Over the last five or 6 years …Jamie Wheeler Papaya Global… functions on the company side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds approximately to join we all 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 simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely uninspiring and I want I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll likewise discuss a recap which should 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 International labor forces become increasingly more typical and managing them becomes more and more complex International companies are aiming to discover Solutions and new methods to streamline procedures especially from a payroll and cross-border payment perspective numerous companies keep separate savings account just for payroll while some have several accounts in different nations does it make sense for companies to preserve separate checking account often in various nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies simplify the episode complex processes of
Guaranteeing accurate, effective, and timely payroll payments is a complex difficulty for services running globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, find out how business anticipate payroll expenses to optimize working capital, and discover how simplifying global payroll payments can change them from a difficult job into a strategic asset.
Managing payroll internationally is a difficult job due to various guidelines, compliance requirements, data security concerns, and banking guidelines. The large number of staff members and services adds to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Traditional payroll systems often lead to manual processes, data silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. Despite living in an age of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to provide insights and solutions to simplify 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 state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a company spends on global payroll the less of a photo they see an absence of presence also encompasses payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global services have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations as well as lack management and system setups and after that when you round it all off and the data is shipped to the wrong location the typical cost of an international information 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 efficiently if they count on the needed several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a good question I always throw this back and state what is it what doesn’t require to be included best and what does
it need to be thought of there’s differing Bank details 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 need to pay from the consumer’s own in-country account so there’s complexity anywhere you look best ultimately building a knowledge base is absolutely important but all over you look with payroll payment they resemble extremely payments no if but some infants 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 believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to sort of progress with that it also as well to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and finance teams work more detailed together than ever um I’m constantly astonished when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically 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 people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on well-being and the payment landscape is ending up being significantly intricate. Organizations are constantly introducing brand-new advantages and payment options, which adds to the overall intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can result in inadequacies and traffic jams. In my opinion, this does not need to be the case. In today’s technically sophisticated age, there’s no reason for keeping cumbersome procedures. Payroll, the business’s greatest expense, should be processed properly and on time. Even small delays can adversely impact staff members’ well-being and have significant effects. Therefore, it’s vital to focus on precise and timely payments.
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals just see when things go wrong. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s viewed externally also. For that reason, it is vital to make sure that tasks like Wi-Fi International and other vital matters are done correctly. Utilizing the first Global Payments first payroll payment service is a fantastic preliminary action towards providing a thorough payroll solution for employees worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and checking account needed for international payroll are key consider achieving business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things don’t go as planned. Ultimately, we don’t do it for the thankfulness.
anyway we know how how essential 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 simple as possible for everybody that’s involved in those procedures and likewise so think of sorry I’m simply I was simply gon na say think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and really see what was going on and type of try to get back to everybody so carrying on appearance why do companies pick to main separate savings account there are Jamie Wheeler Papaya Global companies out there doing precisely this for particular nations and I’ve operated in a company or many companies doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for any person where we do not need to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I believe individuals have actually got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I think this is a process that requires taking a look at it requires altering however ultimately individuals are very stuck to what they recognize
with ideal um modification is a tough thing all of us do not like change um so I think it’s simply 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 obviously the advantages of having keeping numerous checking account however there’s a big quantity of intricacy chooses establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific people so the complexity is big but I think the sincere answer is change um people have not had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century or so there is a lot to track and this method does posture numerous obstacles um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you deserve a corner workplace with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Jamie Wheeler Papaya Global