Over the last five or 6 years …What Is Latest Papaya Global Payroll Update… roles on the company side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everybody 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 kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it remains 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 very extremely bleak and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll likewise discuss a recap which ought to leave his time at the extremely extremely 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 International labor forces become increasingly more typical and handling them becomes increasingly more intricate Global organizations are aiming to find Solutions and new methods to streamline processes particularly from a payroll and cross-border payment perspective many organizations preserve different checking account just for payroll while some have several accounts in various nations does it make sense for business to preserve different bank accounts sometimes in various nations it does however just for payroll exists a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business enhance the episode complex procedures of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex difficulty for businesses running worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, discover how companies anticipate payroll costs to enhance working capital, and discover how simplifying global payroll payments can change them from a troublesome task into a strategic asset.
Managing payroll globally is a complicated job due to different policies, compliance requirements, data security concerns, and banking rules. The sheer variety of workers and businesses adds to the complexity, with an estimated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems typically result in manual processes, information silos, and a lack of integration, leading to disparities and inadequacies. Despite residing in a period of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to provide insights and options to streamline and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service spends on global payroll the less of an image they see an absence of presence also reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction almost half of international businesses have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors poorly interacted hires and terminations along with absence management and system setups and then when you round everything off and the data is shipped to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run smoothly if they rely on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business face when they’re paying to workers or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not require to be included best and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 need to pay from the consumer’s own in-country account so there’s complexity anywhere you look best ultimately building a knowledge base is absolutely important however everywhere you look with payroll payment they are like incredibly payments no if however some babies 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 recognition that payroll payments are definitely essential and innovation is allowing us to sort of progress with that it also as well to contribute to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely essential that payroll and financing teams work closer together than ever um I’m constantly amazed when individuals say I have actually 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 calculation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to contribute to type of the level of complexity there’s a growing number of advantages being organ or being provided by organizations throughout the world so again you’re simply looking to add a growing number of payments to this currently 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 genuine difficulties or real challenging kind of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of years I would absolutely state that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we need to create additional handoffs at the same times that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and an era that you know that we are operating in today there is no reason that we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from an expense viewpoint from an impact viewpoint on staff members it is absolutely crucial that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest detrimental result on individuals’s well-being and numerous other elements if individuals aren’t paid uh I have actually constantly been amazed entering into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not sure anybody on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely important that all of this things is done properly so leveraging the very first International Payments very first payroll payment solution is an excellent primary step um supplying an end-to-end payroll option for your staff members globally once again I believe is another substantial um procedure again aligning and ensuring you have standardization Global processes all of those things are absolutely key to success success of services and minimizing the variety of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyhow 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 easy as possible for everyone that’s associated with those processes and likewise so imagine sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job attempting to clean all those up for sure oh absolutely 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 attempt to browse them and really see what was going on and sort of shot to get back to everybody so moving on appearance why do business select to main separate bank accounts there are What Is Latest Papaya Global Payroll Update organizations out there doing precisely this for particular nations and I’ve worked in an organization or numerous companies doing exactly that I can say it doesn’t always feel effective and it does create more work I know we’re not intentionally doing that we’re not creating extra work for anyone where we don’t have to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the standard I think individuals have actually got so utilized to we need a new checking account we open an entity and rightly so you need 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 requirement and the norm the people have actually embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I believe this is a process that needs taking a look at it requires altering but ultimately individuals are extremely stuck to what they’re familiar
with ideal um modification is a difficult thing all of us do not like modification um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having maintaining several checking account but there’s a huge quantity of complexity goes with establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is substantial but I think the honest answer is change um individuals have not been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking 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 change however we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century or two there is a lot to keep track of and this approach does posture several challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you What Is Latest Papaya Global Payroll Update