Over the last five or six years …Papaya Global Payroll Reviewsa… functions on the service provider side and also on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really bleak and I wish I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we’ll also go over a wrap-up which should leave his time at the very very 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 Worldwide workforces end up being more and more common and managing them becomes more and more complicated Worldwide companies are seeking to find Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment viewpoint numerous companies keep separate savings account just for payroll while some have several accounts in different nations does it make sense for companies to maintain different savings account in some cases in various nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies improve the episode complex processes of
Making sure precise, effective, and prompt payroll payments is a complex obstacle for businesses running internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, find out how companies forecast payroll costs to enhance working capital, and discover how enhancing global payroll payments can change them from a difficult job into a tactical asset.
Managing payroll internationally is a difficult task due to numerous guidelines, compliance requirements, information security concerns, and banking rules. The sheer number of employees and services adds to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million services worldwide.
Traditional payroll systems often lead to manual processes, information silos, and a lack of combination, causing disparities and inefficiencies. Despite residing in an era of technological advancements, 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 goals to provide insights and services to streamline and optimize worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of a picture they see a lack of exposure likewise extends to payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of global organizations have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes improperly communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the data is delivered to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they count on the essential several processes 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 company face when they’re paying to workers or otherwise that’s a good concern I always toss this back and say what is it what does not require to be included ideal and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy wherever you look best ultimately developing a knowledge base is definitely crucial but all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 type of move forward with that it also too to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely crucial that payroll and finance groups work better together than ever um I’m always surprised when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 often 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 individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more essential to add to type of the level of intricacy there’s more and more benefits being organ or being used by organizations throughout the world so again you’re just seeking to include a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine obstacles or real difficult kind of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of years I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we run in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an age 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 hard as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any service has from a cost perspective from an impact viewpoint on workers it is absolutely vital 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 have to be done right it has the biggest destructive impact on individuals’s wellness and numerous other elements if people aren’t paid uh I have actually constantly been impressed coming into this Market type of the last 5 to 10 years is how little thanks the
The payroll team may not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only see when things fail. However, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally also. For that reason, it is essential to ensure that tasks like Wi-Fi International and other vital matters are done properly. Using the first Global Payments very first payroll payment option is an excellent preliminary step towards providing a comprehensive payroll solution for staff members worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and checking account required for worldwide payroll are key factors in attaining organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things don’t go as prepared. Eventually, we don’t do it for the appreciation.
anyhow 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 everyone that’s involved in those processes and likewise so envision sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task trying 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 require days of the week to try to look through them and actually see what was going on and kind of shot to return to everybody so proceeding appearance why do business choose to main separate bank accounts there are Papaya Global Payroll Reviewsa companies out there doing precisely this for specific nations and I’ve worked in a company or many businesses doing exactly that I can say it does not always feel effective and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we don’t need to and anyone 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 quantity that we are I think numerous factors one is it’s the requirement I think people have actually got so utilized to we require a brand-new savings 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 standard and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs changing but ultimately people are very stuck with what they recognize
with ideal um modification is a hard thing we all don’t like change um so I believe 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 benefits of having maintaining numerous savings account however there’s a huge quantity of intricacy opts for establishing a checking account keeping it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is big however I think the sincere answer is modification um people haven’t been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century or two there is a lot to track and this approach does pose a number of obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I simply did you changed our Business 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 staff members you deserve a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Reviewsa