Over the last 5 or 6 years …Does Papaya Global Payroll Direct Deposit Require Ach… functions on the provider side and likewise on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type 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 type 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 sunlight is it it’s not no it’s it’s drizzling here it’s extremely very uninspiring and I wish I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies preserve different
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is especially useful for worldwide organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of factors most notably regulations compliance data security and banking rules then there are the sheer numbers they add further intricacy the worldwide Labor force is currently 3 and a half billion individuals 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 factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the standard payroll model there’s often an overwhelming number of various systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or really very fundamental there’s no real consistency structure we’re residing in an age of tech however payroll has been sluggish 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 each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more a business invests in international payroll the less of a photo they see an absence of presence also encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide services have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes badly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the data is delivered to the incorrect place the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they rely on the required several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t need to be included ideal and what does
it require to be considered there’s varying 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 have to pay from an in-country account do you have 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 definitely important but all over you look with payroll payment they are like extremely payments no if but some children 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 acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to sort of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and financing teams work more detailed together than ever um I’m constantly surprised when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation 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 people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more important to contribute to sort of the level of complexity there’s more and more advantages being organ or being provided by businesses throughout the world so once again you’re simply looking to include more and more payments to this already complex landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine difficulties or real tough sort of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to produce extra handoffs at the same times that we run in they simply make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason that we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any service has from a cost perspective from an effect point of view on staff members it is definitely crucial 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 biggest damaging impact on individuals’s well-being and numerous other factors if people aren’t paid uh I’ve always been surprised coming into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only discover when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally too. For that reason, it is vital to ensure that jobs like Wi-Fi International and other crucial matters are done correctly. Using the very first Global Payments first payroll payment solution is a fantastic preliminary action towards providing a detailed payroll option for employees worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and bank accounts necessary for international payroll are crucial consider accomplishing organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things don’t go as prepared. Eventually, we do not do it for the gratitude.
anyhow we understand how how crucial 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 easy as possible for everyone that’s involved in those processes and likewise so picture sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and type of try to return to everyone so proceeding appearance why do business pick to primary different checking account there are Does Papaya Global Payroll Direct Deposit Require Ach services out there doing exactly this for specific countries and I have actually operated in a company or many companies doing precisely that I can say it doesn’t always feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating additional work for any person where we do not have to and any person 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 numerous reasons one is it’s the standard I think individuals have got so utilized to we require a brand-new savings account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it requires changing but ultimately individuals are very stuck to what they’re familiar
with best um change is a hard thing we all don’t like modification um so I think it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having preserving several bank accounts however there’s a substantial amount of intricacy opts for setting up a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the complexity is big however I think the honest response is change um individuals have not been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century approximately there is a lot to track and this technique does position several difficulties um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
I just did you switched 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 deserve a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Does Papaya Global Payroll Direct Deposit Require Ach