Over the last 5 or six years …What Is The Papaya Global Payroll Scam… roles on the service provider side and likewise on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it remains 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 really very gloomy and I wish 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 looking at the obstacle years of managing Worldwide payroll why companies preserve separate
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different checking account for payroll in various nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and timely payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to enhance working capital, and find how improving international payroll payments can transform them from a challenging job into a strategic asset.
Managing payroll internationally is a daunting task due to numerous policies, compliance requirements, data security issues, and banking guidelines. The sheer variety of staff members and organizations contributes to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Standard payroll systems typically lead to manual procedures, data silos, and an absence of combination, causing disparities and inadequacies. In spite of residing in an era of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to provide insights and solutions to simplify and enhance worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more a company invests in international payroll the less of a photo they see a lack of presence also reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide companies 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 data data entry errors badly communicated hires and terminations along with lack management and system setups and after that when you round it all off and the data is shipped to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they rely on the needed several 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 obstacles business face when they’re paying to staff members or otherwise that’s a good question I always throw this back and say what is it what doesn’t need 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 country there’s payment amount of time there’s payment abilities 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 client’s own in-country account so there’s intricacy anywhere you look best eventually building a knowledge base is definitely vital but everywhere you look with payroll payment they resemble very payments no if however some children 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to sort of move forward with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely important that payroll and finance teams work more detailed 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 anybody what is payroll who does not work in the payroll occupation 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 typically 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 wellness being more and more important to contribute to type of the level of complexity there’s more and more benefits being organ or being offered by companies throughout the world so again you’re simply looking to include a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine challenges or genuine challenging type of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and an age that you know that we are operating in today there is no reason we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from an expense perspective from an effect point of view on workers it is definitely vital 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 biggest destructive impact on people’s wellness and many other aspects if people aren’t paid uh I have actually always been impressed coming into this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe 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 definitely vital that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment service is a great initial step um providing an end-to-end payroll solution for your employees globally again I think is another big um procedure again lining up and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of businesses and decreasing the variety of tools platforms and savings account they require for their Worldwide 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 don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I don’t think any of us are actually 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 associated with those procedures and likewise so envision sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions envision getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and type of shot to return to everyone so moving on look why do business pick to primary separate bank accounts there are What Is The Papaya Global Payroll Scam companies out there doing exactly this for particular countries and I’ve worked in a business or numerous organizations doing exactly that I can say it does not always feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating extra work for anyone where we don’t need to and anybody 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 amount that we are I think many reasons one is it’s the standard I believe individuals have actually got so used to we need a new bank account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I believe this is a process that requires looking at it requires changing but eventually individuals are very stuck with what they recognize
with best um change is a difficult thing all of us don’t like modification um so I believe it’s just type of moving away from the standard 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 savings account but there’s a substantial amount of complexity goes with setting up a savings account keeping it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the complexity is big however I think the truthful answer is change um individuals have not had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century or so there is a lot to keep track of and this approach does present numerous challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just 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 workers you deserve a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you What Is The Papaya Global Payroll Scam