Over the last five or six years …Alternatives To Papaya Global… functions on the company side and also on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing 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 actually 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 very extremely gloomy and I wish I was somewhere else 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 Worldwide payroll why companies maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we’ll likewise go over a recap which ought to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more common and handling them ends up being more and more intricate Worldwide organizations are seeking to find Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment viewpoint numerous companies maintain different bank account just for payroll while some have several accounts in different countries does it make sense for companies to preserve separate checking account in some cases in different nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies simplify the episode complex procedures of
Making sure precise, effective, and timely payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, discover how business forecast payroll costs to enhance working capital, and find how enhancing worldwide payroll payments can transform them from a burdensome task into a strategic possession.
Handling payroll worldwide is a difficult task due to different regulations, compliance requirements, information security issues, and banking guidelines. The large number of staff members and companies adds to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems typically lead to manual processes, data silos, and a lack of combination, resulting in disparities and ineffectiveness. Regardless of residing in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to provide insights and solutions to streamline and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company spends on global payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international services 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 due to time reporting poor HCM data data entry mistakes poorly interacted hires and terminations in addition to lack management and system setups and then when you round everything off and the data is delivered to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they depend on the needed several processes 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 service face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be included ideal 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 country there’s payment time frames 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 client’s own in-country account so there’s intricacy any place you look best ultimately building a knowledge base is absolutely crucial however everywhere 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 look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to kind of move on with that it likewise as well to add to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely imperative that payroll and financing groups work more detailed together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession 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 procedure it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more important to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being offered by companies throughout the world so once again you’re simply looking to include more and more payments to this currently intricate 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 genuine challenges or genuine difficult type of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would certainly state that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task 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 viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any organization has from an expense point of view from an impact point of view on employees it is definitely vital that it’s done correctly and on time so what we indicate 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 aspects if individuals aren’t paid uh I’ve constantly been impressed entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll group may 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 essential cycle, and people just observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally too. For that reason, it is necessary to make sure that tasks like Wi-Fi International and other crucial matters are done correctly. Utilizing the very first International Payments very first payroll payment option is an excellent initial action towards offering an extensive payroll option for employees worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and checking account necessary for global payroll are key factors in achieving business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things don’t go as prepared. Eventually, we do not do it for the gratitude.
anyhow we understand how how crucial 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 everyone that’s associated with those procedures and also so picture sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the amount of people 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 keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and really see what was going on and type of shot to return to everybody so proceeding look why do companies select to main separate savings account there are Alternatives To Papaya Global businesses out there doing exactly this for particular nations and I have actually operated in a service or lots of organizations doing precisely that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we do not need to and anybody that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think many reasons one is it’s the standard I believe people have got so utilized to we require a new bank account we open an entity and rightly so you need it for payroll purposes however 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 gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I believe this is a process that needs taking a look at it requires changing but eventually individuals are extremely stuck with what they’re familiar
with ideal um change is a challenging thing we all do not like modification um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having preserving numerous checking account however there’s a huge quantity of intricacy chooses setting up a savings account keeping it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for private people so the intricacy is big but I think the sincere response is modification um individuals have not had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might almost be figured out to be the next Century or two there is a lot to monitor and this method does posture numerous challenges um so Johnny might you inform us about those difficulties yeah naturally 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 feels like our CFO has actually gained another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Alternatives To Papaya Global