Over the last 5 or six years …Why Is My Papaya Global Payroll Not Showing Up… functions on the service provider side and also on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I actually 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 really extremely uninspiring and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business keep different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a strategic property uh we’ll also discuss a recap which needs to leave his time at the really 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 labor forces become a growing number of common and managing them ends up being a growing number of intricate Global companies are wanting to find Solutions and new ways to improve procedures especially from a payroll and cross-border payment standpoint many organizations keep different bank account just for payroll while some have multiple accounts in various nations does it make good sense for business to keep separate bank accounts often in various nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies simplify the episode complex processes of
Ensuring accurate, efficient, and prompt payroll payments is a complex challenge for organizations operating internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how companies forecast payroll costs to enhance working capital, and discover how improving international payroll payments can transform them from a difficult job into a strategic asset.
Managing payroll worldwide is a difficult job due to various regulations, compliance requirements, information security concerns, and banking guidelines. The sheer number of staff members and companies contributes 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 organizations worldwide.
Standard payroll systems frequently lead to manual processes, data silos, and an absence of integration, leading to disparities and inadequacies. In spite of living in a period of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to provide insights and options to simplify and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a company invests in worldwide payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of global organizations have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes improperly interacted hires and terminations along with lack management and system setups and then when you round everything off and the information is delivered to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they count on the essential several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re paying to staff members or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t need to be consisted of ideal and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy wherever you look best ultimately developing a knowledge base is absolutely critical however all over you look with payroll payment they resemble very payments no if but some children 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 think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to sort of progress with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and finance groups work more detailed together than ever um I’m constantly impressed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process 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 3rd parties so with the
world we live in and well-being being increasingly more essential to contribute to kind of the level of intricacy there’s more and more advantages being organ or being provided by companies throughout the world so again you’re just seeking to add a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine challenging sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of years I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to produce extra handoffs while doing sos that we operate 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 era of tech and an era that you know that we are working in today there is no reason why we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from a cost point of view from an impact perspective on staff members it is absolutely crucial that it’s done correctly and on time so what we mean 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 destructive impact on individuals’s well-being and numerous other factors if individuals aren’t paid uh I’ve always been surprised coming into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m unsure anybody on this type of webinar has been informed 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 an essential cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise 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 stuff is definitely important that all of this stuff is done properly so leveraging the first Global Payments first payroll payment option is a great initial step um supplying an end-to-end payroll option for your workers globally once again I believe is another huge um process once again aligning and ensuring you have standardization Global procedures all of those things are definitely key to success success of companies and minimizing the number of tools platforms and bank accounts 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’ve never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I don’t think any of us are actually doing that for for the thanks
anyhow we understand 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 easy as possible for everybody that’s involved in those processes and also so envision sorry I’m simply I was just gon na state picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and really see what was going on and type of shot to return to everybody so proceeding look why do companies choose to main separate savings account there are Why Is My Papaya Global Payroll Not Showing Up services out there doing exactly this for specific countries and I have actually operated in a service or many services doing exactly that I can say it does not constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not producing extra work for any person where we do not have to and anybody 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 think numerous factors one is it’s the standard I think individuals have actually got so utilized to we need a brand-new bank account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I believe this is a process that needs taking a look at it requires changing but eventually people are extremely stuck with what they’re familiar
with ideal um change is a hard thing we all don’t 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 undoubtedly the benefits of having keeping multiple checking account however there’s a substantial amount of complexity opts for setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is big however I think the truthful answer is change um individuals have not had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century or so there is a lot to keep track of and this technique does posture several obstacles um so Johnny could you inform us about those difficulties yeah naturally 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 Worldwide workers you deserve a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Why Is My Papaya Global Payroll Not Showing Up