Over the last 5 or six years …Is Papaya Global Payroll Easy To Use… roles on the company side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join we all 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 just to hear where everybody 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 sunlight is it it’s not no it’s it’s raining here it’s really very dreary and I want I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies preserve different
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of maintaining separate bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of factors most significantly guidelines compliance data security and banking rules then there are the sheer numbers they add additional intricacy the international Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the conventional payroll design there’s typically an overwhelming number of different systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or very really fundamental there’s no genuine consistency structure we’re residing in an era of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I think
about it to give you an idea 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 sleepless nights and quite honestly the more a company spends on global payroll the less of a picture they see an absence of presence also extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of international companies have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes poorly communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the data is shipped to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they count on the essential multiple procedures 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 organization face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t require to be consisted of right and what does
it need 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 timespan there’s payment abilities 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 wherever you look ideal eventually building a knowledge base is absolutely vital however all over you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to sort of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and finance groups work closer together than ever um I’m always amazed 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 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 wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high worth on well-being and the compensation landscape is ending up being significantly elaborate. Businesses are continuously presenting brand-new benefits and payment options, which contributes to the general complexity. Big corporations frequently divide their payroll and payment processing into different teams, which can result in ineffectiveness and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s technically innovative age, there’s no validation for preserving cumbersome treatments. Payroll, the business’s biggest cost, need to be processed properly and on time. Even small delays can adversely impact workers’ wellness and have far-reaching consequences. Therefore, it’s important to focus on accurate and prompt payments.
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just observe when things go wrong. However, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally too. For that reason, it is vital to make sure that jobs like Wi-Fi Global and other important matters are done properly. Using the very first Worldwide Payments very first payroll payment service is a terrific initial action towards providing a comprehensive payroll service for employees worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and bank accounts needed for global payroll are essential factors in attaining organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things do not go as prepared. Ultimately, we don’t do it for the gratitude.
anyway we understand how how important 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 everyone that’s associated with those procedures and likewise so picture sorry I’m just I was just gon na state envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely 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 in fact see what was going on and sort of shot to get back to everyone so moving on look why do business select to main different savings account there are Is Papaya Global Payroll Easy To Use companies out there doing exactly this for specific countries and I have actually operated in a business or many services doing precisely that I can say it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we don’t need to and anybody that’s managing 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 think many reasons one is it’s the requirement I think individuals have got so utilized to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs changing but eventually people are extremely stuck with what they’re familiar
with best um change is a tough thing all of us don’t like change um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having keeping several bank accounts however there’s a huge amount of complexity chooses setting up a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is huge but I think the truthful response is modification um people have not had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on 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 method does posture several obstacles um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so
I just did you changed our Business 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 Worldwide staff members you are worthy of a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Is Papaya Global Payroll Easy To Use