Over the last 5 or 6 years …Papaya Global Payroll Customer Service Number… roles on the provider side and likewise on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everyone another couple of uh well among 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 just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really extremely bleak and I want I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies keep different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll likewise review a recap which needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more typical and managing them becomes a growing number of intricate Global organizations are wanting to discover Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment perspective lots of companies keep separate bank account just for payroll while some have several accounts in various countries does it make sense for business to maintain different savings account in some cases in various nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping international companies improve the episode complex procedures of
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of reasons most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the international Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the conventional payroll design there’s often an overwhelming number of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or really very basic there’s no genuine consistency framework we’re residing in an era of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more an organization invests in global payroll the less of an image they see an absence of visibility also extends to payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of international organizations have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors inadequately interacted hires and terminations in addition to absence management and system setups and after that when you round everything off and the data is delivered to the incorrect place the average expense of a worldwide 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 globe payroll and payments don’t run smoothly if they depend on the essential several processes 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 service face when they’re paying to employees or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t need to be included right 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 time frames 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 client’s own in-country account so there’s intricacy wherever you look ideal eventually building a knowledge base is absolutely important but 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 take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to sort of move on with that it also as well to add to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely essential that payroll and financing teams work closer together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide 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 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 however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high value on wellness and the payment landscape is ending up being increasingly elaborate. Organizations are continually introducing new benefits and payment choices, which contributes to the general complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can cause inefficiencies and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s highly innovative period, there’s no validation for maintaining cumbersome procedures. Payroll, the business’s greatest expenditure, should be processed correctly and on time. Even slight hold-ups can negatively affect employees’ well-being and have significant consequences. Therefore, it’s critical to focus on accurate and prompt payments.
payroll group get um so I’m not exactly sure anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe 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 stuff is absolutely vital that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment option is a terrific first step um offering an end-to-end payroll solution for your employees internationally again I think is another big um process once again aligning and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of companies and lowering the variety of tools platforms and checking account they require for their International 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 thousand of them within a payroll cycle don’t expect 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 meant to be um I don’t think any of us are really doing that for for the thanks
anyhow we know how how essential a function 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 easy as possible for everyone that’s associated with those processes and also so think of sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions picture getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and kind of shot to get back to everybody so carrying on appearance why do business choose to main different savings account there are Papaya Global Payroll Customer Service Number businesses out there doing exactly this for particular nations and I’ve operated in a service or many organizations doing exactly that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we don’t have to and anybody that’s dealing with that procedure 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 numerous factors one is it’s the standard I think individuals have got so utilized 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 number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I think this is a procedure that needs looking at it needs changing however ultimately individuals are really stuck with what they’re familiar
with right um modification is a difficult thing all of us do not like modification um so I believe it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having preserving numerous bank accounts however there’s a substantial amount of intricacy chooses establishing a checking account preserving it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the complexity is big however I think the honest answer is change um people haven’t been able to change or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to change however we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might nearly be determined to be the next Century or two there is a lot to keep track of and this method does present a number of challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you are worthy of a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Customer Service Number