Over the last 5 or 6 years …How Much Is Papaya Global Payroll Enhanced… functions on the company side and likewise on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everybody another number 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 quite interesting 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 originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really uninspiring and I wish I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we’ll also go over a recap which needs to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of typical and handling them ends up being more and more intricate Global companies are wanting to discover Solutions and new ways to simplify processes specifically from a payroll and cross-border payment perspective many organizations maintain different bank account just for payroll while some have multiple accounts in different countries does it make good sense for companies to maintain separate bank accounts often in different countries it does however just for payroll is there a better method 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, efficient, and timely payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to enhance working capital, and discover how simplifying global payroll payments can change them from a difficult task into a tactical possession.
Handling payroll worldwide is a daunting task due to different guidelines, compliance requirements, data security issues, and banking rules. The sheer number of workers and organizations adds to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems often lead to manual procedures, data silos, and an absence of integration, leading to inconsistencies and inefficiencies. Despite residing in an era of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to provide insights and solutions to simplify and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a service invests in worldwide payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of international businesses 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 errors are due to time reporting poor HCM information information entry errors inadequately interacted hires and terminations along with absence management and system setups and then when you round it all off and the information is shipped to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they depend on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they’re paying to workers or otherwise that’s a great concern I always toss this back and state what is it what doesn’t need to be included best and what does
it require to be considered there’s varying 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is definitely critical but everywhere you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 absolutely fundamental and technology is allowing us to kind of move forward with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely crucial that payroll and finance groups work better together than ever um I’m constantly impressed when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry 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 information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more essential to add to kind of the level of intricacy there’s more and more advantages being organ or being provided by services throughout the world so once again you’re just wanting to include increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine difficulties or genuine tough sort of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of decades I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to produce additional handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and an era that you understand that we are operating in today there is no reason why we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any organization has from a cost perspective from an effect perspective on employees it is definitely crucial that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging impact on people’s well-being and lots of other aspects if people aren’t paid uh I’ve constantly been surprised entering this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this kind 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 employees or not um however eventually payroll is such an important cycle all of us become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this things is done correctly so leveraging the first International Payments very first payroll payment solution is an excellent primary step um supplying an end-to-end payroll solution for your staff members globally again I believe is another big um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of organizations and decreasing the number of tools platforms and savings account they need for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I do not think any of us are actually doing that for for the thanks
anyhow we know how how important 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 simple as possible for everyone that’s associated with those processes and also so picture sorry I’m just I was just gon na state imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions think of 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 an interesting job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true 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 everybody so carrying on appearance why do companies choose to main different savings account there are How Much Is Papaya Global Payroll Enhanced organizations out there doing exactly this for particular countries and I’ve operated in a service or numerous services doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for anyone 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 amount that we are I think lots of factors one is it’s the requirement I believe individuals have got so used to we need a new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I think this is a process that needs looking at it requires changing but ultimately individuals are very stuck to what they recognize
with ideal um change is a challenging thing we all do not like modification um so I believe it’s simply sort of moving far from the standard 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 numerous checking account but there’s a huge quantity of intricacy chooses establishing a checking account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for individual individuals so the intricacy is substantial but I think the honest answer is modification um individuals have not had the ability to change or have not had always the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could almost be identified to be the next Century or two there is a lot to track and this approach does present a number of challenges um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you How Much Is Papaya Global Payroll Enhanced