Over the last 5 or six years …How To Add Papaya Global Payroll… functions on the service provider side and also on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely bleak and I wish I was elsewhere 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 challenge years of handling Worldwide payroll why business maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we’ll also go over a wrap-up and that should leave his time at the really extremely 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 Worldwide labor forces become increasingly more typical and managing them ends up being more and more complicated International organizations are looking to discover Solutions and new methods to enhance processes specifically from a payroll and cross-border payment perspective lots of companies keep separate checking account just for payroll while some have multiple accounts in various countries does it make sense for business to preserve separate checking account sometimes in various countries it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies streamline the episode complex processes of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for services operating worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business anticipate payroll costs to enhance working capital, and discover how simplifying international payroll payments can transform them from a difficult task into a strategic property.
Managing payroll worldwide is a complicated task due to different guidelines, compliance requirements, data security concerns, and banking guidelines. The large variety of employees and companies adds to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual procedures, data silos, and an absence of integration, resulting in inconsistencies and ineffectiveness. Despite residing in an age of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to supply insights and options to simplify and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that offers me sleepless nights and rather frankly the more a company spends on international payroll the less of a picture they see a lack of presence also extends to payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of international organizations 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 because of time reporting bad HCM data data entry errors improperly interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is delivered to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they count on the needed numerous processes 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 obstacles service face when they’re making payments to employees or otherwise that’s a good concern I always throw this back and say what is it what doesn’t need to be consisted of best and what does
it need to be considered there’s differing Bank information 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 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 consumer’s own in-country account so there’s intricacy anywhere you look ideal eventually constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble incredibly 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to type of progress with that it also as well to contribute to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely imperative that payroll and finance teams work closer together than ever um I’m constantly impressed when individuals state I’ve split 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 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 information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to contribute to kind of the level of complexity there’s more and more benefits being organ or being offered by services throughout the world so again you’re simply looking to add a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real challenges or real challenging sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams 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 doesn’t always need to be the case you know long gone are the times where we require to produce additional handoffs at the same times that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you know that we are working in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any service has from an expense viewpoint from an impact perspective on workers it is definitely crucial that it’s done correctly and on time so what we suggest 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 destructive impact on people’s well-being and many other aspects if individuals aren’t paid uh I’ve constantly been amazed coming into this Market type of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only see when things fail. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally too. For that reason, it is essential to make sure that tasks like Wi-Fi International and other essential matters are done properly. Utilizing the very first Worldwide Payments first payroll payment option is a fantastic preliminary action towards offering a comprehensive payroll service for staff members worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and checking account essential for international payroll are crucial factors in achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things do not go as planned. Eventually, we do not do it for the gratitude.
anyhow we understand 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 simple as possible for everyone that’s involved in those processes and also so imagine sorry I’m just I was just gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions envision getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and kind of shot to return to everyone so moving on look why do companies select to primary separate checking account there are How To Add Papaya Global Payroll services out there doing exactly this for specific countries and I’ve operated in a company or many services doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we don’t have to and anybody that’s dealing with 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 reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that individuals 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 think this is a process that requires taking a look at it requires changing but eventually individuals are really stuck to what they’re familiar
with right um modification is a hard thing we all don’t like change um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having maintaining several savings account but there’s a big amount of complexity goes with setting up a checking account keeping it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for private people so the intricacy is substantial but I believe the sincere answer is change um people haven’t had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to keep track of and this method does position several challenges um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your achievements. How To Add Papaya Global Payroll