Over the last 5 or six years …Setting Up Papaya Global To Email Payslips With Exchange Account… functions on the provider side and also on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds approximately 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 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 comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely bleak 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 challenge years of managing International payroll why companies preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical property uh we’ll also go over 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 recommends 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 handling them becomes a growing number of complicated Worldwide companies are wanting to discover Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment viewpoint many companies preserve different bank account just for payroll while some have several accounts in various nations does it make good sense for business to maintain separate savings account sometimes in various nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies improve the episode complex procedures of
Guaranteeing accurate, effective, and prompt payroll payments is a complex difficulty for organizations operating internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to optimize working capital, and find how simplifying global payroll payments can transform them from a troublesome task into a tactical asset.
Handling payroll worldwide is an overwhelming job due to numerous regulations, compliance requirements, information security issues, and banking guidelines. The large number of staff members and companies adds to the complexity, with an approximated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems often result in manual processes, data silos, and a lack of combination, leading to inconsistencies and inadequacies. Despite residing in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to supply insights and options to simplify and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company spends on international payroll the less of a picture they see an absence of presence likewise encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide companies have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes improperly communicated hires and terminations as well as absence management and system configurations and after that when you round it all off and the data is shipped to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they depend on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s a good concern I constantly throw this back and say what is it what does not need to be included ideal and what does
it require to be thought about 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 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 intricacy wherever you look ideal eventually developing a knowledge base is definitely important but everywhere you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort 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 basic and innovation is enabling us to type of move forward with that it likewise too to add to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely important that payroll and financing groups work closer together than ever um I’m always surprised when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of important to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being used by companies throughout the world so once again you’re just seeking to include more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine difficulties or real tough type of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s in fact handling the payment side of things but you know 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 create additional handoffs at the same times that we run in they just make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and an age that you understand that we are operating in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any business has from a cost viewpoint from an impact viewpoint on employees it is absolutely crucial that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging effect on individuals’s well-being and numerous other factors if people aren’t paid uh I’ve constantly been amazed coming into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle all of us 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 believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment solution is a fantastic initial step um providing an end-to-end payroll service for your workers globally again I believe is another substantial um process again lining up and ensuring you have standardization Global processes all of those things are definitely key to success success of organizations and decreasing the variety 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 terms of of the thank yous for getting payroll done I have actually never had a hundred countless 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 rather where they’re implied to be um I don’t think any of us are actually doing that for for the thanks
anyway we know 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 associated with those procedures and also so envision sorry I’m just I was just gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and kind of shot to get back to everybody so moving on look why do business pick to main different savings account there are Setting Up Papaya Global To Email Payslips With Exchange Account businesses out there doing precisely this for specific nations and I have actually worked in a company or many companies doing precisely that I can state it does not constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not producing extra work for any person where we don’t have to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the standard I believe people have actually got so utilized to we require a new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to type of do it so I think there’s a variety I think this is a process that requires looking at it requires altering however eventually individuals are extremely stuck to what they recognize
with right um change is a tough thing we all do not like modification 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 great deal of track of stuff um I comprehend certainly the advantages of having maintaining multiple checking account however there’s a big quantity of complexity goes with setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for individual individuals so the complexity is substantial however I think the honest answer is modification um individuals haven’t been able to alter or have not had always the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century approximately there is a lot to track and this technique does position numerous challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this enhanced ability, I have effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Setting Up Papaya Global To Email Payslips With Exchange Account