Over the last 5 or 6 years …How Do I Activate My Papaya Global Payroll… functions on the company side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it is 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 extremely dreary and I wish I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business keep separate
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is especially beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for services operating worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, learn how business forecast payroll expenses to enhance working capital, and find how enhancing global payroll payments can transform them from a burdensome job into a tactical property.
Managing payroll worldwide is a difficult task due to numerous policies, compliance requirements, information security concerns, and banking rules. The sheer variety of workers and services contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems typically lead to manual processes, information silos, and a lack of combination, causing disparities and inadequacies. Regardless of residing in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to provide insights and services to streamline and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on international payroll the less of a picture they see an absence of exposure also extends to payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of international services have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes poorly communicated 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 wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they rely on the required multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s a great question I always toss this back and say what is it what doesn’t require to be included best and what does
it need to be thought of 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 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 client’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is absolutely critical however all over you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to sort of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely necessary that payroll and finance groups work more detailed together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody 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 an industry accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more essential to add to type of the level of complexity there’s a growing number of advantages being organ or being offered by companies across the world so once again you’re just seeking to include increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine obstacles or real difficult sort of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding details 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 necessarily require to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason why we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from an expense point of view from an impact viewpoint on employees it is absolutely crucial that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive effect on people’s wellness and many other elements if people aren’t paid uh I have actually constantly been astonished coming into this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment option is an excellent initial step um providing an end-to-end payroll solution for your staff members internationally once again I think is another huge um procedure again aligning and ensuring you have standardization International procedures all of those things are absolutely essential to success success of organizations and decreasing the variety of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know how how crucial 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 everyone that’s involved in those procedures and likewise so picture sorry I’m just I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions think of getting that numerous 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 a fascinating task attempting 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 require days of the week to try to look through them and really see what was going on and kind of try to return to everybody so moving on look why do companies pick to main separate bank accounts there are How Do I Activate My Papaya Global Payroll companies out there doing precisely this for specific nations and I’ve operated in a service or many services doing exactly that I can state it does not constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we do not need to and anyone that’s managing 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 amount that we are I believe numerous reasons one is it’s the standard I think individuals have got so used to we require a new checking 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 requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I think there’s a range I think this is a procedure that needs taking a look at it needs altering however eventually individuals are really stuck with what they recognize
with right um change is a difficult thing all of us don’t like change um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having maintaining several checking account but there’s a huge amount of complexity chooses establishing a checking account maintaining it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific people so the intricacy is substantial but I believe the truthful response is modification um people haven’t had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might practically be identified to be the next Century approximately there is a lot to monitor and this technique does position a number of obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you deserve a corner workplace with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you How Do I Activate My Papaya Global Payroll