Over the last 5 or 6 years …Payroll Services In Florida Papaya Global… roles on the provider side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply offer everybody another couple of uh well among 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 quite fascinating 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 everybody comes from and I truly 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 raining here it’s really extremely gloomy and I wish I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical possession uh we’ll also go over a wrap-up which needs to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of typical and handling them becomes a growing number of complex Global organizations are looking to find Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment perspective many organizations keep separate bank account just for payroll while some have multiple accounts in different nations does it make sense for business to maintain different savings account sometimes in various countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business enhance the episode complex processes of
Making sure accurate, effective, and timely payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, learn how business anticipate payroll expenses to optimize working capital, and discover how streamlining worldwide payroll payments can transform them from a difficult job into a tactical asset.
Handling payroll worldwide is a complicated job due to different regulations, compliance requirements, data security issues, and banking rules. The sheer number of workers and companies contributes to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems often result in manual procedures, data silos, and a lack of integration, causing inconsistencies and inadequacies. Regardless of residing in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to provide insights and services to streamline and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a business invests in worldwide payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide companies have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors inadequately interacted hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is shipped to the wrong location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they rely on the necessary numerous processes 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 difficulties service face when they’re making payments to workers or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t need to be included right and what does
it require to be thought of there’s differing 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 need to pay from the consumer’s own in-country account so there’s complexity wherever you look right ultimately constructing a knowledge base is definitely important but everywhere you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to sort of progress with that it also as well to add to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely important that payroll and finance groups work more detailed together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to add to kind of the level of intricacy there’s a growing number of advantages being organ or being offered by businesses throughout the world so again you’re just seeking to include more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine challenges or genuine challenging kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of years I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to produce extra handoffs in the processes that we operate in they simply make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and an age that you understand that we are operating in today there is no reason why we are still making this as tough as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an effect viewpoint on employees it is absolutely crucial that it’s done properly and on time so what we indicate 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 damaging impact on individuals’s well-being and many other elements if individuals aren’t paid uh I’ve always been impressed coming into this Market type of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only see when things fail. However, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally too. For that reason, it is vital to guarantee that tasks like Wi-Fi Global and other essential matters are done correctly. Using the very first Global Payments very first payroll payment service is a great preliminary action towards supplying a detailed payroll solution for staff members worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and checking account needed for worldwide payroll are essential consider achieving organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things don’t go as prepared. Eventually, we don’t do it for the thankfulness.
anyhow we understand 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 easy as possible for everyone that’s involved in those procedures and also so picture sorry I’m simply I was just gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job attempting to clean up 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 try to check out them and in fact see what was going on and kind of try to get back to everyone so moving on appearance why do companies pick to primary separate bank accounts there are Payroll Services In Florida Papaya Global services out there doing exactly this for particular nations and I have actually operated in a business or lots of businesses doing precisely that I can say it does not always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for anybody where we don’t have to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I believe individuals have actually got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs changing however eventually individuals are extremely stuck to what they’re familiar
with ideal um change is a challenging thing we all do not like change um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having maintaining several bank accounts but there’s a big quantity of complexity goes with establishing a checking account keeping it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is big however I think the truthful answer is change um individuals haven’t been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to change however we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or two there is a lot to keep an eye on and this approach does present a number of obstacles um so Johnny might you tell 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 gained another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Payroll Services In Florida Papaya Global