Over the last five or six years …Papaya Global Email Format… roles on the service provider side and also on the vendor side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today certainly 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 wish I was somewhere else 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 handling Worldwide payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we’ll also discuss a wrap-up and that should 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 Global workforces become more and more common and handling them becomes increasingly more intricate Global organizations are seeking to discover Solutions and brand-new methods to simplify procedures specifically from a payroll and cross-border payment perspective numerous companies keep different checking account just for payroll while some have several accounts in different nations does it make good sense for companies to keep different checking account in some cases in different countries it does but just for payroll is there a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies improve the episode complex processes of
Guaranteeing accurate, efficient, and timely payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to enhance working capital, and find how streamlining global payroll payments can change them from a challenging job into a tactical asset.
Handling payroll globally is an overwhelming task due to different regulations, compliance requirements, data security concerns, and banking rules. The sheer number of workers and services adds to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems often lead to manual procedures, data silos, and an absence of integration, leading to inconsistencies and ineffectiveness. Regardless of residing in a period of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to supply insights and solutions to streamline and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service spends on global payroll the less of an image they see a lack of visibility also encompasses payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the transaction nearly half of global services have revealed that they don’t 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 information entry mistakes improperly interacted hires and terminations along with lack management and system configurations and then when you round all of it off and the information is delivered to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they rely on the required several processes 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 obstacles business face when they’re making payments to employees or otherwise that’s a great concern I always throw this back and say what is it what doesn’t need to be consisted of right and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately developing a knowledge base is definitely vital but all over you look with payroll payment they are like super payments no if but some infants 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 fundamental and technology is enabling us to kind of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely essential that payroll and finance groups work better together than ever um I’m constantly amazed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more essential to contribute to type of the level of complexity there’s more and more benefits being organ or being provided by services across the world so again you’re simply wanting to add more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real obstacles or real difficult type of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of years I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s actually handling the payment side of things however you know 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 develop additional handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in an age of tech and a period that you know that we are working in today there is no reason why we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single biggest liability that any organization has from an expense perspective from an impact viewpoint on employees it is definitely important that it’s done correctly and on time so what we suggest 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 harmful impact on individuals’s wellness and many other factors if individuals aren’t paid uh I’ve always been astonished entering this Market type of the last five to 10 years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only discover when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally also. Therefore, it is important to guarantee that jobs like Wi-Fi Global and other vital matters are done correctly. Using the very first Worldwide Payments very first payroll payment service is an excellent preliminary action towards offering a thorough payroll option for staff members worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and savings account needed for international payroll are crucial factors in accomplishing organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as prepared. Ultimately, we do not do it for the gratitude.
anyhow we know 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 everybody that’s associated with those procedures and likewise so picture sorry I’m simply I was just gon na state picture 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 speaking about numerous thousands potentially Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job trying to clean up all those up for sure oh absolutely 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 try to browse them and really see what was going on and kind of shot to return to everyone so carrying on appearance why do business choose to main different checking account there are Papaya Global Email Format businesses out there doing exactly this for specific countries and I have actually worked in a service or numerous businesses doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for anyone where we don’t need to and anyone that’s dealing with 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 quantity that we are I believe lots of reasons one is it’s the requirement I think individuals have actually got so utilized to we need a 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 think it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a procedure that requires taking a look at it requires altering but ultimately people are extremely stuck to what they’re familiar
with right um change is a hard thing all of us do not like change um so I think it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having keeping multiple checking account however there’s a huge quantity of complexity opts for setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is huge but I believe the sincere response is modification um people have not been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could almost be figured out to be the next Century or so there is a lot to keep track of and this approach does pose a number of obstacles um so Johnny could you inform us about those difficulties yeah naturally 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 improved ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Email Format