Over the last five or six years …Where Is Papaya Global Mdb Normally 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 very much for your time everyone all right thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone 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 remains in the UK today certainly 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 wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll also go over a recap and that should leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of common and managing them becomes more and more complicated Global companies are wanting to find Solutions and new methods to enhance processes especially from a payroll and cross-border payment standpoint numerous companies keep different savings account just for payroll while some have multiple accounts in various countries does it make good sense for business to preserve different savings account often in various countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies enhance the episode complex procedures of
Ensuring accurate, effective, and timely payroll payments is a complex obstacle for businesses operating worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, discover how business forecast payroll expenses to enhance working capital, and discover how streamlining international payroll payments can transform them from a difficult job into a strategic property.
Managing payroll worldwide is a daunting job due to numerous regulations, compliance requirements, data security issues, and banking guidelines. The sheer variety of workers and organizations contributes to the complexity, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems typically result in manual processes, information silos, and an absence of combination, causing inconsistencies and inefficiencies. Regardless of residing in an age of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to provide insights and solutions 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 companies state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in international payroll the less of a photo they see an absence of visibility likewise encompasses payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of global businesses have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors poorly communicated hires and terminations along with lack management and system setups and after that when you round it all off and the information is delivered to the wrong location the average cost of an international information 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 do not run smoothly if they count on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s a good concern I constantly throw this back and state what is it what does not need to be included right and what does
it require 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 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 have to pay from the consumer’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is absolutely critical but all over you look with payroll payment they resemble super payments no if but some babies 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 believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is permitting us to kind of progress with that it also also to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely imperative that payroll and finance teams work closer together than ever um I’m constantly surprised when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation 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 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 people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more essential to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being offered by businesses throughout the world so once again you’re just seeking to include a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine difficulties or genuine difficult sort of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of years I would certainly state 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 job there are teams feeding info into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we require to produce extra handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and a period 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 said payroll is the single greatest liability that any service has from a cost perspective from an effect point of view on employees 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 most significant destructive impact on people’s well-being and many other elements if people aren’t paid uh I have actually constantly been impressed entering into this Market type of the last 5 to ten years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only discover when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally too. For that reason, it is essential to ensure that jobs like Wi-Fi International and other important matters are done properly. Using the first Global Payments first payroll payment solution is an excellent preliminary step towards supplying an extensive payroll service for employees worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and checking account required for global payroll are crucial factors in attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things don’t go as planned. Ultimately, we do not do it for the appreciation.
anyhow we know how how essential 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 everyone that’s associated with those processes and also so envision sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and actually see what was going on and sort of shot to get back to everybody so proceeding look why do companies select to primary different savings account there are Where Is Papaya Global Mdb Normally Stored services out there doing exactly this for particular countries and I’ve worked in a business or many services doing exactly that I can state it does not constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for anyone where we do not need to and anyone that’s dealing with that process 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 requirement I think people have got so used to we require a new checking account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I believe this is a procedure that requires looking at it requires altering however eventually people are really stuck to what they’re familiar
with best um modification is a difficult thing we all don’t like modification um so I think it’s just sort 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 understand obviously the advantages of having maintaining numerous savings account however there’s a substantial amount of complexity goes with setting up a bank account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for specific people so the intricacy is huge but I think the honest answer is change um people haven’t been able to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we have actually constantly 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 nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does posture a number of challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Where Is Papaya Global Mdb Normally Stored