Over the last five or six years …What Is The Cost Of Papaya Global Payroll Subscription… functions on the company side and also on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting 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 sunlight is it it’s not no it’s it’s drizzling here it’s really really dreary and I wish I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies maintain separate
Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is particularly helpful for international companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of preserving separate savings account for payroll in different countries, 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 discuss why they are becoming a strategic asset for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
Making sure precise, effective, and prompt payroll payments is a complex challenge for companies running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, find out how business anticipate payroll costs to optimize working capital, and discover how streamlining international payroll payments can change them from a troublesome task into a tactical possession.
Handling payroll internationally is an overwhelming task due to various guidelines, compliance requirements, information security concerns, and banking rules. The sheer variety of staff members and organizations adds to the intricacy, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems typically result in manual processes, data silos, and an absence of integration, leading to disparities and inadequacies. In spite of living in a period of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to offer insights and solutions to streamline and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company invests in global payroll the less of a picture they see a lack of exposure also reaches payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction almost half of global organizations have revealed that they do not 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 inadequately communicated hires and terminations along with lack management and system setups and after that when you round all of it off and the data is delivered to the incorrect place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they rely on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they’re paying to employees or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t require to be included right and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is absolutely important 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to type of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely crucial that payroll and financing groups work closer together than ever um I’m always amazed when individuals state 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 profession would they split 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of essential to add to sort of the level of complexity there’s a growing number of benefits being organ or being used by businesses throughout the world so again you’re just aiming to include a growing number of payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real obstacles or genuine tough type of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to produce extra handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you know that we are working in today there is no reason why we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any service has from a cost perspective from an impact perspective on employees it is definitely vital 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 biggest harmful impact on individuals’s well-being and many other elements if individuals aren’t paid uh I’ve constantly been surprised entering this Market sort of the last five to 10 years is how little thanks the
The payroll group might not have been thanked for properly 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 people just discover when things fail. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally as well. For that reason, it is necessary to guarantee that jobs like Wi-Fi International and other important matters are done correctly. Using the first Global Payments very first payroll payment solution is a great preliminary action towards providing an extensive payroll option for workers worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and checking account needed for international payroll are essential factors in achieving company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things don’t go as prepared. Ultimately, we do not do it for the appreciation.
anyhow we know how how crucial a role 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 also so imagine sorry I’m just I was simply gon na state think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and kind of try to return to everybody so proceeding look why do companies choose to main separate checking account there are What Is The Cost Of Papaya Global Payroll Subscription companies out there doing precisely this for specific countries and I’ve worked in a business or many services doing precisely that I can state it does not always feel effective and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we do not need to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I think people have got so used to we require a new bank account we open an entity and appropriately so you require 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 norm individuals have embraced 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 methods um to to type of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it needs altering however ultimately individuals are really stuck with what they’re familiar
with best um modification is a tough thing all of us don’t like modification um so I think it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having keeping several checking account however there’s a substantial amount of intricacy chooses setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual individuals so the complexity is huge however I think the honest response is modification um people have not been able to alter or have not had necessarily the knowledge to really 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 change but we have actually constantly done it that way is no real excuse for not looking at the the benefits 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 pose numerous challenges um so Johnny could you inform us about those obstacles 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 tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. What Is The Cost Of Papaya Global Payroll Subscription