Over the last five or 6 years …Papaya Global For Ipad… functions on the service provider side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating 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 everybody comes from and I really do hope it’s much sunnier than it is in the UK today certainly 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 alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic property uh we’ll also review a recap and that needs to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and handling them becomes increasingly more intricate International organizations are seeking to find Solutions and brand-new ways to simplify processes particularly from a payroll and cross-border payment standpoint lots of companies preserve separate savings account just for payroll while some have multiple accounts in various nations does it make good sense for business to maintain different checking account in some cases in different nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business simplify the episode complex processes of
Making sure precise, efficient, and prompt payroll payments is a complex challenge for organizations running worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how companies forecast payroll costs to optimize working capital, and find how enhancing global payroll payments can transform them from a difficult task into a tactical asset.
Handling payroll internationally is a challenging task due to different regulations, compliance requirements, information security issues, and banking guidelines. The large number of workers and organizations contributes to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems often lead to manual processes, information silos, and a lack of integration, causing disparities and inadequacies. Regardless of residing in a period of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to provide insights and options to streamline 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 companies state they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a service spends on international payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal almost half of global businesses have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes poorly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the information is delivered to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they depend on the needed multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re paying to workers or otherwise that’s an excellent question I always throw this back and say what is it what does not need to be included best and what does
it need 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 amount of time there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look right eventually constructing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble extremely payments no if however some babies 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 recognition that payroll payments are definitely basic and technology is allowing us to type of progress with that it also also to add to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and finance groups work better together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often 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 people any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to add to kind of the level of complexity there’s more and more benefits being organ or being used by services throughout the world so once again you’re just seeking to include more and more payments to this currently intricate landscape so if you type 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 genuine challenges or real tough type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we run in they just make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any company has from a cost point of view from an impact perspective on workers it is absolutely vital that it’s done properly 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 most significant harmful result on people’s well-being and lots of other elements if individuals aren’t paid uh I have actually always been astonished entering into this Market sort of the last 5 to ten years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only observe when things go wrong. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s perceived externally also. For that reason, it is necessary to make sure that tasks like Wi-Fi Worldwide and other important matters are done properly. Using the first International Payments very first payroll payment service is a fantastic initial step towards offering a comprehensive payroll solution for employees worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and checking account essential for worldwide payroll are essential consider achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things do not go as prepared. Eventually, we don’t do it for the thankfulness.
anyway we know how how crucial 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 envision sorry I’m just I was just gon na state imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and kind of try to get back to everybody so moving on appearance why do business pick to main different bank accounts there are Papaya Global For Ipad organizations out there doing precisely this for particular countries and I’ve operated in a service or lots of organizations doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing extra work for anybody where we do not have to and anyone 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 amount that we are I believe numerous factors one is it’s the standard I believe people have got so used to we need a brand-new checking account we open an entity and rightly so you require 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 add to that people have looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I believe this is a process that requires looking at it needs altering however ultimately individuals are really stuck with what they recognize
with right um change is a difficult thing all of us don’t like modification um so I think it’s just type 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 obviously the benefits of having preserving several savings account however there’s a big quantity of complexity chooses establishing a savings account preserving it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is huge but I think the truthful answer is modification um individuals have not had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep track of and this technique does position numerous 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 Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global For Ipad