Over the last 5 or six years …How To Change Password On Papaya Global… functions on the provider side and also on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually 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 uninspiring and I want I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we’ll also discuss a wrap-up which ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more common and handling them ends up being more and more complex Worldwide organizations are aiming to find Solutions and brand-new ways to improve processes specifically from a payroll and cross-border payment perspective lots of companies maintain different checking account just for payroll while some have several accounts in various nations does it make good sense for business to maintain different bank accounts often in various nations it does however just for payroll exists a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies streamline the episode complex procedures of
making payroll payments precisely efficiently securely and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how business accurately forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most significantly policies compliance information security and banking rules then there are the large numbers they include further complexity the global Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the conventional payroll model there’s frequently a frustrating variety of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely extremely fundamental there’s no real consistency framework we’re residing in an age of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of a photo they see an absence of exposure also encompasses payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide companies have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes improperly communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the data is shipped to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they depend on the necessary 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 difficulties organization face when they’re paying to staff members or otherwise that’s a good question I always throw this back and say what is it what does not need to be included best and what does
it require to be thought about there’s varying 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 need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look ideal eventually constructing a knowledge base is definitely important however everywhere 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 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 definitely essential and innovation is enabling us to type of move forward with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely crucial that payroll and finance teams work closer together than ever um I’m always astonished when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on well-being and the compensation landscape is becoming progressively detailed. Companies are constantly introducing brand-new benefits and payment options, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into different groups, which can lead to ineffectiveness and traffic jams. In my opinion, this doesn’t have to hold true. In today’s highly sophisticated era, there’s no validation for maintaining troublesome procedures. Payroll, the business’s most significant cost, need to be processed correctly and on time. Even minor hold-ups can adversely affect workers’ wellness and have significant effects. For that reason, it’s vital to focus on accurate and timely payments.
payroll group get um so I’m unsure anybody on this type of webinar has actually been informed 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 employees or not um however eventually payroll is such an important cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the very first Global Payments first payroll payment solution is an excellent initial step um supplying an end-to-end payroll solution for your staff members internationally again I believe is another huge um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely key to success success of businesses and decreasing the number of tools platforms and savings account they need for their Global 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 ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks
anyway we understand how how important 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 easy as possible for everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and actually see what was going on and sort of try to return to everybody so proceeding appearance why do business select to main separate savings account there are How To Change Password On Papaya Global services out there doing precisely this for specific countries and I have actually operated in a business or numerous companies doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for anyone where we do not have to and anyone that’s dealing with 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 think many factors one is it’s the standard I believe individuals have actually got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll functions 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 individuals have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I believe this is a process that requires taking a look at it needs changing but ultimately individuals are really stuck with what they’re familiar
with right um modification is a tough thing all of us don’t like modification um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having keeping several bank accounts but there’s a substantial amount of complexity goes with establishing a savings account preserving it ensuring it can send International transfers ensuring it’s set up with the right user accesses for individual individuals so the complexity is substantial but I think the truthful response is modification um individuals haven’t been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change but we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might practically be determined to be the next Century approximately there is a lot to monitor and this approach does pose a number of challenges um so Johnny could you tell us about those obstacles yeah of course 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 feels like our CFO has actually gained another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. How To Change Password On Papaya Global