Over the last 5 or 6 years …What Is The Cut Off Time For Papaya Global Payroll… roles on the company side and likewise on the supplier side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I really 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 extremely extremely bleak and I want I was elsewhere at this moment in time all right so let’s begin 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 business maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a strategic possession uh we’ll also go over 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 officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more common and managing them becomes more and more complicated Worldwide companies are looking to discover Solutions and brand-new ways to streamline processes particularly from a payroll and cross-border payment perspective lots of companies preserve separate checking account just for payroll while some have several accounts in different countries does it make sense for companies to preserve different checking account often in various countries it does however 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 processes of
Making sure precise, effective, and timely payroll payments is a complex challenge for organizations operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, find out how business anticipate payroll expenses to optimize working capital, and find how enhancing international payroll payments can transform them from a troublesome task into a strategic property.
Handling payroll globally is an overwhelming job due to different regulations, compliance requirements, data security issues, and banking rules. The large variety of employees and companies adds to the complexity, with an approximated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently result in manual processes, data silos, and an absence of combination, leading to inconsistencies and inefficiencies. Regardless of residing in an era of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to supply insights and solutions to streamline and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization spends on global payroll the less of an image they see a lack of visibility also encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of international businesses have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors improperly interacted hires and terminations along with lack management and system setups and after that when you round it all off and the information is shipped to the wrong location the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they count on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s a great question I always toss this back and say what is it what doesn’t need to be consisted of right and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 customer’s own in-country account so there’s complexity wherever you look best eventually building a knowledge base is absolutely critical however all over you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 absolutely basic and innovation is enabling us to kind of progress with that it likewise also to add to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely important that payroll and financing groups work more detailed together than ever um I’m always amazed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation 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 information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more important to add to sort of the level of intricacy there’s a growing number of benefits being organ or being offered by services across the world so again you’re simply aiming to include a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real difficulties or genuine tough type of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s actually 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 develop extra handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and a period that you know that we are working in today there is no reason that we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any service has from a cost perspective from an effect viewpoint on staff members it is absolutely important that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging impact on people’s well-being and lots of other aspects if individuals aren’t paid uh I’ve always been surprised entering this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all hear about it when it fails everybody 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 definitely essential that all of this stuff is done correctly so leveraging the first International Payments first payroll payment service is a great first step um offering an end-to-end payroll service for your employees internationally once again I believe is another big um process once again aligning and ensuring you have standardization International processes all of those things are absolutely crucial to success success of organizations and reducing the number of tools platforms and checking account they need 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 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 complaints where things have not gone quite where they’re meant to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know how how essential 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 easy as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m simply I was simply gon na state imagine 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 talking about hundreds of thousands potentially Millions envision 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 definitely be an interesting task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and really see what was going on and type of try to return to everybody so carrying on appearance why do companies select to primary different bank accounts there are What Is The Cut Off Time For Papaya Global Payroll companies out there doing exactly this for specific countries and I’ve operated in a business or lots of businesses doing precisely that I can say it doesn’t always feel effective and it does develop more work I know we’re not purposely doing that we’re not developing extra work for anyone where we don’t need to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I think individuals have got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs altering however eventually individuals are really stuck with what they recognize
with best um change is a difficult thing all of us do not like change um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having preserving numerous savings account but there’s a substantial amount of complexity goes with setting up a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is huge but I think the sincere answer is modification um people haven’t had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I think you’ve 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 almost be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does position several difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. What Is The Cut Off Time For Papaya Global Payroll