Over the last 5 or 6 years …What\’s The Difference Between Basic And Enhanced Papaya Global Payroll… functions on the provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I truly 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 extremely really uninspiring and I wish I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business keep different
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex challenge for businesses operating worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to enhance working capital, and discover how streamlining worldwide payroll payments can transform them from a difficult job into a strategic possession.
Managing payroll globally is a daunting job due to numerous regulations, compliance requirements, data security issues, and banking rules. The large variety of staff members and businesses adds to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems frequently result in manual processes, information silos, and an absence of integration, resulting in inconsistencies and ineffectiveness. Regardless of living in an age of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to offer insights and solutions to streamline and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of international organizations have actually expressed 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 because of time reporting bad HCM data information entry errors badly interacted hires and terminations in addition to absence management and system setups and then when you round it all off and the data is delivered to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they count on the needed several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and say what is it what doesn’t need to be consisted of ideal 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 country 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 customer’s own in-country account so there’s intricacy wherever you look ideal eventually developing a knowledge base is absolutely critical but all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling 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 differing Bank Account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and financing teams work closer together than ever um I’m always surprised when people state 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 split the payroll payment from calculation 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 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 but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more crucial to add to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by organizations across the world so again you’re just seeking to include a growing number of payments to this currently intricate landscape so if you type 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 obstacles or genuine tough sort of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of decades I would absolutely state that the bigger 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 teams feeding information into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we run in they just make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and an age 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 concurred and appropriately as you said payroll is the single biggest liability that any company has from an expense point of view from an effect point of view on staff members it is absolutely 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 need to be done right it has the biggest detrimental result on people’s well-being and numerous other aspects if people aren’t paid uh I have actually always been amazed entering this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it fails but 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 stuff is definitely important that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is a great initial step um supplying an end-to-end payroll service for your workers globally again I believe is another huge um procedure again aligning and ensuring you have standardization International procedures all of those things are absolutely key to success success of companies and lowering the variety of tools platforms and bank accounts 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 have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re meant to be um I do not think any of us are really doing that for for the thanks
anyway we know 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 processes and likewise so envision sorry I’m simply I was just gon na state imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and sort of try to return to everybody so moving on appearance why do business pick to main separate bank accounts there are What\’s The Difference Between Basic And Enhanced Papaya Global Payroll companies out there doing exactly this for specific countries and I’ve worked in an organization or many companies doing exactly that I can state it does not constantly feel effective and it does create more work I know we’re not purposely doing that we’re not creating additional work for any person where we do not have to and any person that’s dealing with 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 think numerous reasons one is it’s the requirement I believe people have got so used to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have actually taken a look 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 looking at it requires altering but eventually people are really stuck to what they’re familiar
with ideal um change is a tough thing we all do not like modification um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having keeping several savings account but there’s a huge quantity of complexity opts for setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for private people so the intricacy is substantial however I think the honest answer is modification um individuals haven’t had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to keep an eye on and this method does pose numerous challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. What\’s The Difference Between Basic And Enhanced Papaya Global Payroll