Over the last 5 or six years …Assign Gl Wages Expense Account In 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 okay thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everyone 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 drizzling here it’s extremely very dreary and I want I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a strategic possession uh we’ll also go over a recap which ought to leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of common and handling them ends up being more and more complicated Global companies are looking to discover Solutions and brand-new methods to improve procedures specifically from a payroll and cross-border payment perspective lots of companies keep different checking account just for payroll while some have several accounts in different nations does it make sense for companies to keep different bank accounts in some cases in different nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business simplify the episode complex processes of
Ensuring precise, effective, and timely payroll payments is a complex obstacle for companies running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll costs to enhance working capital, and find how improving international payroll payments can transform them from a difficult job into a tactical asset.
Managing payroll worldwide is a daunting job due to various regulations, compliance requirements, information security issues, and banking guidelines. The large variety of employees and services adds to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically lead to manual processes, information silos, and an absence of combination, causing disparities and inadequacies. In spite of residing in a period of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to offer insights and options to streamline and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more a company invests in worldwide payroll the less of a picture they see a lack of exposure also encompasses payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of global organizations have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is shipped to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they count on the required numerous 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 service face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and say what is it what doesn’t need to be included right and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 have to pay from the consumer’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is absolutely vital but all over you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to type of progress with that it also also to add to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely crucial that payroll and finance teams work better together than ever um I’m constantly astonished when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession 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 frequently 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 anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of important to contribute to type of the level of intricacy there’s more and more advantages being organ or being provided by organizations across the world so once again you’re simply wanting to include a growing number of 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 sure but have you got any experience in kind of real challenges or real tough sort of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of decades I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we need to create additional handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in an era of tech and an era that you understand that we are working in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single biggest liability that any organization has from a cost point of view from an impact perspective on workers it is definitely vital that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive effect on people’s well-being and lots of other elements if people aren’t paid uh I have actually always been astonished entering this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done correctly so leveraging the first International Payments very first payroll payment option is an excellent first step um offering an end-to-end payroll solution for your employees globally again I believe is another substantial um procedure once again lining up and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of organizations and reducing the variety of tools platforms and bank accounts they require for their Worldwide 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 thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand 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 everybody that’s associated with those procedures and likewise so think of 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 individuals that we cover within this webinar I make certain we’re discussing numerous 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 definitely be an interesting task trying to clean up all those up for sure oh definitely I can’t think of 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 in fact see what was going on and sort of try to return to everybody so moving on appearance why do companies pick to primary separate checking account there are Assign Gl Wages Expense Account In Papaya Global organizations out there doing exactly this for particular countries and I have actually operated in a business or numerous businesses doing precisely that I can say it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not creating extra work for anybody where we do not have to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I believe individuals have actually got so utilized to we need a new savings account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I think this is a procedure that requires taking a look at it requires changing but ultimately individuals are very stuck with what they recognize
with right um modification is a hard thing we all don’t like modification um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having preserving several checking account but there’s a substantial quantity of complexity opts for establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for private individuals so the intricacy is substantial but I think the honest answer is change um individuals have not had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we’ve always 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 understand what could nearly be figured out to be the next Century approximately there is a lot to keep track of and this approach does present several difficulties um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just 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 feels like our CFO has actually acquired another CFO, and with this improved capability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your achievements. Assign Gl Wages Expense Account In Papaya Global