Over the last 5 or 6 years …How Much Does It Cost To Turn On Papaya Global Payroll… roles on the supplier side and also on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or so to join all of us 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 currently just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I actually 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 really bleak and I wish I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business maintain separate
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is especially beneficial for global organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and prompt payroll payments is a complex obstacle for services running worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to enhance working capital, and discover how streamlining worldwide payroll payments can transform them from a difficult job into a strategic possession.
Handling payroll worldwide is a challenging job due to different policies, compliance requirements, information security concerns, and banking guidelines. The large variety of workers and services contributes to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems frequently result in manual processes, data silos, and an absence of combination, leading to disparities and ineffectiveness. In spite of residing in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to offer insights and options to simplify and optimize worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization spends on global payroll the less of an image they see an absence of visibility likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide companies have actually revealed that they do not 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 information entry errors inadequately communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the data is shipped to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they depend on the necessary multiple procedures 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 business face when they’re making payments to workers or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t require to be consisted of best and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy wherever you look ideal eventually constructing a knowledge base is absolutely critical however all over you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is permitting us to type of progress with that it likewise as well to add to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is definitely imperative that payroll and financing groups work closer together than ever um I’m always surprised when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process 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 third parties so with the
world we live in and well-being being a growing number of essential to contribute to sort of the level of intricacy there’s a growing number of benefits being organ or being offered by businesses across the world so again you’re simply seeking to add more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine challenges or real challenging kind of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of years I would certainly state that the bigger a business 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 information into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to develop extra handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and an age that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any service has from an expense point of view from an effect perspective on workers it is absolutely crucial that it’s done correctly and on time so what we indicate 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 harmful result on people’s well-being and lots of other factors if individuals aren’t paid uh I’ve always been astonished coming into this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise 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 stuff is absolutely vital that all of this things is done properly so leveraging the first International Payments very first payroll payment solution is a terrific initial step um supplying an end-to-end payroll option for your workers globally once again I believe is another huge um procedure once again lining up and guaranteeing you have standardization International processes all of those things are absolutely key to success success of services and decreasing the number of tools platforms and savings account they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle don’t anticipate 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 indicated to be um I don’t think any of us are in fact doing that for for the thanks
anyway we understand how how important a role it is which’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 associated with those processes and likewise so picture sorry I’m simply I was just gon na state think of 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 potentially Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean all those up for sure oh definitely I can’t think of 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 kind of shot to return to everybody so proceeding look why do business choose to main different bank accounts there are How Much Does It Cost To Turn On Papaya Global Payroll services out there doing precisely this for particular countries and I have actually operated in a business or numerous services doing precisely 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 anybody where we do not have to and anybody that’s dealing with 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 amount that we are I believe numerous reasons one is it’s the standard I believe people have actually got so used to we require a brand-new checking 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 think it’s just been the standard and the norm individuals have actually embraced 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 methods um to to type of do it so I believe there’s a range I believe this is a process that requires looking at it needs altering however ultimately people are very stuck to what they recognize
with best um modification is a difficult thing all of us don’t like change um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having keeping several savings account however there’s a substantial quantity of intricacy chooses establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for private individuals so the complexity is substantial but I think the sincere response is modification um people haven’t had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or so there is a lot to keep track of and this technique does pose numerous obstacles um so Johnny could you tell us about those difficulties yeah obviously so there’s a range right there is so
I simply did you switched our Enterprise 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 International workers you are worthy of a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you How Much Does It Cost To Turn On Papaya Global Payroll