Over the last five or six years …Can I Use Papaya Global Payroll With My Personal Checks… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really 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 drizzling here it’s extremely extremely gloomy and I wish I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business preserve different
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of preserving separate savings account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most significantly guidelines compliance information security and banking rules then there are the large numbers they include further intricacy the international Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll model there’s often a frustrating number of various systems causing lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or very very fundamental there’s no genuine consistency framework we’re residing in a period of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business invests in global payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global companies have revealed 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 poor HCM information data entry mistakes inadequately communicated hires and terminations along with absence management and system configurations and after that when you round all of it off and the information is shipped to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they depend on the essential several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s a good question I always throw this back and say what is it what doesn’t require to be included ideal and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 anywhere you look right eventually developing a knowledge base is absolutely crucial but all over you look with payroll payment they are like very 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 think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to sort of progress with that it also too to add to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely important that payroll and financing teams work closer together than ever um I’m constantly astonished when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the settlement landscape is ending up being increasingly elaborate. Organizations are continuously introducing new benefits and payment choices, which contributes to the overall complexity. Large corporations typically divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my opinion, this does not need to hold true. In today’s technologically advanced age, there’s no reason for preserving troublesome treatments. Payroll, the company’s greatest expense, should be processed correctly and on time. Even small hold-ups can negatively impact staff members’ well-being and have far-reaching repercussions. For that reason, it’s critical to prioritize accurate and prompt payments.
payroll group get um so I’m not sure anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment solution is an excellent primary step um offering an end-to-end payroll solution for your employees globally again I think is another substantial um process again aligning and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of companies and minimizing the number of tools platforms and checking account they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyhow 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 associated with those procedures and likewise so think of sorry I’m just I was simply gon na say picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and sort of shot to return to everyone so moving on look why do business choose to primary different checking account there are Can I Use Papaya Global Payroll With My Personal Checks organizations out there doing exactly this for specific countries and I’ve operated in an organization or numerous businesses doing precisely that I can state it does not constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing additional work for anybody where we don’t need to and any person that’s handling 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 many factors one is it’s the standard I think people have actually got so utilized to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I think this is a procedure that requires looking at it needs changing but eventually people are very stuck to what they’re familiar
with right um change is a hard thing we all do not like change um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having preserving several bank accounts but there’s a big quantity of intricacy opts for setting up a savings account preserving it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the complexity is big however I believe the honest response is change um people have not had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change but 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 could almost be determined to be the next Century approximately there is a lot to track and this method does present numerous difficulties um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your achievements. Can I Use Papaya Global Payroll With My Personal Checks