Over the last 5 or six years …What Is The Latest Papaya Global Payroll Update… roles on the provider side and also on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type 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 type of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very bleak and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why companies maintain separate
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is especially helpful for international organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of preserving separate savings account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. 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 likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in sufficient in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of factors most importantly guidelines compliance data security and banking rules then there are the sheer numbers they include further complexity the global Workforce is presently 3 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 currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll design there’s often an overwhelming variety of different systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or really really basic there’s no genuine consistency structure we’re residing in a period of tech but payroll has actually been sluggish 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 whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business spends on international payroll the less of a photo they see a lack of visibility also extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide businesses have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad 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 shipped to the wrong location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they rely on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re paying to employees or otherwise that’s an excellent concern I always throw this back and state what is it what does not require to be included right and what does
it require 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 time frames 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 customer’s own in-country account so there’s intricacy anywhere you look right ultimately developing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble incredibly payments no if but some babies 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 enabling us to type of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and finance groups work more detailed together than ever um I’m always surprised when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate 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 typically 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 any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world places a high worth on well-being and the compensation landscape is becoming progressively complex. Businesses are continuously presenting new benefits and payment alternatives, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into separate groups, which can cause inefficiencies and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s highly advanced period, there’s no reason for preserving cumbersome treatments. Payroll, the company’s most significant expense, must be processed properly and on time. Even slight delays can adversely impact workers’ well-being and have far-reaching consequences. Therefore, it’s vital to focus on accurate and prompt payments.
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just discover when things fail. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally also. Therefore, it is vital to guarantee that tasks like Wi-Fi International and other vital matters are done properly. Utilizing the first Worldwide Payments very first payroll payment option is an excellent preliminary step towards supplying a comprehensive payroll service for staff members worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and bank accounts needed for worldwide payroll are crucial consider achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things do not go as planned. Ultimately, we do not do it for the gratitude.
anyhow we know 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 everyone that’s associated with those procedures and likewise so picture sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions envision getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting to clean up all those up for sure oh definitely I can’t picture 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 everybody so moving on appearance why do companies choose to main separate checking account there are What Is The Latest Papaya Global Payroll Update organizations out there doing precisely this for particular countries and I’ve worked in a service or many organizations doing precisely that I can state it does not constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we do not have to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the standard I believe people have actually got so used to we require a new checking account we open an entity and rightly so you require 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 standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it requires changing however eventually people are extremely stuck with what they recognize
with ideal um modification is a challenging thing we all don’t like modification um so I believe it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having preserving several checking account however there’s a big amount of complexity chooses setting up a savings account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for private individuals so the complexity is big however I think the honest answer is change um individuals haven’t been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I believe it is understanding you know and there is a component of resistance to change but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could practically be determined to be the next Century or so there is a lot to keep an eye on and this approach does pose several difficulties um so Johnny might you inform us about those challenges yeah naturally 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 acquired another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. What Is The Latest Papaya Global Payroll Update