Over the last 5 or 6 years …Unrun Payroll Papaya Global… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely uninspiring and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical possession uh we’ll likewise discuss a recap which needs to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and handling them ends up being more and more complex Global organizations are wanting to discover Solutions and new methods to streamline processes particularly from a payroll and cross-border payment viewpoint many companies maintain separate savings account just for payroll while some have several accounts in various countries does it make sense for business to preserve separate bank accounts often in different countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies streamline the episode complex processes of
Guaranteeing precise, effective, and timely payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll costs to enhance working capital, and find how streamlining international payroll payments can transform them from a difficult task into a strategic possession.
Handling payroll internationally is an overwhelming task due to various policies, compliance requirements, data security issues, and banking guidelines. The large variety of workers and businesses adds to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems often result in manual procedures, data silos, and an absence of combination, causing disparities and ineffectiveness. Regardless of living in a period of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to provide insights and options to streamline and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company spends on global payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide services have actually revealed that they don’t 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 poor HCM information information entry mistakes poorly communicated hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the information is shipped to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they count on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s an excellent concern I always throw this back and state what is it what does not require to be included ideal 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 have 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 critical but everywhere you look with payroll payment they are like super payments no if however some babies 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 believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to sort of move forward with that it likewise also to add to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and finance groups work better together than ever um I’m constantly astonished when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t 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 typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high value on wellness and the settlement landscape is becoming significantly intricate. Companies are constantly introducing brand-new advantages and payment choices, which adds to the overall intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s highly sophisticated era, there’s no validation for keeping troublesome procedures. Payroll, the company’s biggest expense, need to be processed properly and on time. Even slight delays can adversely impact workers’ well-being and have significant effects. Therefore, it’s critical to prioritize accurate and timely payments.
payroll team get um so I’m uncertain anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment service is a great first step um providing an end-to-end payroll service for your workers internationally again I think is another big um process again aligning and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of organizations and decreasing the number of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyhow we understand 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 everybody that’s associated with those processes and likewise so imagine sorry I’m just I was just gon na state think of the quantity of thanks you got if you could cover the quantity of people 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 the number of Post-it notes you got but it would certainly be an intriguing job attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and in fact see what was going on and kind of shot to return to everybody so proceeding look why do companies pick to main separate checking account there are Unrun Payroll Papaya Global services out there doing exactly this for particular nations and I’ve worked in a business or lots of organizations doing precisely that I can state it does not constantly feel efficient 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 any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I think people have got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I believe this is a process that requires taking a look at it requires altering however eventually individuals are extremely stuck with what they recognize
with ideal um modification is a challenging thing we all don’t like modification um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining numerous bank accounts but there’s a substantial amount of intricacy opts for setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the best user accesses for private people so the complexity is big but I think the sincere answer is modification um people have not been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to track and this approach does pose a number of obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this improved capability, I have successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Unrun Payroll Papaya Global