Over the last five or six years …What Are Fees For Papaya Global Payroll Service… roles on the company side and also on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everybody another couple 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 interesting and I can see it going on currently just to hear where everyone 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 extremely bleak and I wish I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business keep separate
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is particularly useful for international organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of preserving separate bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic property 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 payroll payments properly efficiently securely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of reasons most notably regulations compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the international Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll model there’s typically a frustrating variety of different systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or really extremely basic there’s no genuine consistency structure we’re living in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that provides me sleepless nights and quite frankly the more a business spends on global payroll the less of a picture they see an absence of presence likewise reaches payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of global companies have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes poorly communicated hires and terminations as well as lack management and system setups and after that when you round everything off and the information is delivered to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they depend on the essential multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business face when they’re making payments to staff members or otherwise that’s a great question I always toss this back and state what is it what doesn’t need to be consisted of right 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 nation 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 consumer’s own in-country account so there’s intricacy wherever you look ideal eventually constructing a knowledge base is definitely important however everywhere you look with payroll payment they are like super payments no if however some babies 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 recognition that payroll payments are absolutely essential and technology is allowing us to sort of move forward with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and finance groups work better together than ever um I’m always impressed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work 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 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 third parties so with the
world we reside in and well-being being a growing number of crucial to contribute to kind of the level of intricacy there’s a growing number of benefits being organ or being used by services throughout the world so again you’re simply aiming to add a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine difficulties or genuine difficult sort of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of years I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to develop extra handoffs in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and a period that you know that we are operating in today there is no reason that we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any business has from an expense viewpoint from an impact viewpoint on staff members it is absolutely vital that it’s done correctly 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 biggest harmful result on people’s wellness and many other factors if people aren’t paid uh I’ve always been surprised entering into this Market type of the last five to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals only see when things go wrong. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s perceived externally too. Therefore, it is necessary to guarantee that tasks like Wi-Fi Global and other important matters are done properly. Using the very first Worldwide Payments very first payroll payment service is a fantastic preliminary step towards offering an extensive payroll solution for staff members worldwide. Standardization, international processes, and lowering the number of tools, platforms, and savings account necessary for international payroll are essential factors in achieving organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things do not go as planned. Ultimately, we do not do it for the gratitude.
anyhow we know how how crucial 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 simple as possible for everyone that’s involved in those processes and also so imagine sorry I’m just I was just gon na state think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task attempting 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 need days of the week to attempt to look through them and in fact see what was going on and sort of shot to return to everybody so proceeding look why do companies choose to main separate bank accounts there are What Are Fees For Papaya Global Payroll Service services out there doing exactly this for particular countries and I’ve operated in a business or lots of services doing precisely that I can say it does not constantly feel effective and it does develop 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 any person that’s dealing with that procedure 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 believe numerous reasons one is it’s the requirement I believe people have got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires changing however ultimately individuals are really stuck to what they’re familiar
with right um change is a challenging thing we all don’t like modification um so I think it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having maintaining several checking account however there’s a substantial amount of intricacy chooses establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is huge but I believe the sincere response is modification um individuals haven’t had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to change but 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 moving on and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to track and this technique does present a number of difficulties um so Johnny could 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 Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this improved capability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your achievements. What Are Fees For Papaya Global Payroll Service