Over the last five or 6 years …Papaya Global Print Payroll Checks… functions on the service provider side and likewise on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I really 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 drizzling here it’s really really bleak and I want I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll also go over a recap which needs to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more common and managing them becomes increasingly more complex International companies are seeking to find Solutions and new methods to improve processes specifically from a payroll and cross-border payment viewpoint lots of organizations preserve separate bank account just for payroll while some have multiple accounts in various nations does it make sense for business to preserve separate savings account sometimes in different countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business enhance the episode complex procedures of
Guaranteeing accurate, effective, and timely payroll payments is a complex challenge for companies operating globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, find out how business forecast payroll expenses to enhance working capital, and find how simplifying global payroll payments can change them from a troublesome task into a tactical asset.
Handling payroll worldwide is a challenging task due to numerous regulations, compliance requirements, information security concerns, and banking rules. The sheer number of employees and companies contributes to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Standard payroll systems often lead to manual processes, information silos, and a lack of integration, resulting in inconsistencies and inadequacies. Despite residing in an era of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to supply insights and solutions to simplify and enhance global payroll payments.
about it to give you a concept 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 honestly the more a business invests in international payroll the less of an image they see an absence of exposure likewise reaches 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 need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors badly communicated hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is delivered to the wrong place the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they rely on the necessary several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re paying to employees or otherwise that’s a good question I always throw this back and say what is it what doesn’t require to be included right and what does
it require to be considered there’s varying Bank information 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 need to pay from the client’s own in-country account so there’s complexity wherever you look right eventually building a knowledge base is definitely vital however everywhere you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you 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 basic and innovation is permitting us to sort of move forward with that it also also to add to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely necessary that payroll and financing teams work more detailed together than ever um I’m constantly impressed when people 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 often 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 any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of important to add to kind of the level of intricacy there’s a growing number of advantages being organ or being used by companies across the world so once again you’re just seeking to include increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real obstacles or genuine tough type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that does not necessarily require 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 prompt they make them less efficient and they do not make them what they need to be in in a period of tech and an age that you understand that we are operating in today there is no reason that we are still making this as difficult as it needs to be concurred 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 point of view on staff members it is definitely crucial that it’s done properly 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 numerous other elements if individuals aren’t paid uh I’ve always been astonished entering this Market type of the last 5 to ten years is how little thanks the
The payroll team might not have been thanked for properly 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 notice when things fail. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally as well. For that reason, it is important to guarantee that jobs like Wi-Fi International and other vital matters are done properly. Utilizing the first Global Payments first payroll payment solution is an excellent initial step towards supplying an extensive payroll service for workers worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and bank accounts required for global payroll are crucial consider achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things don’t go as prepared. Ultimately, we do not do it for the gratitude.
anyhow we know 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 simple as possible for everybody that’s associated with those procedures and also so think of sorry I’m just I was simply gon na say envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and really see what was going on and sort of try to return to everybody so moving on appearance why do companies choose to primary separate savings account there are Papaya Global Print Payroll Checks services out there doing precisely this for particular countries and I’ve worked in an organization or lots of companies doing exactly that I can state it doesn’t always feel effective and it does develop more work I understand we’re not deliberately 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 believe individuals have actually got so utilized to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I believe this is a process that requires looking at it requires changing but eventually individuals are really stuck to what they recognize
with ideal um change is a hard thing all of us don’t like modification um so I think it’s just type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having maintaining several bank accounts however there’s a huge quantity of complexity goes with setting up a savings account preserving it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is substantial but I believe the honest response is change um people have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century approximately there is a lot to keep track of and this technique does position several challenges um so Johnny might you tell us about those difficulties yeah naturally 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 jobs on one platform. It feels like our CFO has gotten another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya Global Print Payroll Checks