Over the last five or 6 years …Papaya Global Payroll With Time Tracking… functions on the service provider side and also on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very uninspiring and I want I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we’ll likewise go over a recap and that should leave his time at the very extremely 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 workforces become a growing number of common and managing them ends up being more and more intricate Global companies are aiming to find Solutions and brand-new methods to enhance processes specifically from a payroll and cross-border payment standpoint many companies maintain different checking account just for payroll while some have multiple accounts in various countries does it make good sense for companies to preserve separate savings account in some cases in various countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business improve the episode complex procedures of
Guaranteeing accurate, effective, and prompt payroll payments is a complex obstacle for companies running globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, learn how business forecast payroll expenses to enhance working capital, and find how streamlining worldwide payroll payments can change them from a challenging task into a tactical property.
Handling payroll internationally is an overwhelming job due to various guidelines, compliance requirements, information security issues, and banking rules. The large number of employees and businesses contributes to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently lead to manual procedures, information silos, and an absence of combination, resulting in inconsistencies and inadequacies. Despite residing in an era of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to offer 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 only 11 of organizations say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service spends on global payroll the less of a picture they see an absence of presence likewise extends to payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of international businesses have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors poorly communicated hires and terminations as well as lack management and system setups and after that when you round everything off and the information is delivered to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they count on the needed numerous procedures 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 organization face when they’re making payments to staff members or otherwise that’s an excellent concern I always throw this back and state what is it what does not need to be included ideal 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 country there’s payment amount of time there’s payment capabilities 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 consumer’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like super payments no if but some babies 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 think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to sort of move forward with that it also too to contribute to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing groups work more detailed together than ever um I’m always amazed when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide 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 people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more crucial to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being provided by businesses throughout the world so again you’re just aiming to add more and more payments to this currently complex landscape so if you sort 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 real obstacles or genuine challenging type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and an era that you know that we are working in today there is no reason why we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single biggest liability that any organization has from a cost point of view from an effect viewpoint on employees it is absolutely vital that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful effect on individuals’s well-being and lots of other elements if individuals aren’t paid uh I’ve always been amazed coming into this Market type of the last 5 to 10 years is how little thanks the
The payroll group may not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only observe when things fail. However, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally too. For that reason, it is important to guarantee that tasks like Wi-Fi Global and other essential matters are done correctly. Utilizing the first International Payments first payroll payment option is an excellent initial action towards offering a detailed payroll service for workers worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and savings account required for global payroll are crucial factors in accomplishing business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things do not go as prepared. Ultimately, we don’t do it for the gratitude.
anyhow we know how how important a function 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 everyone that’s involved in those procedures and likewise so imagine sorry I’m simply 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 discussing numerous thousands possibly Millions envision getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task attempting to clean up 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 attempt to look through them and actually see what was going on and sort of try to get back to everybody so proceeding appearance why do business choose to main separate savings account there are Papaya Global Payroll With Time Tracking businesses out there doing exactly this for particular nations and I’ve worked in a service or lots of businesses doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we do not need to and anyone that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the standard I believe people have got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a process that needs taking a look at it requires altering however ultimately individuals are really stuck with what they recognize
with ideal um modification is a challenging thing we all don’t like change um so I think it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having keeping several checking account but there’s a substantial amount of complexity chooses setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is big but I think the honest response is modification um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or so there is a lot to monitor and this method does position numerous challenges um so Johnny could you tell us about those difficulties yeah obviously so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you should have a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll With Time Tracking