Over the last 5 or 6 years …How Do I Print Papaya Global Payroll Service… functions on the service provider side and also on the supplier side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everyone 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 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 everyone originates from and I really 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 extremely very uninspiring and I wish I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business keep separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical possession uh we’ll also go over a wrap-up 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 execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more typical and managing them ends up being a growing number of complex Global organizations are wanting to discover Solutions and new methods to streamline procedures specifically from a payroll and cross-border payment viewpoint lots of organizations keep separate checking account just for payroll while some have multiple accounts in different countries does it make sense for business to keep separate checking account often in different nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies enhance the episode complex processes of
Guaranteeing accurate, efficient, and timely payroll payments is a complex challenge for businesses running globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, discover how companies anticipate payroll costs to enhance working capital, and find how streamlining international payroll payments can transform them from a burdensome job into a tactical asset.
Handling payroll worldwide is a challenging task due to various policies, compliance requirements, information security concerns, and banking rules. The sheer variety of workers and services adds to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems typically lead to manual processes, information silos, and an absence of integration, leading to disparities and ineffectiveness. In spite of residing in a period of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to provide insights and solutions to simplify and enhance worldwide payroll payments.
about it to provide you a concept 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 frankly the more a business spends on worldwide payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of global organizations have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors badly communicated hires and terminations along with lack management and system setups and then when you round it all off and the data is shipped to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they count on the necessary numerous procedures 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 obstacles business face when they’re paying to staff members or otherwise that’s a great concern I constantly toss this back and state what is it what does not need to be consisted of ideal and what does
it need to be considered 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 abilities so can you pay it from International or do you have 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 right eventually building a knowledge base is absolutely critical however all over you look with payroll payment they are like super payments no if but some babies 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 acknowledgment that payroll payments are absolutely essential and innovation is permitting us to sort of progress with that it also also to contribute to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely important that payroll and financing groups work better together than ever um I’m constantly astonished when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from calculation 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 data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to add to sort of the level of intricacy there’s more and more advantages being organ or being provided by companies throughout the world so once again you’re just aiming to include a growing number of payments to this currently intricate landscape so if you sort 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 difficulties or real tough sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to produce extra 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 a period of tech and an era that you understand that we are working in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from a cost point of view from an impact point of view on employees it is absolutely important that it’s done correctly and on time so what we imply 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 detrimental impact on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I have actually constantly been surprised coming into this Market sort of the last 5 to 10 years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people just see when things go wrong. However, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally as well. Therefore, it is necessary to guarantee that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Using the first International Payments very first payroll payment solution is a terrific initial step towards providing a thorough payroll service for workers worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and savings account essential for international payroll are essential consider achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyhow we know how how important 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 processes and also so envision sorry I’m just I was simply gon na state think of the amount 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 think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task attempting to clean up 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 need days of the week to try to look through them and really see what was going on and type of shot to get back to everyone so moving on look why do business select to main separate bank accounts there are How Do I Print Papaya Global Payroll Service services out there doing precisely this for particular countries and I have actually operated in a company or many companies 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 creating extra work for any person where we don’t need to and anybody that’s dealing with 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 lots of factors one is it’s the requirement I think individuals have actually got so used to we need a new savings account we open an entity and rightly so you need it for payroll functions 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 add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs changing however ultimately people are extremely stuck with what they’re familiar
with right um modification is a difficult thing we all do not like modification um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having maintaining several bank accounts but there’s a huge quantity of intricacy chooses setting up a checking account preserving it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for private individuals so the complexity is huge but I think the truthful response is change um people haven’t had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century or so there is a lot to track and this method does pose numerous challenges 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 switched 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 International staff members you are worthy of a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you How Do I Print Papaya Global Payroll Service