Over the last 5 or 6 years …Papaya Global Vs Square Payroll… roles on the provider side and also on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just offer everybody another couple 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 rather intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I really 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 raining here it’s really really gloomy and I want I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll also discuss a wrap-up and that must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being more and more common and handling them becomes increasingly more complicated Worldwide organizations are wanting to find Solutions and new ways to enhance processes specifically from a payroll and cross-border payment perspective many companies preserve different savings account just for payroll while some have multiple accounts in various nations does it make sense for business to maintain separate bank accounts sometimes in different nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international companies streamline the episode complex processes of
Making sure precise, effective, and prompt payroll payments is a complex obstacle for services operating internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, find out how business anticipate payroll costs to enhance working capital, and discover how streamlining international payroll payments can change them from a challenging task into a tactical property.
Managing payroll internationally is a difficult task due to various guidelines, compliance requirements, data security issues, and banking guidelines. The sheer number of workers and businesses contributes to the complexity, with an approximated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems often result in manual processes, information silos, and a lack of integration, leading to inconsistencies and inadequacies. Despite living in a period of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to supply insights and options to simplify and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a company spends on global payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of international organizations have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors improperly communicated hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is shipped to the incorrect location the typical expense of a global data 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 needed multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s an excellent concern I always toss this back and say what is it what does not need to be consisted of ideal 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 abilities 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 best ultimately developing a knowledge base is definitely critical but all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in 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 allowing us to sort of progress with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing teams work better together than ever um I’m always amazed 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 work 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 procedure it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more crucial to contribute to type of the level of complexity there’s increasingly more advantages being organ or being used by companies across the world so again you’re simply wanting to add more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real difficulties or genuine tough type of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of years I would certainly say that the larger a business 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 groups feeding info into the next function as it were that’s in fact handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we require to develop additional handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in an era of tech and an era that you understand that we are working in today there is no reason why 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 business has from an expense perspective from an impact viewpoint on employees it is definitely critical 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 need to be done right it has the biggest detrimental result on people’s well-being and lots of other elements if individuals aren’t paid uh I’ve always been impressed entering into this Market type of the last 5 to ten years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only notice when things fail. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally as well. For that reason, it is vital to guarantee that jobs like Wi-Fi Global and other essential matters are done properly. Utilizing the very first Global Payments first payroll payment option is a fantastic initial step towards providing an extensive payroll solution for employees worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and bank accounts essential for international payroll are key factors in achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things don’t go as prepared. Eventually, we do not do it for the thankfulness.
anyway we understand how how important a function 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 simple as possible for everybody that’s involved in those procedures and also so envision sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job trying to clean all those up for sure oh absolutely 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 in fact see what was going on and kind of try to get back to everyone so moving on appearance why do business select to main separate checking account there are Papaya Global Vs Square Payroll businesses out there doing precisely this for particular nations and I’ve operated in a company or lots of companies doing precisely that I can say it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we don’t have to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I think people have actually got so used to we require a new bank account we open an entity and rightly so you need it for payroll purposes 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 actually embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I think this is a process that requires taking a look at it needs changing however ultimately individuals are extremely stuck to what they recognize
with right um modification is a tough thing we all do not like modification um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having preserving numerous checking account but there’s a huge quantity of intricacy chooses establishing a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is substantial but I believe the sincere response is change um individuals have not been able to change or have not had always the knowledge to truly make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century approximately there is a lot to track and this technique does posture a number of obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a variety 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 seems like our CFO has gained another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Vs Square Payroll