Over the last 5 or 6 years …Papaya Global Payroll Vpn… roles on the company side and also on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I actually do hope it’s much sunnier than it is 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 really very uninspiring and I want I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we’ll likewise go over a wrap-up which should leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and handling them ends up being more and more intricate Global companies are aiming to discover Solutions and new ways to improve processes specifically from a payroll and cross-border payment perspective lots of organizations maintain different bank account just for payroll while some have numerous accounts in different countries does it make good sense for business to maintain different checking account sometimes in different countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business enhance the episode complex processes of
Ensuring accurate, efficient, and timely payroll payments is a complex difficulty for businesses running globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, find out how companies forecast payroll expenses to enhance working capital, and find how enhancing global payroll payments can change them from a challenging job into a strategic asset.
Managing payroll globally is a difficult job due to different policies, compliance requirements, information security issues, and banking rules. The large variety of staff members and businesses contributes to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems often result in manual processes, information silos, and an absence of integration, leading to disparities and ineffectiveness. In spite of living in a period of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to offer insights and services to streamline and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a service spends on worldwide payroll the less of a picture they see an absence of presence likewise reaches payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of international services have expressed that they do not 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 data data entry mistakes poorly interacted hires and terminations in addition to lack management and system configurations and after that when you round it all off and the information is shipped to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they rely on the needed multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re paying to employees or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t need to be included best and what does
it require 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 have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy wherever you look best eventually constructing a knowledge base is definitely critical however all over you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to type of progress with that it likewise also to add to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely important that payroll and financing teams work closer together than ever um I’m constantly impressed when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t 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 frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of essential to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being offered by businesses across the world so again you’re just wanting to add a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine challenging sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of years I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to produce additional handoffs at the same times that we operate in they simply make them more timely they make them less effective and they do not make them what they require to be in in a period of tech and an age that you know that we are working in today there is no reason why we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any company has from a cost perspective from an effect perspective on workers it is definitely crucial that it’s done properly 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 biggest destructive effect on individuals’s wellness and many other aspects if individuals aren’t paid uh I have actually always been amazed entering this Market sort of the last five to ten years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only observe when things go wrong. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally also. For that reason, it is necessary to guarantee that jobs like Wi-Fi International and other essential matters are done correctly. Using the very first Global Payments first payroll payment service is a terrific initial step towards providing an extensive payroll option for staff members worldwide. Standardization, international procedures, and reducing the variety of tools, platforms, and checking account needed for worldwide payroll are essential consider achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things do not go as prepared. Eventually, we do not do it for the appreciation.
anyhow we understand 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 everyone that’s involved in those processes 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 amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and kind of shot to return to everybody so proceeding look why do business choose to primary separate savings account there are Papaya Global Payroll Vpn businesses out there doing precisely this for particular nations and I have actually worked in an organization or many organizations doing exactly that I can state it does not always feel effective and it does create more work I know we’re not deliberately doing that we’re not producing additional work for anybody where we don’t have to and anyone that’s managing 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 numerous reasons one is it’s the requirement I believe individuals have got so used to we require a new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I believe this is a process that requires taking a look at it requires altering but eventually people are really stuck with what they recognize
with ideal um modification is a difficult thing all of us do not like modification um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having preserving numerous bank accounts however there’s a huge quantity of intricacy chooses setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is big however I think the honest response is modification um individuals haven’t been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century or two there is a lot to monitor and this method does pose numerous difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you deserve a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Vpn