different savings account often in various countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies simplify the episode complex processes of
making payroll payments properly effectively safely and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of factors most notably policies compliance data security and banking rules then there are the large numbers they include further intricacy the worldwide Labor force 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 individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll model there’s often a frustrating number of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or really extremely standard there’s no real consistency structure we’re residing in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in global payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international businesses have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors badly communicated hires and terminations along with absence management and system setups and then when you round all of it off and the data is delivered to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they count on the essential several 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 organization face when they’re making payments to workers or otherwise that’s a good question I always throw this back and state what is it what does not need to be included best and what does
it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 customer’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is absolutely critical but 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 look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and technology is permitting us to kind of move on with that it likewise too to add to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely essential that payroll and financing teams work better together than ever um I’m constantly astonished when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually 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 but 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 compensation landscape is ending up being progressively elaborate. Organizations are constantly presenting brand-new advantages and payment alternatives, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can result in ineffectiveness and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s highly innovative period, there’s no validation for preserving cumbersome procedures. Payroll, the business’s greatest cost, should be processed properly and on time. Even small hold-ups can negatively affect workers’ wellness and have significant repercussions. For that reason, it’s critical to focus on precise and prompt payments.
payroll group get um so I’m uncertain anyone on this sort of webinar has actually 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 workers or not um however eventually payroll is such a crucial cycle we all hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment service is a terrific initial step um supplying an end-to-end payroll option for your employees internationally once again I believe is another huge um procedure again aligning and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of businesses and reducing the number of tools platforms and savings account they need for their Worldwide 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 have actually never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyhow we know how how essential 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 everyone that’s involved in those procedures and also so envision sorry I’m simply I was simply gon na say picture 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 potentially Millions envision 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 however it would absolutely be a fascinating job trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and type of shot to get back to everybody so proceeding appearance why do companies select to primary separate savings account there are Papaya Global Year End Procedure 2021 businesses out there doing exactly this for particular nations and I’ve operated in a business or lots of businesses doing precisely that I can state it does not always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating extra work for anyone where we do not have to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think 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 utilized to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have embraced and continue to do over years and years passed by to add 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 believe there’s a range I believe this is a process that needs looking at it needs altering however ultimately individuals are really stuck to what they’re familiar
with ideal um modification is a hard thing all of us do not like change um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having preserving multiple bank accounts however there’s a huge amount of complexity goes with setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the intricacy is huge however I think the sincere answer is change um people haven’t had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century or so there is a lot to keep an eye on and this technique does pose a number of challenges um so Johnny might you inform us about those challenges yeah naturally so there’s a range 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you are worthy of a corner office with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Year End Procedure 2021