Over the last five or six years …How To Get Money Back From Papaya Global Payroll… roles on the supplier side and also on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everyone another couple 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 rather intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I really 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 very gloomy and I want I was somewhere else at this moment in time okay so let’s get started 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 keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a strategic property uh we’ll likewise go over a recap which needs to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more typical and managing them ends up being a growing number of intricate International organizations are wanting to discover Solutions and new ways to improve processes specifically from a payroll and cross-border payment standpoint many companies keep different savings account just for payroll while some have numerous accounts in various countries does it make sense for companies to preserve separate checking account often in different countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business improve the episode complex processes of
Making sure precise, efficient, and prompt payroll payments is a complex challenge for services operating worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to optimize working capital, and discover how streamlining international payroll payments can change them from a troublesome task into a strategic asset.
Handling payroll worldwide is an overwhelming job due to numerous regulations, compliance requirements, data security issues, and banking guidelines. The sheer variety of employees and companies contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million services worldwide.
Conventional payroll systems often lead to manual procedures, data silos, and a lack of integration, causing inconsistencies and ineffectiveness. Despite living in an era of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to provide insights and services to streamline and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that offers me sleepless nights and quite honestly the more a business spends on global payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of global services have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors poorly interacted hires and terminations along with lack management and system configurations and then when you round everything off and the data is shipped to the incorrect location the typical cost of a worldwide 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 smoothly if they depend on the necessary several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t require to be consisted of best and what does
it require 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 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 client’s own in-country account so there’s complexity anywhere you look ideal eventually 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to type of move forward with that it also too to add to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely important that payroll and finance teams work more detailed together than ever um I’m always impressed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high worth on well-being and the payment landscape is ending up being progressively detailed. Organizations are continually introducing brand-new advantages and payment choices, which adds to the general intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my opinion, this does not need to hold true. In today’s technically sophisticated era, there’s no validation for maintaining cumbersome treatments. Payroll, the company’s biggest cost, should be processed correctly and on time. Even minor hold-ups can negatively impact staff members’ well-being and have significant repercussions. Therefore, it’s critical to focus on accurate and prompt payments.
payroll team get um so I’m not exactly sure anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important 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 likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment solution is a fantastic primary step um supplying an end-to-end payroll solution for your employees internationally once again I think is another huge um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of companies and lowering 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 regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we understand how how essential 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 processes and also so envision sorry I’m just I was just gon na say envision 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 discussing hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task attempting to clean 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 attempt to check out them and actually see what was going on and sort of shot to return to everyone so proceeding appearance why do business select to primary separate savings account there are How To Get Money Back From Papaya Global Payroll businesses out there doing precisely this for particular countries and I have actually worked in a business or numerous services doing precisely that I can say it does not constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for anybody where we do not have to and anybody that’s managing 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 believe many reasons one is it’s the requirement I think individuals have got so utilized to we require 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 simply been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to add to that individuals have looked 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 think this is a procedure that needs taking a look at it requires changing however ultimately people are very stuck to what they’re familiar
with right um change is a challenging thing we all do not like change um so I think it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having preserving several checking account but there’s a big amount of complexity goes with establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private people so the intricacy is big but I think the truthful answer is change um individuals haven’t been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to alter however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century or so there is a lot to monitor and this approach does present a number of difficulties um so Johnny might you inform us about those difficulties yeah of course so there’s a range 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 jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. How To Get Money Back From Papaya Global Payroll