Over the last five or six years …Square Payroll Vs Papaya Global Payroll… roles on the service provider side and also on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply 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 kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is 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 really extremely dreary and I want I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business keep separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we’ll also review a recap which should leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of typical and handling them ends up being more and more complicated Worldwide organizations are aiming to discover Solutions and brand-new ways to enhance processes especially from a payroll and cross-border payment perspective numerous companies preserve different checking account just for payroll while some have several accounts in different countries does it make good sense for companies to preserve different bank accounts in some cases in different nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies improve the episode complex procedures of
Making sure precise, efficient, and timely payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how business anticipate payroll expenses to optimize working capital, and find how simplifying international payroll payments can transform them from a troublesome task into a tactical property.
Managing payroll worldwide is a daunting job due to different policies, compliance requirements, data security concerns, and banking guidelines. The sheer variety of workers and companies adds to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million services worldwide.
Conventional payroll systems often result in manual processes, data silos, and a lack of integration, causing disparities and inefficiencies. Despite living in a period of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to offer insights and solutions to streamline and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 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 international payroll the less of an image they see a lack of visibility likewise extends to payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of international businesses have revealed that they do not 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 poor HCM information data entry errors improperly interacted hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is delivered to the wrong location the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they count on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles organization face when they’re paying to staff members or otherwise that’s a good question I always toss this back and say what is it what doesn’t require to be included 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 nation 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 client’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble super payments no if but some infants 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 acknowledgment that payroll payments are definitely essential and technology is enabling us to sort of move forward with that it likewise also to add to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely important that payroll and financing teams work better together than ever um I’m constantly impressed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work 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 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 wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more essential to add to kind of the level of complexity there’s a growing number of advantages being organ or being offered by services across the world so again you’re simply seeking to include increasingly more payments to this already 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 real difficult kind of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually handling the payment side of things but you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single greatest liability that any organization has from a cost point of view from an impact perspective on staff members it is absolutely important 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 greatest harmful result on people’s well-being and numerous other factors if people aren’t paid uh I have actually constantly been astonished coming into this Market sort of the last five to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals only notice when things go wrong. However, when things go right, it’s seen as just a routine task. This is how it’s viewed externally too. For that reason, it is essential to make sure that jobs like Wi-Fi International and other vital matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment service is an excellent preliminary step towards offering a thorough payroll service for workers worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and savings account required for global 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 grievances when things do not go as planned. Ultimately, we don’t do it for the appreciation.
anyway we understand 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 processes and likewise so imagine sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job attempting to clean all those up for sure oh definitely 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 attempt to check out them and really see what was going on and sort of shot to get back to everybody so moving on appearance why do business choose to primary separate checking account there are Square Payroll Vs Papaya Global Payroll businesses out there doing precisely this for specific countries and I’ve worked in a service or numerous services doing exactly that I can state it doesn’t constantly feel effective and it does create more work I know we’re not purposely doing that we’re not creating additional work for anybody where we do not need to and anyone that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the standard I believe individuals have got so used to we require a new checking account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs altering but ultimately people are extremely stuck with what they’re familiar
with right um change is a hard thing all of us do not like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having preserving several savings account but there’s a substantial quantity of complexity chooses setting up a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is substantial however I believe the truthful response is change um people have not been able to alter or have not had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might almost be figured out to be the next Century approximately there is a lot to keep track of and this approach does posture numerous obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Square Payroll Vs Papaya Global Payroll