Over the last five or six years …Why Is Papaya Global Payroll Online 2 Per Employee… roles on the company side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or so 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 fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I really 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 raining here it’s really really dreary and I wish I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we’ll likewise review 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 moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being more and more common and managing them becomes increasingly more intricate Worldwide organizations are aiming to discover Solutions and new methods to enhance processes especially from a payroll and cross-border payment viewpoint lots of companies keep separate bank account just for payroll while some have numerous accounts in different nations does it make sense for business to preserve separate bank accounts in some cases in various nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international companies simplify the episode complex processes of
Guaranteeing accurate, effective, and timely payroll payments is a complex challenge for services running internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how business anticipate payroll costs to enhance working capital, and discover how enhancing global payroll payments can transform them from a burdensome task into a strategic property.
Managing payroll globally is a challenging task due to different regulations, compliance requirements, information security concerns, and banking rules. The large number of employees and services adds to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems typically lead to manual processes, data silos, and a lack of integration, resulting in inconsistencies and inefficiencies. Regardless of living in an age of technological improvements, 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 provide insights and services to streamline 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 businesses state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company spends on global payroll the less of an image they see a lack of presence also encompasses payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international businesses have revealed 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 because of time reporting bad HCM data information entry mistakes badly interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the data is shipped to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they count on the essential several procedures 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 obstacles business face when they’re paying to employees or otherwise that’s a good question I always toss this back and say what is it what does not need to be included best and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 consumer’s own in-country account so there’s intricacy anywhere you look best ultimately developing a knowledge base is definitely important however all over you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to kind of progress with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely vital that payroll and financing groups work closer together than ever um I’m constantly impressed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of essential to add to kind of the level of intricacy there’s a growing number of advantages being organ or being provided by businesses across the world so again you’re simply looking to include a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine obstacles or genuine challenging type of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s actually handling 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 develop additional handoffs while doing sos that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in a period 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 difficult as it requires to be concurred and rightly as you said payroll is the single greatest liability that any company has from a cost perspective 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 need to be done right it has the most significant destructive result on individuals’s wellness and lots of other aspects if people aren’t paid uh I’ve always been astonished entering 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 excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only observe when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally as well. For that reason, it is vital to make sure that tasks like Wi-Fi Worldwide and other important matters are done properly. Utilizing the very first Global Payments first payroll payment service is an excellent preliminary step towards offering a comprehensive payroll service for employees worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and bank accounts needed for worldwide payroll are essential factors in accomplishing business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as planned. Ultimately, we do not do it for the appreciation.
anyway we understand how how crucial a role 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 also so envision sorry I’m just I was just gon na state envision 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 speaking about hundreds of thousands potentially Millions think of 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 absolutely be a fascinating job attempting to clean up 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 try to browse them and in fact see what was going on and sort of try to get back to everybody so moving on look why do business pick to primary different savings account there are Why Is Papaya Global Payroll Online 2 Per Employee organizations out there doing exactly this for specific nations and I have actually operated in a company or lots of organizations doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not creating extra work for anyone where we do not need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think many reasons one is it’s the requirement I believe individuals have got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a range I believe this is a process that needs taking a look at it needs altering however eventually people are very stuck to what they’re familiar
with best um change is a hard thing all of us don’t like change um so I think it’s just sort 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 benefits of having preserving multiple bank accounts but there’s a substantial quantity of intricacy goes with establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is big but I think the truthful response is change um individuals have not had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century or so there is a lot to keep track of and this technique does present numerous difficulties um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so
I just recently made a change to our Business 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 acquired another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Why Is Papaya Global Payroll Online 2 Per Employee