Over the last 5 or six years …Papaya Global Prompts Unable To Connect To Company… functions on the service provider side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone 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 really really dreary and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll also review a recap and that should leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and managing them becomes increasingly more complicated Global companies are looking to find Solutions and new ways to improve processes especially from a payroll and cross-border payment perspective numerous companies preserve separate savings account just for payroll while some have numerous accounts in different countries does it make sense for business to keep different checking account in some cases in various countries it does but just for payroll is there a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies simplify the episode complex processes of
Guaranteeing accurate, efficient, and timely payroll payments is a complex challenge for services operating globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to enhance working capital, and discover how streamlining worldwide payroll payments can transform them from a challenging job into a strategic asset.
Handling payroll globally is an overwhelming task due to different regulations, compliance requirements, data security issues, and banking guidelines. The large variety of employees and organizations contributes to the complexity, 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 typically result in manual processes, data silos, and a lack of integration, leading to inconsistencies and ineffectiveness. In spite of residing in a period of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to supply insights and options to streamline and optimize worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service spends on global payroll the less of a picture they see an absence of visibility also reaches payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide businesses 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 data information entry mistakes poorly communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is shipped to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they count on the required numerous procedures 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 making payments to employees or otherwise that’s a great question I constantly toss this back and state what is it what does not require to be consisted of ideal and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best eventually constructing a knowledge base is definitely critical but all over you look with payroll payment they are like super payments no if but some infants 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to kind of move forward with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely important that payroll and finance teams work closer together than ever um I’m always amazed when individuals state 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 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 individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being provided by businesses across the world so once again you’re just seeking to include a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine obstacles or real challenging type of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would absolutely say that the bigger a business 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 teams feeding information into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason that we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single most significant liability that any organization has from a cost perspective from an effect perspective on workers it is definitely vital 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 have to be done right it has the biggest harmful effect on individuals’s wellness and many other factors if people aren’t paid uh I have actually constantly been astonished entering this Market type of the last 5 to 10 years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only see when things fail. However, when things go right, it’s seen as just a routine job. This is how it’s viewed externally also. For that reason, it is important to ensure that tasks like Wi-Fi Global and other crucial matters are done correctly. Using the first International Payments first payroll payment service is a fantastic preliminary action towards supplying a thorough payroll option for employees worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and checking account essential for global payroll are crucial consider accomplishing service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things do not go as prepared. Ultimately, we do not do it for the gratitude.
anyway we understand how how important a function 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 easy as possible for everyone that’s involved in those procedures and also so think of sorry I’m simply I was just gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions picture getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task attempting to clean up all those up for sure oh definitely I can’t think of 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 try to return to everyone so proceeding appearance why do business choose to main separate bank accounts there are Papaya Global Prompts Unable To Connect To Company companies out there doing exactly this for specific countries and I’ve worked in a service or numerous businesses doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not developing additional work for anyone where we do not need to and anybody that’s managing 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 amount that we are I believe numerous factors one is it’s the standard I believe people have actually got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I think this is a process that needs taking a look at it needs altering however ultimately individuals are very stuck with what they recognize
with right um modification is a difficult thing all of us do not like change um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having preserving numerous bank accounts however there’s a huge amount of complexity goes with establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for specific people so the complexity is substantial but I think the sincere answer is change um individuals haven’t been able to change or have not had always the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change but 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 carrying on and moving into you understand what might practically be determined to be the next Century or two there is a lot to keep an eye on and this technique does posture several difficulties um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you deserve a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Prompts Unable To Connect To Company