Over the last five or six years …Papaya Global Payroll Submit Hours… functions on the provider side and likewise on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just 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 kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it remains 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 very really gloomy and I wish I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we’ll likewise review a wrap-up and that ought to leave his time at the very very 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 Global workforces become a growing number of common and managing them becomes more and more complex Worldwide companies are looking to discover Solutions and brand-new methods to improve processes especially from a payroll and cross-border payment viewpoint lots of organizations keep separate bank account just for payroll while some have multiple accounts in various countries does it make sense for companies to maintain different savings account in some cases in different nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international business streamline the episode complex processes of
Guaranteeing precise, effective, and timely payroll payments is a complex challenge for services running worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to enhance working capital, and discover how streamlining global payroll payments can transform them from a difficult task into a strategic property.
Managing payroll worldwide is a daunting task due to various guidelines, compliance requirements, information security concerns, and banking rules. The sheer variety of workers and services adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems often lead to manual procedures, data silos, and a lack of combination, causing inconsistencies and inadequacies. Despite living in an era of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to provide insights and solutions to streamline and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a business invests in worldwide payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide businesses have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors badly communicated hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is delivered to the wrong place the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they count on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s an excellent question I always throw this back and say what is it what does not require to be consisted of right and what does
it need to be considered there’s varying 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 capabilities 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 wherever you look right eventually building a knowledge base is absolutely crucial but all over you look with payroll payment they resemble very 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 definitely basic and innovation is permitting us to sort of move forward with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work better 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 doesn’t operate in the payroll occupation would they split the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more important to contribute to type of the level of intricacy there’s more and more benefits being organ or being used by services across the world so again you’re just wanting to include more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine difficulties or genuine difficult kind 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 company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we run in they just make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason that we are still making this as challenging as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any company has from a cost point of view from an effect point of view on employees it is absolutely important that it’s done properly 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 most significant detrimental impact on people’s well-being and lots of other elements if individuals aren’t paid uh I have actually constantly been impressed entering this Market kind of the last five to ten years is how little thanks the
The payroll team may not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people only notice when things fail. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally also. Therefore, it is vital to ensure that jobs like Wi-Fi Global and other essential matters are done properly. Utilizing the very first Global Payments first payroll payment option is a terrific preliminary step towards offering a detailed payroll option for staff members worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and savings account required for worldwide payroll are crucial consider attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.
anyway we understand how how crucial 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 everybody that’s involved in those procedures and also so envision sorry I’m just I was simply gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job attempting 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 need days of the week to try to look through them and in fact see what was going on and type of try to get back to everyone so carrying on look why do business select to main different bank accounts there are Papaya Global Payroll Submit Hours organizations out there doing precisely this for specific nations and I have actually operated in an organization or many companies doing exactly that I can state it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we don’t need to and anyone that’s managing 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 lots of reasons one is it’s the standard I believe people have actually got so utilized to we need a brand-new bank account we open an entity and appropriately so you require it for payroll functions however 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 actually embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety 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 ideal um modification is a hard thing we all don’t like modification um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having maintaining multiple savings account but there’s a huge quantity of complexity goes with establishing a checking account preserving it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for individual individuals so the complexity is big but I think the honest answer is modification um people haven’t been able to alter or have not had always the knowledge to really make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change 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 understand what could practically be identified to be the next Century or so there is a lot to keep track of and this method does pose numerous difficulties um so Johnny might you tell us about those difficulties yeah obviously so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Payroll Submit Hours