Over the last 5 or 6 years …Papaya Global Employment Allowance Monthly… functions on the company side and likewise on the supplier side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already 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 certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely dreary and I wish I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll also discuss a recap which needs to 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 International labor forces end up being more and more common and managing them becomes increasingly more complicated International organizations are seeking to find Solutions and new methods to simplify processes especially from a payroll and cross-border payment perspective lots of companies preserve different bank account just for payroll while some have multiple accounts in different nations does it make good sense for companies to maintain separate checking account in some cases in different countries it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business streamline the episode complex processes of
Guaranteeing precise, effective, and timely payroll payments is a complex difficulty for businesses operating worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to optimize working capital, and find how improving worldwide payroll payments can transform them from a burdensome job into a tactical property.
Managing payroll worldwide is a difficult job due to various regulations, compliance requirements, information security issues, and banking rules. The sheer number of staff members and organizations contributes to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems often result in manual processes, information silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. Despite residing in an era of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to provide insights and services to streamline and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a business invests in global payroll the less of a picture they see an absence of visibility also extends to payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global businesses have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes poorly communicated hires and terminations along with lack management and system configurations and after that when you round everything off and the data is shipped to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they count on the essential multiple processes 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 company face when they’re making payments to workers or otherwise that’s a good question I always throw this back and state what is it what does not require to be included ideal and what does
it need 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 amount of time there’s payment capabilities 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 consumer’s own in-country account so there’s complexity wherever you look right eventually constructing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is permitting us to type of progress with that it also also to add to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely vital that payroll and financing teams work closer together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation 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 any place they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on wellness and the compensation landscape is becoming significantly detailed. Organizations are continuously presenting new advantages and payment alternatives, which contributes to the general intricacy. Large corporations often divide their payroll and payment processing into different groups, which can lead to inadequacies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s highly advanced age, there’s no reason for keeping cumbersome treatments. Payroll, the business’s biggest expense, should be processed properly and on time. Even slight hold-ups can adversely affect workers’ well-being and have significant effects. Therefore, it’s vital to focus on precise and prompt payments.
payroll team get um so I’m unsure anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think 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 definitely crucial that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment service is a terrific primary step um providing an end-to-end payroll option for your staff members worldwide once again I think is another huge um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of services and minimizing the number of tools platforms and checking account they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
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 simple as possible for everybody that’s involved in those procedures and also so picture sorry I’m just I was just gon na state envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job attempting to clean all those up for sure oh absolutely 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 type of try to return to everyone so carrying on look why do companies choose to main different checking account there are Papaya Global Employment Allowance Monthly companies out there doing precisely this for particular countries and I have actually operated in a business or numerous businesses doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for any person where we don’t need to and any person that’s managing 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 think many reasons one is it’s the requirement I believe individuals have got so used to we need a brand-new checking account we open an entity and appropriately 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 standard and the norm the people have adopted 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 methods um to to sort of do it so I think there’s a range I think this is a process that needs taking a look at it requires altering but ultimately individuals are very stuck to what they recognize
with right um change is a challenging thing all of us don’t like change um so I think it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having maintaining multiple checking account but there’s a huge amount of intricacy chooses establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the intricacy is big however I think the sincere answer is modification um individuals have not had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could almost be determined to be the next Century approximately there is a lot to keep an eye on and this technique does position a number of obstacles um so Johnny could you tell us about those obstacles yeah obviously 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 manage our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Employment Allowance Monthly