Over the last 5 or 6 years …How Much Does Papaya Global Payroll Subscription Cost… roles on the service provider side and also on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody 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 really extremely uninspiring and I want I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies preserve separate
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is particularly useful for international companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different savings account for payroll in various nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of factors most significantly policies compliance data security and banking rules then there are the sheer numbers they include more intricacy the worldwide Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the standard payroll model there’s frequently an overwhelming variety of various systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or really extremely fundamental there’s no real consistency framework we’re residing in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a business spends on international payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of global companies have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes improperly communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is delivered to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties company face when they’re paying to staff members or otherwise that’s an excellent question I constantly throw this back and say what is it what does not need to be included ideal and what does
it need to be thought of there’s differing 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 capabilities 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 client’s own in-country account so there’s complexity wherever you look right ultimately developing a knowledge base is definitely important but all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to sort of move on with that it also also to add to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and finance groups work more detailed together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry 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 data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of essential to add to type of the level of intricacy there’s more and more benefits being organ or being used by businesses throughout the world so once again you’re simply wanting to include a growing number of payments to this already intricate landscape so if you sort 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 obstacles or real challenging kind of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s really managing 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 understand long gone are the times where we require to develop extra handoffs in the processes that we run in they simply make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and a period that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any company has from a cost perspective from an impact perspective on employees it is definitely 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 need to be done right it has the most significant destructive result on people’s well-being and numerous 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 correctly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only see when things fail. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally too. For that reason, it is important to guarantee that tasks like Wi-Fi International and other essential matters are done correctly. Using the very first International Payments first payroll payment option is a great initial step towards providing an extensive payroll option for staff members worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and checking account essential for international payroll are key factors in achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things don’t go as planned. Ultimately, we don’t do it for the appreciation.
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 easy as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m simply I was just gon na state think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions think of getting that lots of 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 absolutely be a fascinating job trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and kind of shot to get back to everybody so moving on look why do companies pick to main different savings account there are How Much Does Papaya Global Payroll Subscription Cost businesses out there doing exactly this for specific nations and I have actually worked in an organization or many services doing exactly that I can state it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we do not have to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the requirement I believe individuals have got so used to we require a new savings 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 believe it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I believe this is a procedure that requires looking at it requires altering but eventually individuals are very stuck to what they’re familiar
with best um modification is a tough thing we all do not like change um so I think it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having maintaining numerous checking account but there’s a huge amount of complexity opts for setting up a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the best user accesses for private individuals so the intricacy is big however I believe the truthful response is change um people have not been able to alter or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is understanding you know and there is an element 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 moving on and moving into you understand what could almost be identified to be the next Century or so there is a lot to keep an eye on and this method does posture numerous difficulties um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so
I 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 actually gotten another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your accomplishments. How Much Does Papaya Global Payroll Subscription Cost