Over the last five or six years …How Do I Install A Papaya Global Backup… roles on the service provider side and likewise on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I actually 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 raining here it’s extremely really bleak and I want 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 difficulty years of managing Worldwide payroll why business keep different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll also go over a wrap-up which should leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more common and handling them ends up being increasingly more intricate Worldwide companies are looking to find Solutions and new methods to streamline processes specifically from a payroll and cross-border payment standpoint many companies preserve different checking account just for payroll while some have multiple accounts in various nations does it make sense for companies to preserve different savings account in some cases in various countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies enhance the episode complex procedures of
Making sure precise, effective, and prompt payroll payments is a complex challenge for services running worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, learn how companies forecast payroll costs to optimize working capital, and find how simplifying global payroll payments can change them from a troublesome job into a strategic asset.
Managing payroll worldwide is a complicated job due to different guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer number of staff members and companies contributes to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently result in manual procedures, data silos, and an absence of integration, leading to inconsistencies and inadequacies. In spite of residing in a period of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to provide insights and solutions to streamline and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business spends on worldwide payroll the less of a picture they see a lack of visibility also encompasses payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of international organizations have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors badly interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they rely on the needed numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s a good concern I always toss this back and state what is it what doesn’t need to be included right and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 customer’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is definitely crucial but all over you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type 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 fundamental and technology is permitting us to sort of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely essential that payroll and finance groups work better together than ever um I’m always surprised when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end procedure 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 third parties so with the
world we live in and wellness being increasingly more important to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being offered by businesses across the world so again you’re simply seeking to include more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real obstacles or real tough sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s actually 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 need to produce additional handoffs in the processes that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and a period that you understand that we are operating in today there is no reason we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any organization has from a cost viewpoint from an effect perspective on employees it is definitely critical that it’s done correctly 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 most significant detrimental impact on individuals’s wellness and lots of other factors if people aren’t paid uh I have actually constantly been surprised entering into this Market sort of the last five 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 anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just observe when things go wrong. However, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally too. Therefore, it is necessary to make sure that jobs like Wi-Fi International and other vital matters are done correctly. Using the very first International Payments very first payroll payment service is an excellent initial step towards supplying a comprehensive payroll solution for employees worldwide. Standardization, worldwide processes, and decreasing the variety of tools, platforms, and savings account essential for global payroll are essential consider accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things do not go as planned. Ultimately, we do not do it for the appreciation.
anyway we know how how essential 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 easy as possible for everybody that’s associated with those processes and likewise so picture sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job trying 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 attempt to look through them and really see what was going on and sort of shot to return to everyone so moving on appearance why do companies pick to main separate bank accounts there are How Do I Install A Papaya Global Backup companies out there doing precisely this for particular nations and I have actually worked in a service or numerous companies doing exactly that I can state it does not constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we do not need to and anyone that’s dealing with that procedure 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 reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I think this is a process that needs looking at it requires altering however eventually people are really stuck with what they’re familiar
with right um modification is a tough thing all of us don’t like modification um so I believe it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having preserving multiple checking account but there’s a huge amount of intricacy chooses establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual people so the complexity is substantial but I believe the sincere answer is change um people haven’t been able to change or have not had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century or two there is a lot to keep track of and this technique does present several obstacles um so Johnny could you tell us about those difficulties yeah naturally 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 manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your accomplishments. How Do I Install A Papaya Global Backup