Over the last five or 6 years …Square Payroll Vs Papaya Global Reddit… roles on the supplier side and likewise on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely gloomy and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies preserve separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll likewise go over a recap which needs to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and managing them becomes increasingly more intricate Global organizations are seeking to find Solutions and new ways to simplify processes particularly from a payroll and cross-border payment viewpoint lots of organizations keep different bank account just for payroll while some have several accounts in various nations does it make good sense for business to preserve separate checking account often in different countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies simplify the episode complex procedures of
Guaranteeing accurate, effective, and timely payroll payments is a complex obstacle for organizations running globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, find out how business anticipate payroll costs to optimize working capital, and discover how enhancing global payroll payments can change them from a difficult task into a strategic possession.
Managing payroll globally is a difficult job due to various guidelines, compliance requirements, data security concerns, and banking rules. The sheer number of workers and organizations adds to the complexity, with an estimated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently lead to manual processes, data silos, and an absence of combination, resulting in inconsistencies and inadequacies. In spite of residing in an age of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to offer insights and options to simplify and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more a company invests in worldwide payroll the less of an image they see an absence of presence likewise reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal almost half of international services have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors badly communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the data is shipped to the incorrect location the average cost of an international 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 don’t run smoothly if they count on the required several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s an excellent concern I always throw this back and say what is it what does not require to be consisted of right and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities 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 wherever you look right eventually developing a knowledge base is absolutely crucial however all over you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to type of progress with that it likewise too to add to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely crucial that payroll and financing teams work better together than ever um I’m always surprised when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry 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 data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd 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 a growing number of benefits being organ or being provided by companies throughout the world so again you’re just wanting to include more and more payments to this already intricate 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 challenges or genuine difficult kind of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job 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 doesn’t always require to be the case you know long gone are the times where we require to create additional handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you know that we are working in today there is no reason we are still making this as challenging as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any company has from a cost point of view from an effect perspective on staff members it is definitely critical 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 have to be done right it has the biggest detrimental effect on individuals’s well-being and numerous other elements if individuals aren’t paid uh I’ve constantly been astonished coming into this Market type of the last 5 to ten years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only notice when things fail. However, when things go right, it’s seen as just a routine job. This is how it’s perceived externally also. For that reason, it is necessary to make sure that jobs like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the very first International Payments very first payroll payment option is a terrific preliminary action towards offering a thorough payroll solution for employees worldwide. Standardization, worldwide procedures, and reducing the number of tools, platforms, and checking account necessary for international payroll are crucial consider achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things do not go as prepared. Ultimately, we don’t do it for the thankfulness.
anyhow we understand how how essential 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 associated with those processes and likewise so imagine sorry I’m just I was simply gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and actually see what was going on and type of shot to get back to everyone so proceeding appearance why do companies choose to primary separate savings account there are Square Payroll Vs Papaya Global Reddit businesses out there doing exactly this for particular countries and I’ve worked in a company or lots of services doing exactly that I can say it does not constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we don’t need to and anyone that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the requirement I think individuals have actually got so used to we require a brand-new savings account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I believe this is a process that requires looking at it requires changing but ultimately people are very stuck to what they recognize
with ideal um change is a difficult thing we all don’t like change um so I believe it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having maintaining numerous checking account but there’s a huge amount of intricacy goes with establishing a bank account keeping it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the complexity is big but I believe the honest answer is change um individuals have not been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might almost be figured out to be the next Century or two there is a lot to monitor and this technique does posture a number of challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Square Payroll Vs Papaya Global Reddit