Over the last five or 6 years …Papaya Global Payroll Vs Square Payroll… functions on the service provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very gloomy and I wish I was elsewhere at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why business maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya International payroll payments as a tactical asset uh we’ll also go over a wrap-up and that needs to leave his time at the extremely 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 labor forces become a growing number of typical and handling them becomes a growing number of complicated Worldwide companies are aiming to find Solutions and new ways to improve procedures particularly from a payroll and cross-border payment standpoint numerous companies maintain different checking account just for payroll while some have multiple accounts in different countries does it make good sense for companies to keep separate bank accounts sometimes in different nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business simplify the episode complex procedures of
Guaranteeing accurate, effective, and prompt payroll payments is a complex obstacle for companies operating internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, find out how business forecast payroll costs to optimize working capital, and discover how enhancing global payroll payments can transform them from a difficult task into a tactical asset.
Managing payroll worldwide is a challenging job due to numerous guidelines, compliance requirements, information security concerns, and banking rules. The large variety of workers and services contributes to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems typically result in manual procedures, information silos, and a lack of integration, causing inconsistencies and inefficiencies. Despite living in a period of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to supply insights and services to simplify and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more a company invests in global payroll the less of an image they see an absence of exposure likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of global businesses have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations as well as lack management and system configurations and then when you round all of it off and the data is shipped to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they rely on the needed multiple processes 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 obstacles company face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t need to be consisted of ideal and what does
it require 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 amount of time 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 consumer’s own in-country account so there’s complexity any place you look best ultimately developing a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to kind of move on with that it also as well to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely important that payroll and finance teams work more detailed together than ever um I’m constantly astonished when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation 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 process it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more important to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being offered by companies across the world so again you’re simply wanting to include more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real obstacles or genuine difficult type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to develop additional handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason that we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any company has from a cost viewpoint from an effect viewpoint on staff members it is absolutely crucial 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 need to be done right it has the most significant destructive result on people’s well-being and many other aspects if people aren’t paid uh I’ve constantly been impressed entering this Market sort of the last 5 to 10 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 been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just observe when things fail. However, when things go right, it’s seen as just a routine task. This is how it’s perceived externally too. For that reason, it is necessary to ensure that jobs like Wi-Fi International and other important matters are done properly. Utilizing the first International Payments very first payroll payment service is a great preliminary action towards supplying a detailed payroll solution for employees worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and bank accounts required for global payroll are crucial consider accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things do not go as prepared. Ultimately, we do not do it for the gratitude.
anyway 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 simple as possible for everyone that’s involved in those processes and also so think of sorry I’m simply I was just gon na state think of 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 speaking about numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and type of try to return to everyone so carrying on look why do business choose to primary different bank accounts there are Papaya Global Payroll Vs Square Payroll businesses out there doing exactly this for particular countries and I’ve operated in an organization or numerous companies doing exactly that I can state it doesn’t always feel effective and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we don’t have to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the standard I think people have actually got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I think this is a process that needs taking a look at it needs altering but ultimately people are really stuck to what they recognize
with ideal um modification is a challenging thing we all don’t like modification um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having maintaining numerous checking account but there’s a huge quantity of complexity chooses establishing 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 complexity is huge however I believe the truthful answer is change um people haven’t had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or two there is a lot to track and this technique does posture several challenges um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Payroll Vs Square Payroll