Over the last five or 6 years …How Does Papaya Global Payroll Direct Deposit Work… functions on the service provider side and also on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely uninspiring and I wish I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we’ll also go over a wrap-up and that must leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of common and managing them ends up being more and more intricate International organizations are looking to discover Solutions and new ways to enhance processes particularly from a payroll and cross-border payment viewpoint lots of organizations keep separate bank account just for payroll while some have numerous accounts in different countries does it make sense for business to keep different bank accounts often in various countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business enhance the episode complex processes of
Ensuring accurate, effective, and timely payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, find out how business forecast payroll expenses to enhance working capital, and discover how improving global payroll payments can change them from a burdensome job into a strategic property.
Managing payroll internationally is a complicated job due to numerous policies, compliance requirements, information security concerns, and banking guidelines. The large number of employees and services adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems typically lead to manual processes, data silos, and an absence of combination, leading to disparities and ineffectiveness. Despite residing in a period of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to supply insights and services to simplify and enhance 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 say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a business invests in worldwide payroll the less of a picture they see a lack of visibility likewise reaches payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international businesses have expressed 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 due to time reporting poor HCM information data entry mistakes badly communicated hires and terminations in addition to lack management and system configurations and then when you round it all off and the information is delivered to the incorrect place the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they depend on the required several 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 obstacles business face when they’re paying to workers or otherwise that’s a great question I constantly throw this back and state what is it what does not need 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 nation there’s payment amount of time 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 best eventually constructing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is enabling us to sort of move on with that it also also to add to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely essential that payroll and financing teams work more detailed together than ever um I’m always surprised when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of crucial to contribute to kind of the level of intricacy there’s a growing number of benefits being organ or being provided by services across the world so once again you’re just looking to add more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real difficulties or genuine difficult sort of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would definitely say 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 task there are teams feeding information into the next function as it were that’s actually managing 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 need to develop extra handoffs in the processes that we run in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from a cost point of view from an impact viewpoint on workers it is absolutely important that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging impact on individuals’s wellness and lots of other factors if people aren’t paid uh I have actually constantly been surprised entering this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply 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 stuff is absolutely vital that all of this things is done properly so leveraging the first International Payments very first payroll payment solution is a terrific primary step um supplying an end-to-end payroll service for your staff members internationally once again I think is another substantial um procedure again aligning and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of businesses and decreasing the variety of tools platforms and savings account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand how how crucial 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 simple as possible for everyone that’s associated with those processes and likewise so think of sorry I’m just I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions imagine getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task attempting to clean all those up for sure oh definitely I can’t picture 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 in fact see what was going on and type of shot to get back to everyone so carrying on appearance why do business choose to primary different bank accounts there are How Does Papaya Global Payroll Direct Deposit Work services out there doing exactly this for specific countries and I have actually worked in a business or many businesses doing precisely that I can say it does not constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not creating extra work for anybody where we do not need to and any person 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 quantity that we are I think many reasons one is it’s the requirement I believe individuals have 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 number of markets where it’s not a requirement so I believe it’s simply 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 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 range I think this is a procedure that needs looking at it requires altering however ultimately individuals are really stuck to what they’re familiar
with best um change is a tough thing all of us do not like modification um so I think it’s just type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining several savings account but there’s a big amount of complexity chooses setting up a bank account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for specific individuals so the complexity is substantial but I believe the sincere response is change um individuals have not been able to change or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century approximately there is a lot to monitor and this method does position a number of challenges um so Johnny might you tell us about those obstacles yeah of course so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you should have a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you How Does Papaya Global Payroll Direct Deposit Work