Over the last 5 or 6 years …How Do I Close A Company On Papaya Global… functions on the service provider side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply provide everybody another number 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 fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it is 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 very really bleak and I wish I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we’ll also discuss a recap which needs to leave his time at the really 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 more and more typical and handling them becomes increasingly more complex Worldwide organizations are looking to find Solutions and brand-new methods to streamline procedures specifically from a payroll and cross-border payment standpoint lots of companies preserve different bank account just for payroll while some have multiple accounts in different countries does it make sense for companies to preserve separate savings account often in different nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business simplify the episode complex processes of
Ensuring precise, effective, and timely payroll payments is a complex obstacle for services operating globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, learn how business anticipate payroll expenses to optimize working capital, and find how enhancing international payroll payments can change them from a burdensome job into a tactical asset.
Managing payroll internationally is an overwhelming task due to numerous policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of employees and services adds to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems often result in manual processes, information silos, and an absence of combination, resulting in inconsistencies and inefficiencies. Regardless of residing in an era of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to offer insights and options to simplify and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more an organization spends on international payroll the less of a picture they see an absence of visibility also encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide services have revealed 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 poor HCM data data entry errors inadequately interacted hires and terminations in addition to absence management and system setups and then when you round it all off and the information is delivered to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they count on the required numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a great question I always throw this back and state what is it what does not need to be consisted of 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 time frames 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 wherever you look ideal ultimately building a knowledge base is absolutely critical but everywhere you look with payroll payment they are like super payments no if however some babies 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 absolutely fundamental and technology is allowing us to kind of move forward with that it likewise also to add to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely crucial that payroll and finance groups work more detailed together than ever um I’m always astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation 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 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 3rd parties so with the
world we reside in and wellness being more and more important to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being offered by businesses throughout the world so once again you’re just seeking to include increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine difficulties or real difficult kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we need to produce extra handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an age of tech and an era that you know that we are working in today there is no reason we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from a cost perspective from an impact viewpoint on staff members it is definitely critical that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental result on individuals’s well-being and many other aspects if people aren’t paid uh I have actually constantly been surprised entering into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply 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 definitely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment solution is a fantastic initial step um supplying an end-to-end payroll solution for your staff members internationally again I believe is another huge um process once again aligning and ensuring you have standardization Global processes all of those things are definitely key to success success of organizations and minimizing the variety of tools platforms and bank accounts they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of 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 complaints where things have not gone quite where they’re meant to be um I don’t think any of us are really doing that for for the thanks
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 everybody that’s involved in those processes and likewise so envision sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions imagine getting that many 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 definitely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and actually see what was going on and type of shot to get back to everyone so proceeding appearance why do companies choose to primary separate checking account there are How Do I Close A Company On Papaya Global businesses out there doing precisely this for particular nations and I have actually operated in an organization or many businesses doing exactly that I can state it does not constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for anyone where we don’t need to and any person that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe 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 believe individuals have actually got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll functions 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 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 many other methods um to to kind of do it so I think there’s a variety I think this is a procedure that needs looking at it requires altering however eventually individuals are extremely stuck with what they recognize
with ideal um change is a challenging thing all of us don’t like change um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having preserving several bank accounts however there’s a substantial quantity of intricacy opts for establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is huge however I believe the truthful response is modification um individuals have not had the ability to change or have not had always the knowledge to really make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century approximately there is a lot to keep an eye on and this technique does pose several difficulties um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this improved capability, I have effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. How Do I Close A Company On Papaya Global