Over the last 5 or six years …Where Are Papaya Global Backups Stored… functions on the supplier side and likewise on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite 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 sunshine is it it’s not no it’s it’s raining here it’s extremely very bleak and I want 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 looking at the challenge years of managing Global payroll why business preserve different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we’ll also discuss a wrap-up which must leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and handling them ends up being more and more complex Global organizations are wanting to find Solutions and brand-new methods to enhance procedures particularly from a payroll and cross-border payment standpoint lots of organizations maintain different bank account just for payroll while some have several accounts in various nations does it make sense for companies to keep separate bank accounts in some cases in various nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business improve the episode complex processes of
Ensuring precise, efficient, and timely payroll payments is a complex difficulty for organizations running internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, find out how companies forecast payroll costs to optimize working capital, and find how streamlining international payroll payments can transform them from a burdensome task into a tactical asset.
Managing payroll internationally is a complicated task due to different policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of workers and businesses contributes to the complexity, 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 frequently lead to manual processes, data silos, and an absence of integration, resulting in inconsistencies and ineffectiveness. Regardless of residing in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to provide insights and options to simplify and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business invests in worldwide payroll the less of a photo they see a lack of presence also reaches payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of international organizations 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 poor HCM data data entry errors improperly communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the information is delivered to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they depend on the required several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re paying to employees or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not need to be included ideal and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 consumer’s own in-country account so there’s intricacy wherever you look ideal eventually developing a knowledge base is definitely critical but all over you look with payroll payment they resemble incredibly 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 believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to sort of progress with that it also too to add to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely vital that payroll and finance teams work better together than ever um I’m always amazed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide 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 process it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of important to contribute to type of the level of complexity there’s a growing number of benefits being organ or being provided by companies across the world so once again you’re just aiming to add increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real difficulties 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 definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we run in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any business has from a cost perspective from an effect point of view on workers it is absolutely important that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful effect on individuals’s well-being and many other factors if people aren’t paid uh I have actually constantly been surprised coming into this Market kind of the last five to 10 years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals only observe when things go wrong. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally too. Therefore, it is necessary to make sure that tasks like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the very first Global Payments very first payroll payment service is a great initial step towards providing a detailed payroll service for employees worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and bank accounts necessary for global payroll are crucial consider accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things do not go as prepared. Ultimately, we do not do it for the thankfulness.
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 easy as possible for everybody that’s involved in those procedures and likewise so envision sorry I’m just I was simply gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing 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 was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and kind of try to return to everyone so proceeding look why do companies choose to primary separate checking account there are Where Are Papaya Global Backups Stored services out there doing precisely this for specific countries and I have actually worked in a company or numerous services doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not developing extra work for any person where we do not need to and any person that’s handling that process 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 numerous reasons one is it’s the requirement I think individuals have got so used to we require a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I believe this is a process that needs taking a look at it requires altering but ultimately individuals are extremely stuck to what they recognize
with best um change is a hard thing all of us don’t like change um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having preserving numerous checking account but there’s a huge quantity of intricacy goes with setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is substantial however I believe the truthful answer is modification um individuals have not had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an aspect 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 could almost be figured out to be the next Century approximately there is a lot to keep track of and this method does present numerous challenges um so Johnny could you tell us about those obstacles 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 handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this improved ability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Where Are Papaya Global Backups Stored