Over the last 5 or six years …How To Process Furlough Pay In Papaya Global… functions on the provider side and likewise on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very dreary and I wish I was elsewhere 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 handling International payroll why companies keep separate
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is especially helpful for global companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate savings account for payroll in different nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business properly forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of factors most notably policies compliance data security and banking guidelines then there are the large numbers they add further intricacy the global Workforce is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the standard payroll model there’s often a frustrating variety of different systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in big quantities and or really very fundamental there’s no genuine consistency framework 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 which simply blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that offers me sleepless nights and quite honestly the more a company invests in international payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of worldwide services have actually revealed that they don’t 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 poor HCM data information entry errors inadequately interacted hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is shipped to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they depend on the necessary several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a great concern I constantly toss this back and state what is it what does not need to be included ideal and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 consumer’s own in-country account so there’s complexity any place you look best ultimately constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like super payments no if but some infants 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 technology is allowing us to kind of move on with that it also as well to add to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely important that payroll and finance groups work better together than ever um I’m always astonished when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not 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 typically split and cut up um eventually 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 likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more crucial to add to kind of the level of intricacy there’s more and more benefits being organ or being provided by organizations throughout the world so once again you’re simply looking to include a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine difficulties or real challenging kind of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would certainly say that the larger a service 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 teams feeding information 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 always need to be the case you know long gone are the times where we need to develop extra handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you understand that we are working in today there is no reason we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an effect point of view on employees it is definitely important that it’s done correctly 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 detrimental result on people’s wellness and lots of other factors if people aren’t paid uh I have actually always been impressed entering into this Market sort of the last 5 to ten 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 excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just notice when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally also. Therefore, it is important to ensure that tasks like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the very first Worldwide Payments very first payroll payment option is a terrific initial action towards supplying a thorough payroll option for employees worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and bank accounts required for worldwide payroll are essential factors in attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things do not go as planned. Eventually, we do not do it for the thankfulness.
anyway we know how how important a role 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 everyone that’s associated with those procedures and also so imagine sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job attempting to clean 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 attempt to check out them and really see what was going on and type of try to get back to everybody so carrying on look why do business pick to primary separate checking account there are How To Process Furlough Pay In Papaya Global companies out there doing precisely this for particular countries and I’ve operated in a service or numerous organizations doing precisely that I can say it does not always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for any person where we don’t have to and anybody that’s dealing with that process 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 lots of factors one is it’s the requirement I believe individuals have got so utilized to we require a brand-new bank account we open an entity and appropriately 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 simply been the requirement and the standard the people have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I think this is a process that needs taking a look at it requires changing however eventually individuals are extremely stuck with what they’re familiar
with best um change is a difficult thing all of us do not like modification um so I believe it’s simply type 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 keeping several savings account however there’s a substantial amount of intricacy goes with setting up a bank account preserving it ensuring it can send International transfers ensuring it’s established with the right user accesses for private people so the complexity is substantial but I believe the honest answer is modification um people have not been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could almost be identified to be the next Century or two there is a lot to keep track of and this approach does present a number of challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety 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 Worldwide workers you should have a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you How To Process Furlough Pay In Papaya Global