Over the last five or 6 years …Papaya Global Year End Update 2019… roles on the supplier side and also on the vendor side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is 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 really dreary and I want I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a strategic property uh we’ll likewise go over a recap and that must leave his time at the really extremely 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 International workforces end up being more and more common and managing them ends up being a growing number of complex Worldwide companies are aiming to discover Solutions and new ways to enhance procedures specifically from a payroll and cross-border payment standpoint lots of companies keep separate checking account just for payroll while some have several accounts in various countries does it make good sense for business to maintain different bank accounts often in various nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business improve the episode complex processes of
Ensuring accurate, efficient, and timely payroll payments is a complex challenge for services running globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, discover how companies forecast payroll expenses to optimize working capital, and find how simplifying international payroll payments can change them from a difficult job into a strategic possession.
Handling payroll globally is a difficult job due to different policies, compliance requirements, data security concerns, and banking guidelines. The sheer variety of staff members and services contributes to the complexity, with an estimated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently lead to manual procedures, data silos, and an absence of combination, leading to inconsistencies and inefficiencies. Regardless of residing in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to provide insights and services to simplify and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more an organization invests in worldwide payroll the less of an image they see a lack of visibility also encompasses payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of international companies have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors improperly interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect location 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 cash worldwide payroll and payments do not run smoothly if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint 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 an excellent concern I always toss this back and say what is it what does not need to be included best and what does
it require 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 amount of time there’s payment capabilities 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 wherever you look right ultimately building a knowledge base is definitely critical however all over you look with payroll payment they resemble extremely payments no if but 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to kind of move forward with that it also as well to add to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and financing groups work more detailed together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation 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 individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on wellness and the compensation landscape is becoming significantly complex. Companies are continuously presenting brand-new benefits and payment alternatives, which contributes to the overall intricacy. Large corporations often divide their payroll and payment processing into different groups, which can lead to ineffectiveness and traffic jams. In my opinion, this doesn’t have to be the case. In today’s technologically sophisticated period, there’s no reason for maintaining troublesome procedures. Payroll, the company’s biggest cost, should be processed correctly and on time. Even slight delays can adversely affect workers’ wellness and have significant consequences. For that reason, it’s crucial to focus on precise and prompt payments.
payroll team get um so I’m not exactly sure anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle all of us hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise 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 stuff is absolutely essential that all of this things is done properly so leveraging the first International Payments first payroll payment service is an excellent first step um supplying an end-to-end payroll solution for your workers worldwide once again I think is another huge um process once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely key to success success of businesses and minimizing the variety of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
anyhow we understand how how crucial 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 easy as possible for everybody that’s involved in those processes and also so envision sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and really see what was going on and sort of shot to return to everyone so proceeding look why do business select to main different bank accounts there are Papaya Global Year End Update 2019 services out there doing precisely this for particular nations and I’ve worked in an organization or many services doing exactly that I can state it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for anyone where we do not need to and anybody that’s managing 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 many factors one is it’s the standard I believe individuals have actually got so used to we require a new savings account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I believe this is a process that needs taking a look at it needs altering but ultimately people are extremely stuck to what they’re familiar
with right um modification is a tough thing all of us do not like change um so I think it’s simply type of moving far 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 preserving several bank accounts however there’s a big quantity of intricacy chooses establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for specific people so the complexity is big but I believe the truthful answer is modification um people haven’t had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to change but we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century approximately there is a lot to keep track of and this approach does position numerous obstacles um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Year End Update 2019