Over the last 5 or 6 years …How Do I Put Nest Contributions Onto Papaya Global… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everybody 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 fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I really do hope it’s much sunnier than it remains 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 very very bleak and I want I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we’ll likewise review a recap and that needs to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of common and managing them becomes more and more complex Worldwide companies are wanting to discover Solutions and new methods to simplify processes especially from a payroll and cross-border payment viewpoint numerous companies keep separate checking account just for payroll while some have several accounts in different nations does it make sense for companies to preserve separate savings account in some cases in various nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international business simplify the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex challenge for companies running worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to enhance working capital, and find how simplifying international payroll payments can change them from a difficult task into a tactical possession.
Handling payroll worldwide is a complicated job due to numerous policies, compliance requirements, information security issues, and banking guidelines. The large number of employees and services adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems often result in manual processes, information silos, and an absence of integration, resulting in inconsistencies and ineffectiveness. Despite residing in an age of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to offer insights and solutions to streamline and optimize international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service invests in international payroll the less of an image they see an absence of exposure also reaches payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the deal nearly half of global organizations have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors badly communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the data is delivered to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they count on the needed 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 business face when they’re paying to employees or otherwise that’s an excellent question I always throw this back and say what is it what doesn’t need to be included ideal and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 have to pay from the customer’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is definitely critical however everywhere you look with payroll payment they are like super payments no if however 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 definitely essential and innovation is enabling us to type of move on with that it also as well to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and financing teams work closer together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession 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 typically 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 individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more important to contribute to type of the level of intricacy there’s more and more benefits being organ or being provided by services throughout the world so again you’re just wanting to add more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or real difficult sort of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would absolutely say that the larger a company 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 info into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to create extra handoffs at the same times that we run in they just make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and an age that you know that we are working in today there is no reason why we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single greatest liability that any organization has from a cost viewpoint from an impact perspective on staff members it is absolutely important that it’s done correctly and on time so what we suggest 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 destructive impact on people’s well-being and numerous other factors if individuals aren’t paid uh I have actually always been impressed entering this Market type of the last 5 to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people just discover when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally as well. Therefore, it is vital to ensure that tasks like Wi-Fi Global and other crucial matters are done properly. Utilizing the very first International Payments very first payroll payment service is a terrific preliminary action towards providing a thorough payroll solution for workers worldwide. Standardization, global processes, and reducing the number of tools, platforms, and savings account necessary for global payroll are crucial consider achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things don’t go as prepared. Eventually, we don’t do it for the gratitude.
anyway we understand how how crucial a role 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 simple as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m just I was just gon na say picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and really see what was going on and sort of try to return to everybody so moving on appearance why do companies pick to main separate bank accounts there are How Do I Put Nest Contributions Onto Papaya Global organizations out there doing exactly this for specific nations and I’ve operated in a service or many organizations doing precisely that I can state it does not constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not developing extra work for anybody 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 quantity that we are I believe lots of factors one is it’s the standard I believe individuals have actually got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I believe this is a process that needs looking at it needs altering however eventually people are extremely stuck with what they recognize
with best um change is a hard thing all of us do not like modification um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having keeping numerous savings account however there’s a big quantity of intricacy opts for setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the complexity is huge however I think the sincere answer is change um individuals haven’t been able to alter or have not had always the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to keep track of and this technique does present several difficulties um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. How Do I Put Nest Contributions Onto Papaya Global