Over the last 5 or six years …Papaya Global Payroll Log In… roles on the service provider side and likewise on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everybody 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 is 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 very extremely gloomy and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we’ll also review a wrap-up which must leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more common and managing them becomes a growing number of intricate Global companies are aiming to find Solutions and new ways to simplify procedures especially from a payroll and cross-border payment standpoint many companies preserve separate bank account just for payroll while some have several accounts in various nations does it make good sense for companies to preserve separate savings account often in different nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business improve the episode complex processes of
Ensuring precise, efficient, and timely payroll payments is a complex obstacle for businesses running internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, find out how business forecast payroll costs to optimize working capital, and discover how improving international payroll payments can transform them from a challenging job into a tactical property.
Managing payroll internationally is a daunting job due to numerous guidelines, compliance requirements, information security issues, and banking guidelines. The sheer number of employees and companies adds to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Standard payroll systems often result in manual procedures, data silos, and an absence of combination, leading to inconsistencies and ineffectiveness. Despite living in an age of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to offer insights and solutions to simplify and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business invests in international payroll the less of a photo they see a lack of presence likewise extends to payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of international companies have actually 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 data information entry mistakes poorly communicated hires and terminations along with absence management and system setups and then when you round it all off and the information is delivered to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they depend on the essential several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties company face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t need to be included ideal and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country 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 consumer’s own in-country account so there’s complexity any place you look best eventually building a knowledge base is absolutely critical however everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link 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 innovation is permitting us to kind of progress with that it also also to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely important that payroll and financing teams work closer together than ever um I’m constantly astonished when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation 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 people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more essential to contribute to kind of the level of complexity there’s more and more advantages being organ or being offered by companies across the world so once again you’re simply wanting to include more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real obstacles or real challenging kind of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to produce extra handoffs at the same times that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and a period that you understand that we are operating in today there is no reason why we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any service has from an expense point of view from an effect viewpoint on workers it is definitely important that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful effect on people’s well-being and many other elements if people aren’t paid uh I’ve constantly been impressed entering into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this kind of webinar has been informed thank you for processing my payroll correctly 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 a crucial cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is a fantastic initial step um providing an end-to-end payroll option for your workers worldwide once again I think is another substantial um process again lining up and guaranteeing you have standardization International processes all of those things are definitely essential to success success of services and lowering the number of tools platforms and checking account they need for their Worldwide 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’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I do not think any of us are really doing that for for the thanks
anyhow we understand how how important 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 envision sorry I’m just I was simply gon na state think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions envision getting that lots of 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 an interesting job attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and sort of try to get back to everybody so carrying on appearance why do business select to main different bank accounts there are Papaya Global Payroll Log In businesses out there doing precisely this for particular nations and I’ve worked in a company or lots of services doing exactly that I can say it does not constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not producing extra work for any person where we don’t have to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the standard I believe individuals have got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years gone past 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 believe this is a process that needs looking at it needs changing however eventually individuals are very stuck with what they recognize
with ideal um change is a difficult thing all of us don’t like change um so I believe it’s simply kind 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 clearly the benefits of having keeping numerous checking account but there’s a huge amount of complexity goes with establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for private people so the intricacy is substantial however I think the sincere response is modification um individuals have not been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to change but 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 carrying on and moving into you know what could almost be determined to be the next Century or two there is a lot to keep track of and this approach does present several challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your achievements. Papaya Global Payroll Log In