Over the last 5 or six years …Spp Papaya Global… roles on the service provider side and also on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you quite 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 sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really 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 extremely very gloomy and I want I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies keep different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we’ll also discuss a recap which must leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of typical and managing them ends up being more and more intricate International companies are wanting to find Solutions and new methods to streamline procedures especially from a payroll and cross-border payment viewpoint lots of organizations preserve different savings account just for payroll while some have numerous accounts in various nations does it make good sense for companies to keep separate savings account sometimes in different nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business enhance the episode complex processes of
Guaranteeing accurate, efficient, and timely payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, find out how companies anticipate payroll costs to optimize working capital, and find how streamlining international payroll payments can transform them from a burdensome job into a strategic property.
Managing payroll globally is a complicated task due to different regulations, compliance requirements, information security concerns, and banking guidelines. The large number of workers and businesses contributes to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems typically result in manual procedures, information silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. In spite of residing in an era of technological developments, payroll management has actually been slow to adjust, 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 optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a business spends on worldwide payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of international organizations have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors badly communicated hires and terminations as well as absence management and system setups and then when you round everything off and the information is delivered to the incorrect 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 cash worldwide payroll and payments don’t run smoothly if they rely on the required multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles organization face when they’re paying to workers 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 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 abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity anywhere you look ideal ultimately developing a knowledge base is definitely vital however all over you look with payroll payment they resemble incredibly payments no if however some children 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 absolutely essential and innovation is allowing us to kind of progress with that it also also to add to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely important that payroll and financing groups work better together than ever um I’m constantly impressed when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately 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 but also paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on well-being and the compensation landscape is becoming progressively complex. Businesses are constantly presenting brand-new advantages and payment alternatives, which adds to the total complexity. Big corporations often divide their payroll and payment processing into different teams, which can cause ineffectiveness and traffic jams. In my opinion, this does not need to be the case. In today’s technologically advanced era, there’s no reason for keeping troublesome treatments. Payroll, the business’s most significant expense, must be processed correctly and on time. Even minor hold-ups can negatively affect employees’ well-being and have far-reaching consequences. Therefore, it’s vital to focus on precise and timely payments.
payroll group get um so I’m not sure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle we all hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done correctly so leveraging the first Global Payments very first payroll payment solution is a great primary step um supplying an end-to-end payroll service for your staff members internationally again I believe is another substantial um process once again lining up and ensuring you have standardization International processes all of those things are definitely key to success success of businesses and decreasing the variety of tools platforms and savings account they require for their Worldwide 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 have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand how how important a function 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 easy as possible for everybody that’s associated with those processes and likewise so envision sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions envision getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and sort of shot to return to everyone so moving on look why do business choose to primary separate bank accounts there are Spp Papaya Global services out there doing precisely this for particular countries and I’ve operated in a service or numerous companies doing precisely that I can say it does not always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for anyone where we don’t need to and anybody that’s managing 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 amount that we are I think many factors one is it’s the standard I think individuals have got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I think this is a procedure that needs taking a look at it requires changing however ultimately individuals are extremely stuck with what they recognize
with best um modification is a difficult thing all of us do not like modification um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having keeping numerous bank accounts but there’s a huge quantity of intricacy goes with establishing a checking account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for specific people so the complexity is big however I believe the honest response is modification um individuals have not 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’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or two there is a lot to keep track of and this technique does present a number of obstacles um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so
I just did you changed 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 Worldwide workers you deserve a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Spp Papaya Global