Over the last five or six years …How To Add A New Employee To Papaya Global… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this discussion 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 two to join all of us work back to back these days so we’ll type 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 sort of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very really dreary and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we’ll also discuss a wrap-up which ought to leave his time at the very 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 International workforces end up being more and more common and handling them becomes a growing number of intricate International companies are aiming to discover Solutions and new methods to improve processes especially from a payroll and cross-border payment standpoint many companies preserve separate bank account just for payroll while some have numerous accounts in various nations does it make good sense for business to preserve different checking account sometimes in different nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping international business simplify the episode complex processes of
Making sure accurate, efficient, and timely payroll payments is a complex challenge for organizations running internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, find out how business anticipate payroll expenses to optimize working capital, and find how enhancing international payroll payments can change them from a troublesome job into a tactical possession.
Managing payroll internationally is a complicated job due to numerous guidelines, compliance requirements, information security concerns, and banking rules. The sheer variety of staff members and organizations adds to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically result in manual processes, information silos, and a lack of combination, resulting in disparities and inefficiencies. In spite of living in an era 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 goals to offer insights and options to simplify and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide organizations 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 errors are due to time reporting bad HCM information data entry mistakes badly interacted hires and terminations in addition to lack management and system configurations and then when you round it all off and the information is delivered to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they rely on the essential multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a great concern I always toss this back and say what is it what doesn’t require to be consisted of best and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy wherever you look right eventually constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link 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 permitting us to type of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely necessary that payroll and finance teams work closer together than ever um I’m constantly astonished when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more important to add to sort of the level of complexity there’s increasingly more benefits being organ or being provided by businesses throughout the world so again you’re simply looking to add increasingly 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 difficulties or real challenging sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of years I would certainly state that the larger a company 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 info into the next function as it were that’s really 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 require to develop extra handoffs in the processes that we operate in they simply make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an age that you understand that we are working in today there is no reason why we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single greatest liability that any service has from a cost point of view from an impact point of view on employees it is absolutely vital 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 need to be done right it has the most significant destructive result on people’s wellness and many other factors if individuals aren’t paid uh I have actually constantly been impressed entering into this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment solution is a terrific initial step um supplying an end-to-end payroll solution for your workers globally once again I believe is another substantial um process again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of services and reducing the variety of tools platforms and savings account they require for their International payroll too couldn’t 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 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 have not gone quite where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyway we know how how crucial a function 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 involved in those processes and also so think of sorry I’m just I was simply gon na state picture 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 discussing hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task 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 browse them and actually see what was going on and type of try to get back to everybody so carrying on look why do business choose to primary separate checking account there are How To Add A New Employee To Papaya Global companies out there doing exactly this for particular nations and I’ve worked in a service or lots of services doing precisely that I can state it does not always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for any person where we don’t need to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I believe people have got so used to we need 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 requirement and the standard individuals have actually embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that requires looking at it requires changing but eventually people are really stuck to what they recognize
with best um modification is a difficult thing all of us do not like change um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having preserving numerous savings account however there’s a substantial amount of complexity opts for setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for individual people so the complexity is huge but I believe the honest response is modification um people have not been able to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century or two there is a lot to keep an eye on and this technique does pose a number of difficulties um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you are worthy of a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you How To Add A New Employee To Papaya Global