Over the last 5 or 6 years …Can We Outsource Payroll To Papaya Global… roles on the supplier side and likewise on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone comes 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 raining here it’s very really dreary and I wish I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies preserve different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll also review a recap and that ought to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of typical and managing them becomes more and more intricate Global companies are wanting to find Solutions and new ways to streamline processes specifically from a payroll and cross-border payment perspective many companies maintain different savings account just for payroll while some have multiple accounts in different nations does it make sense for companies to preserve separate savings account sometimes in different countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business improve the episode complex processes of
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for businesses operating worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to enhance working capital, and find how enhancing international payroll payments can transform them from a burdensome task into a tactical possession.
Handling payroll worldwide is an overwhelming task due to various policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of workers and companies contributes to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems typically lead to manual procedures, data silos, and an absence of integration, resulting in inconsistencies and inadequacies. Despite residing in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to supply insights and solutions to streamline and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of a photo they see a lack of exposure also encompasses payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of worldwide services have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes poorly interacted hires and terminations as well as lack management and system setups and then when you round it all off and the information is shipped to the incorrect place the typical expense of an international 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 don’t run smoothly if they depend on the essential several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s a good concern I always toss this back and say what is it what doesn’t need to be included right and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 customer’s own in-country account so there’s complexity anywhere you look best ultimately constructing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind 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 allowing us to kind of move on with that it likewise too to add to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely vital that payroll and financing teams work better together than ever um I’m constantly surprised when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process 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
world we live in and wellness being more and more crucial to contribute to sort of the level of intricacy there’s more and more benefits being organ or being used by companies throughout the world so once again you’re just looking to include a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine difficulties or real difficult kind of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of years I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to create extra handoffs in the processes that we run 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 era of tech and an era that you know that we are working in today there is no reason that we are still making this as tough as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from a cost perspective from an impact point of view on employees it is definitely important that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant damaging effect on people’s wellness and many other aspects if individuals aren’t paid uh I have actually constantly been impressed coming into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this kind of webinar has actually been told 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 employees or not um but eventually payroll is such an important cycle we all find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment solution is a terrific initial step um providing an end-to-end payroll option for your staff members internationally again I believe is another huge um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of organizations and decreasing the variety of tools platforms and checking account they need for their Worldwide payroll too couldn’t 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 ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand how how crucial 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 everybody that’s involved in those procedures and also so envision sorry I’m just I was just gon na state picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t imagine 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 in fact see what was going on and sort of try to get back to everybody so proceeding appearance why do companies pick to primary separate bank accounts there are Can We Outsource Payroll To Papaya Global organizations out there doing precisely this for specific nations and I’ve operated in an organization or many companies doing precisely that I can say it does not constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we do not have 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 amount that we are I think numerous factors one is it’s the requirement I believe people have actually got so utilized to we need a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I think this is a process that needs taking a look at it requires changing but eventually people are really stuck with what they’re familiar
with best um modification is a hard thing we all don’t like modification um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having keeping numerous checking account but there’s a big quantity of intricacy opts for establishing a savings account preserving it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is huge however I believe the sincere answer is change um individuals have not been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century or two there is a lot to track and this technique does position a number of difficulties um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 staff members 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. Can We Outsource Payroll To Papaya Global