Over the last 5 or six years …Affordable Hr Streamlining With Papaya Global… roles on the company side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I actually do hope it’s much sunnier than it remains 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 really really dreary and I wish I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll likewise discuss a wrap-up and that needs to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more common and handling them becomes increasingly more complicated International organizations are aiming to find Solutions and new ways to simplify procedures especially from a payroll and cross-border payment perspective numerous organizations keep separate bank account just for payroll while some have numerous accounts in various countries does it make sense for companies to preserve different checking account often in various countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies simplify the episode complex processes of
Ensuring precise, effective, and timely payroll payments is a complex challenge for services running globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to optimize working capital, and find how enhancing international payroll payments can transform them from a burdensome job into a strategic asset.
Managing payroll internationally is an overwhelming job due to various guidelines, compliance requirements, data security concerns, and banking rules. The large number of staff members and companies adds to the complexity, with an estimated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems often lead to manual procedures, information silos, and an absence of integration, resulting in disparities and ineffectiveness. In spite of living in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to offer insights and options to streamline and enhance international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of a picture they see a lack of visibility likewise reaches payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of international services have expressed that they do not 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 poor HCM information information entry errors improperly interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is delivered to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they depend on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re making payments to employees or otherwise that’s an excellent concern I always toss this back and state what is it what does not need to be included right and what does
it require to be considered there’s varying 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 need to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal ultimately developing a knowledge base is absolutely important but all over you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link 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 technology is enabling us to kind of move forward with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely vital that payroll and financing groups work more detailed together than ever um I’m constantly impressed when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of crucial to contribute to kind of the level of complexity there’s more and more benefits being organ or being provided by businesses across the world so once again you’re just looking to add a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real difficulties or genuine challenging sort of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would absolutely say that the larger a company 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 actually managing the payment side of things however you understand in in my opinion and my experience that does not always require to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we run in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and an age that you know that we are operating in today there is no reason why we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single biggest liability that any business has from an expense perspective from an effect viewpoint on workers it is absolutely important that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging effect on people’s wellness and numerous other aspects if people aren’t paid uh I’ve always been impressed entering into this Market kind of the last 5 to ten years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only discover when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally too. For that reason, it is essential to guarantee that tasks like Wi-Fi International and other essential matters are done properly. Using the very first Global Payments very first payroll payment service is an excellent initial step towards providing a detailed payroll option for workers worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and savings account necessary for worldwide payroll are essential factors in achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things do not go as planned. Eventually, we don’t do it for the appreciation.
anyway we understand how how crucial a function 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 processes and likewise so imagine sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and kind of shot to get back to everyone so carrying on appearance why do companies choose to primary separate bank accounts there are Affordable Hr Streamlining With Papaya Global organizations out there doing exactly this for particular countries and I have actually worked in a service or lots of companies doing precisely that I can say it does not constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we do not have to and anybody that’s managing 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 think many reasons one is it’s the requirement I think people have actually got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I think this is a procedure that requires taking a look at it requires altering but eventually individuals are really stuck with what they’re familiar
with best um modification is a hard thing all of us do not like change um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having keeping several savings account but there’s a big amount of intricacy goes with establishing a savings account keeping 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 honest response is modification um people have not had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century approximately there is a lot to track and this technique does position a number of challenges um so Johnny could you tell us about those difficulties yeah obviously so there’s a range 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 tasks on one platform. It seems like our CFO has acquired another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Affordable Hr Streamlining With Papaya Global