Over the last 5 or 6 years …Does Sick Pay Papaya Global Automatically… roles on the company side and also on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting 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 comes from and I really do hope it’s much sunnier than it is 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 extremely very bleak and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical possession uh we’ll also 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 recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more typical and managing them ends up being increasingly more complex Global organizations are looking to discover Solutions and brand-new ways to streamline procedures particularly from a payroll and cross-border payment standpoint numerous companies preserve different bank account just for payroll while some have numerous accounts in different nations does it make sense for companies to maintain different bank accounts often in different countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business improve the episode complex procedures of
Guaranteeing accurate, effective, and timely payroll payments is a complex obstacle for services running worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to enhance working capital, and discover how simplifying global payroll payments can change them from a challenging task into a tactical asset.
Managing payroll globally is a complicated task due to various guidelines, compliance requirements, information security issues, and banking guidelines. The sheer number of workers and businesses adds to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems typically lead to manual processes, data silos, and an absence of combination, leading to inconsistencies and ineffectiveness. In spite of residing in a period of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to provide insights and solutions to simplify and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more a business spends on global payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction almost half of global companies have actually 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 data entry mistakes improperly communicated hires and terminations as well as absence management and system setups and then when you round everything off and the information is delivered to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they depend on the required multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a great question I always toss this back and say what is it what doesn’t require to be consisted of right and what does
it require to be thought of there’s varying 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 abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble incredibly payments no if however some children 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 definitely fundamental and technology is permitting us to type of move forward with that it likewise also to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely important that payroll and financing teams work better together than ever um I’m always surprised when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more essential to add to sort of the level of complexity there’s more and more advantages being organ or being used by companies across the world so once again you’re just aiming to add a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine difficult type of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of years I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you know long gone are the times where we need to create extra handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any company has from an expense point of view from an impact point of view on employees it is absolutely vital 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 greatest damaging result on individuals’s well-being and many other factors if individuals aren’t paid uh I’ve always been impressed coming into this Market type of the last five to ten years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all employees 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 regular task. This is how it’s perceived externally also. For that reason, it is vital to guarantee that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the first Global Payments very first payroll payment option is an excellent preliminary step towards offering a comprehensive payroll service for employees worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and checking account necessary for global payroll are crucial consider attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as prepared. Ultimately, we do not do it for the appreciation.
anyway we know how how important 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 simple as possible for everybody that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na state imagine 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 hundreds of thousands potentially Millions think of 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 a fascinating task attempting to clean all those up for sure oh absolutely 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 shot to get back to everyone so proceeding look why do companies choose to primary different checking account there are Does Sick Pay Papaya Global Automatically businesses out there doing exactly this for particular countries and I have actually worked in a service or numerous companies doing precisely that I can state it does not always feel effective and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for anyone where we do not need to and any person 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 quantity that we are I believe many factors one is it’s the standard I think people have got so used to we need a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm 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 lots of other methods um to to type of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs altering however eventually people are really stuck with what they’re familiar
with right um change is a hard thing all of us don’t like modification um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having maintaining multiple savings account however there’s a big quantity of intricacy opts for setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is substantial but I believe the sincere answer is modification um people have not been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you know and there is a component of resistance to change but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or two there is a lot to track and this method does position a number of difficulties um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your achievements. Does Sick Pay Papaya Global Automatically