Over the last 5 or 6 years …How Does Papaya Global Payroll Work… roles on the company side and also on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide 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 quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very bleak and I want I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical property uh we’ll likewise go over a wrap-up which ought to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of typical and handling them ends up being a growing number of complex Worldwide companies are looking to discover Solutions and brand-new ways to streamline procedures especially from a payroll and cross-border payment perspective lots of companies preserve separate bank account just for payroll while some have numerous accounts in various nations does it make sense for business to preserve different checking account in some cases in various nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies improve the episode complex procedures of
Ensuring accurate, efficient, and timely payroll payments is a complex obstacle for services operating internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to enhance working capital, and discover how streamlining international payroll payments can change them from a troublesome job into a tactical property.
Managing payroll globally is a complicated job due to numerous policies, compliance requirements, information security concerns, and banking guidelines. The large number of workers and services adds to the complexity, with an approximated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically result in manual processes, data silos, and an absence of integration, resulting in disparities and inefficiencies. In spite of living in a period of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to offer insights and options to streamline 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 companies say they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a service spends on international payroll the less of a photo they see an absence of presence also extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of global businesses have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes improperly communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the data is shipped to the wrong place the typical expense of an international data 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 do not run smoothly if they depend on the needed several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles service face when they’re making payments to staff members or otherwise that’s a great concern I constantly toss this back and say what is it what does not need to be consisted of best and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 need to pay from the client’s own in-country account so there’s intricacy anywhere you look right ultimately building a knowledge base is absolutely critical however all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to type of move on with that it also also to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance teams work better together than ever um I’m always surprised when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on wellness and the settlement landscape is becoming increasingly elaborate. Businesses are continually introducing brand-new advantages and payment alternatives, which adds to the total intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can result in inefficiencies and bottlenecks. In my opinion, this does not need to hold true. In today’s technologically advanced period, there’s no justification for preserving cumbersome treatments. Payroll, the business’s biggest expenditure, need to be processed correctly and on time. Even slight hold-ups can negatively affect workers’ wellness and have significant consequences. For that reason, it’s crucial to prioritize precise and prompt payments.
payroll team get um so I’m not exactly sure anybody on this kind of webinar has 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 eventually payroll is such a crucial cycle we all become aware of it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done correctly so leveraging the first International Payments very first payroll payment service is a terrific first step um providing an end-to-end payroll option for your staff members internationally once again I think is another huge um procedure again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of companies and decreasing the variety of tools platforms and bank accounts they require for their Global 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 do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyway we understand 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 likewise so imagine sorry I’m simply I was just gon na state think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job attempting 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 require days of the week to try to look through them and in fact see what was going on and type of shot to return to everyone so moving on appearance why do business pick to primary separate checking account there are How Does Papaya Global Payroll Work companies out there doing exactly this for specific nations and I have actually operated in an organization or many services doing precisely that I can say it does not constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not developing additional work for anyone where we do not need to and anyone that’s handling that procedure 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 believe many reasons one is it’s the requirement I believe people have actually got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it requires altering but eventually individuals are very stuck to what they’re familiar
with best um change is a challenging thing all of us do not like change um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having keeping numerous savings account however there’s a substantial quantity of complexity chooses setting up a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the intricacy is huge however I believe the truthful answer is change um individuals haven’t been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to keep track of and this method does posture a number of obstacles um so Johnny could you inform us about those challenges yeah naturally so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you deserve a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you How Does Papaya Global Payroll Work