Over the last five or 6 years …Is There A Monthly Fee For Papaya Global Payroll… functions on the company side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly 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 want I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies maintain different
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is especially helpful for worldwide companies with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and prompt payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, discover how business anticipate payroll costs to enhance working capital, and find how improving international payroll payments can change them from a difficult task into a tactical asset.
Managing payroll internationally is a challenging task due to various guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer variety of employees and companies adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently lead to manual procedures, data silos, and an absence of combination, resulting in disparities and ineffectiveness. Regardless of living in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to offer insights and options to simplify and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a business invests in worldwide payroll the less of a picture they see an absence of presence also encompasses payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal nearly half of global businesses have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors poorly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the information is shipped to the wrong location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they depend on the needed numerous 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 service face when they’re making payments to staff members or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t need to be included best and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities 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 consumer’s own in-country account so there’s complexity any place you look best eventually building a knowledge base is absolutely important but everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is allowing us to type of move on with that it also also to add to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely necessary that payroll and financing groups work closer together than ever um I’m always astonished when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide 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 ultimately 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 likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more essential to add to type of the level of intricacy there’s increasingly more benefits being organ or being offered by organizations across the world so again you’re just seeking to add a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine obstacles or real difficult sort of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would absolutely say that the larger a service 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 details into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we run in they simply make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and an age that you understand that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single greatest liability that any organization has from a cost viewpoint from an impact point of view on employees it is absolutely critical that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive impact on individuals’s wellness and many other factors if people aren’t paid uh I’ve constantly been amazed entering this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this type 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 ultimately payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just 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 stuff is absolutely essential that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment service is a fantastic first step um supplying an end-to-end payroll option for your workers worldwide again I believe is another substantial um process once again lining up and guaranteeing you have standardization Global processes all of those things are definitely key to success success of services and decreasing the variety of tools platforms and bank accounts they require for their Global 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 ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I do not think any of us are actually doing that for for the thanks
anyhow we know how how essential 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 everyone that’s involved in those processes and also so picture sorry I’m simply I was simply gon na say envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and really see what was going on and kind of shot to get back to everyone so carrying on appearance why do companies select to main different checking account there are Is There A Monthly Fee For Papaya Global Payroll companies out there doing exactly this for specific nations and I have actually operated in an organization or lots of services doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not producing extra work for anybody where we don’t have to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I believe people have actually got so utilized to we require a new savings 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 believe it’s just been the requirement and the standard individuals 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 many other methods um to to sort of do it so I think there’s a range I think this is a process that needs looking at it needs altering however ultimately people are very stuck to what they recognize
with best um change is a challenging thing all of us don’t like change um so I believe it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having preserving numerous bank accounts however there’s a huge quantity of complexity opts for establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for private individuals so the complexity is substantial but I believe the honest answer is change um individuals have not been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century approximately there is a lot to monitor and this approach does posture a number of challenges um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so
I simply did you switched our Enterprise 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 employees you should have a corner office with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Is There A Monthly Fee For Papaya Global Payroll