Over the last 5 or six years …How Many Companies Can I Run From Papaya Global 50… functions on the provider side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly 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 raining here it’s really really bleak and I wish I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business preserve different
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is particularly useful for global companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping different bank accounts for payroll in different countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and prompt payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, learn how business forecast payroll costs to enhance working capital, and discover how streamlining global payroll payments can change them from a troublesome task into a strategic asset.
Managing payroll worldwide is a challenging job due to numerous guidelines, compliance requirements, information security issues, and banking rules. The large number of staff members and businesses contributes to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems often result in manual procedures, data silos, and an absence of integration, causing inconsistencies and inefficiencies. In spite of living in an era of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to offer insights and services to streamline and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a business spends on worldwide payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide organizations have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors improperly interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is shipped to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they count on the essential numerous 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 service face when they’re paying to workers or otherwise that’s an excellent question I always toss this back and state what is it what does not require to be consisted of best and what does
it need to be thought of there’s varying 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 need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look ideal eventually developing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like incredibly payments no if but some babies 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 definitely fundamental and innovation is allowing us to kind of move forward with that it also as well to add to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and finance groups work closer together than ever um I’m constantly astonished when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession 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 often 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 any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more crucial to add to type of the level of intricacy there’s more and more benefits being organ or being used by businesses across the world so again you’re simply aiming to add a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine difficulties or real tough kind of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups 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 necessarily need to be the case you know long gone are the times where we require to create additional handoffs in the processes that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in a period of tech and an age that you understand that we are operating in today there is no reason why we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any service has from a cost perspective from an impact perspective on workers it is absolutely crucial that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful impact on people’s wellness and lots of other elements if people aren’t paid uh I’ve always been impressed entering into this Market type of the last 5 to ten years is how little thanks the
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only see when things go wrong. However, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally as well. For that reason, it is necessary to ensure that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the first International Payments first payroll payment solution is an excellent initial action towards offering an extensive payroll solution for workers worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and bank accounts necessary for global payroll are crucial factors in attaining business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things don’t go as planned. Eventually, we don’t do it for the thankfulness.
anyway we understand how how essential 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 everybody that’s involved in those procedures and likewise so think of sorry I’m just I was just gon na state imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and kind of shot to get back to everybody so carrying on look why do companies choose to main different savings account there are How Many Companies Can I Run From Papaya Global 50 businesses out there doing exactly this for specific nations and I’ve worked in an organization or many organizations doing exactly that I can state it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not developing additional work for anyone where we do not need to and anybody that’s handling 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 many factors one is it’s the requirement I think people have actually got so utilized to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I think this is a process that requires taking a look at it requires changing however eventually individuals are really stuck with what they recognize
with best um change is a difficult thing we all don’t like change um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having keeping multiple checking account but there’s a substantial quantity of complexity chooses setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for private people so the complexity is huge but I believe the truthful response is modification um individuals haven’t had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might 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 difficulties um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I recently made a modification to our Enterprise 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 enhanced capability, I have effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. How Many Companies Can I Run From Papaya Global 50