Over the last five or six years …Does Papaya Global Payroll Offer Workers Comp Coverage… functions on the supplier side and likewise on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather 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 comes from and I truly 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 really very gloomy and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll also review a recap and that ought to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of typical and handling them becomes increasingly more intricate International organizations are aiming to discover Solutions and brand-new ways to streamline processes specifically from a payroll and cross-border payment viewpoint numerous organizations keep separate bank account just for payroll while some have multiple accounts in different nations does it make sense for companies to preserve different bank accounts sometimes in different nations it does but just for payroll exists a better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting international business streamline the episode complex processes of
Making sure accurate, effective, and timely payroll payments is a complex challenge for companies running worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to enhance working capital, and discover how enhancing worldwide payroll payments can change them from a burdensome job into a strategic asset.
Managing payroll worldwide is a complicated task due to numerous regulations, compliance requirements, data security concerns, and banking rules. The large variety of employees and services adds to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Conventional payroll systems often lead to manual processes, data silos, and a lack of combination, causing inconsistencies and inadequacies. In spite of living in a period of technological improvements, 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 objectives to provide insights and solutions to streamline and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company spends on international payroll the less of an image they see an absence of exposure also reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide companies have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors improperly interacted hires and terminations in addition to absence management and system configurations and after that when you round it all off and the information is shipped to the wrong location the typical cost of a worldwide 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 don’t run smoothly if they depend on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t need to be included best and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look ideal ultimately building a knowledge base is definitely critical however everywhere you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to sort of move on with that it also as well to contribute to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance groups work more detailed together than ever um I’m constantly surprised when people state I have actually divided 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 split the payroll payment from computation 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 eventually 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 increasingly more crucial to add to sort of the level of complexity there’s increasingly more advantages being organ or being used by businesses throughout the world so once again you’re just aiming to add a growing number of payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real challenges or genuine tough sort of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would absolutely state that the larger a company 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 teams feeding details into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to create additional handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason that we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any service has from an expense perspective from an impact point of view on employees it is absolutely critical that it’s done correctly and on time so what we imply 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 destructive result on people’s wellness and numerous other factors if people aren’t paid uh I’ve always been impressed entering into this Market sort of the last five to 10 years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just observe when things fail. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally as well. Therefore, it is necessary to make sure that tasks like Wi-Fi Worldwide and other vital matters are done properly. Using the very first Global Payments very first payroll payment solution is an excellent initial step towards providing a comprehensive payroll service for workers worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and checking account essential for global payroll are key factors in attaining organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things do not go as planned. Eventually, we do not do it for the appreciation.
anyhow we understand how how essential a function 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 involved in those processes and likewise so imagine sorry I’m just I was just gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job trying 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 need days of the week to try to look through them and really see what was going on and sort of try to get back to everybody so carrying on look why do companies choose to main separate bank accounts there are Does Papaya Global Payroll Offer Workers Comp Coverage organizations out there doing precisely this for specific countries and I have actually worked in an organization or numerous businesses doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we don’t need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount 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 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 requirement and the norm the people have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I believe this is a process that requires looking at it requires altering however ultimately individuals are very stuck to what they’re familiar
with ideal um modification is a tough thing all of us don’t like change um so I believe it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having maintaining numerous savings account however there’s a big quantity of intricacy goes with setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for specific individuals so the complexity is big but I think the truthful response is change um people have not had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to change however we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might almost be identified to be the next Century or two there is a lot to keep an eye on and this technique does pose several obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I simply did you changed our Enterprise 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 workers you should have a corner office with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Does Papaya Global Payroll Offer Workers Comp Coverage