Over the last 5 or six years …How Is Papaya Global Different From Other Payroll And Hr Companies… roles on the service provider side and also on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everyone 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 kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it is 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 extremely very gloomy and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain separate
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is especially useful for worldwide organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of maintaining separate savings account for payroll in various countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently securely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most importantly guidelines compliance information security and banking guidelines then there are the large numbers they include additional intricacy the international Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll model there’s often a frustrating variety of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or very extremely standard there’s no real consistency structure we’re living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more a business invests in global payroll the less of a photo they see an absence of visibility also extends to payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of international organizations have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors inadequately communicated hires and terminations along with absence management and system configurations and after that when you round it all off and the information is shipped to the wrong 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 worldwide payroll and payments don’t run smoothly if they rely on the required numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s a great concern I constantly throw this back and say what is it what does not require to be included right and what does
it require to be thought of 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 have to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal ultimately developing a knowledge base is definitely important however everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type 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 definitely essential and technology is allowing us to type of progress with that it also as well to add to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and finance groups work more detailed together than ever um I’m always astonished when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information 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 modern world places a high value on wellness and the settlement landscape is ending up being progressively elaborate. Businesses are continually presenting new advantages and payment alternatives, which contributes to the general intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can cause inefficiencies and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s technically sophisticated age, there’s no reason for preserving cumbersome procedures. Payroll, the company’s most significant expense, need to be processed properly and on time. Even minor delays can adversely impact workers’ wellness and have far-reaching repercussions. For that reason, it’s crucial to prioritize precise and timely payments.
payroll team get um so I’m uncertain anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout 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 things is absolutely vital that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment solution is a great initial step um providing an end-to-end payroll option for your staff members globally again I believe is another huge um process again aligning and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of organizations and decreasing the number of tools platforms and savings account they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I do not believe any of us are really doing that for for the thanks
anyway we know 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 everyone that’s involved in those procedures and also so imagine sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and type of shot to get back to everybody so proceeding look why do companies choose to main different bank accounts there are How Is Papaya Global Different From Other Payroll And Hr Companies businesses out there doing precisely this for particular nations and I’ve worked in a company or lots of companies doing precisely that I can say it doesn’t always feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing additional work for anybody where we do not have to and anybody that’s managing that process 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 numerous factors one is it’s the standard I believe individuals have actually got so utilized to we need a brand-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 believe it’s just been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I think this is a procedure that requires looking at it requires altering but eventually people are very stuck to what they’re familiar
with ideal um change is a challenging thing we all do not like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having maintaining multiple savings account however there’s a huge amount of intricacy chooses setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is big however I think the sincere response is change um people haven’t had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to keep an eye on and this method does present a number of challenges um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. How Is Papaya Global Different From Other Payroll And Hr Companies