Over the last five or 6 years …Papaya Global Not Responding… roles on the provider side and also on the supplier side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already 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 certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely dreary and I want I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why business keep different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll likewise review a recap and that ought to leave his time at the extremely 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 labor forces end up being a growing number of common and managing them ends up being increasingly more complicated International companies are seeking to find Solutions and brand-new methods to simplify processes especially from a payroll and cross-border payment viewpoint numerous companies maintain separate savings account just for payroll while some have several accounts in different nations does it make good sense for companies to keep separate bank accounts sometimes in various countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business improve the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex difficulty for businesses running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, discover how business anticipate payroll costs to optimize working capital, and discover how enhancing international payroll payments can change them from a difficult task into a strategic property.
Handling payroll worldwide is a difficult task due to numerous guidelines, compliance requirements, information security concerns, and banking rules. The sheer variety of workers and businesses adds to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems typically result in manual procedures, data silos, and a lack of integration, leading to inconsistencies and inadequacies. Regardless of residing in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to supply insights and options to simplify and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more a service spends on worldwide payroll the less of an image they see an absence of visibility also reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of global companies have actually expressed that they don’t 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 poor HCM data information entry errors poorly communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the data is shipped to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they depend on the necessary multiple procedures 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 obstacles company face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what does not require to be consisted of right and what does
it require to be considered 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 have to pay from the client’s own in-country account so there’s complexity anywhere you look best ultimately constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is enabling us to kind of progress with that it also as well to contribute to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing teams work closer together than ever um I’m always impressed when individuals say I have actually 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 divide the payroll payment from calculation I would say no so why do we as a market 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 however also 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 sort of the level of complexity there’s increasingly more advantages being organ or being offered by businesses throughout the world so again you’re simply seeking to include a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real difficulties or real challenging type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s actually managing the payment side of things but 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 develop extra handoffs while doing sos that we operate in they just make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and an age that you understand that we are operating in today there is no reason that we are still making this as difficult 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 perspective from an effect perspective on employees it is definitely crucial 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 greatest detrimental result on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I have actually always been impressed entering this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle all of us become aware of it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely essential that all of this things is done properly so leveraging the very first Global Payments first payroll payment option is a terrific first step um supplying an end-to-end payroll option for your staff members globally again I think is another substantial um process once again aligning and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of businesses and lowering the number of tools platforms and bank accounts they need for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know how how important a role 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 simple as possible for everyone that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na say envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and type of shot to return to everybody so moving on appearance why do companies choose to main separate checking account there are Papaya Global Not Responding companies out there doing precisely this for particular countries and I have actually operated in a company or many organizations doing precisely that I can say it doesn’t always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we do not need to and anybody that’s dealing with that procedure 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 numerous factors one is it’s the standard I think individuals have got so used to we need a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually 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 many other methods um to to kind of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs altering but ultimately individuals are extremely stuck with what they recognize
with ideal um change is a challenging thing we all don’t like modification um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having keeping numerous bank accounts however there’s a big quantity of complexity goes with setting up a bank account maintaining it ensuring it can send International transfers ensuring it’s established with the best user accesses for private individuals so the intricacy is big but I think the honest response is modification um people have not been able to change or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century approximately there is a lot to monitor and this approach does position a number of difficulties um so Johnny could you tell us about those difficulties yeah obviously so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Not Responding