Over the last 5 or 6 years …Ask Papaya Global Year End 2019… functions on the supplier side and likewise on the supplier side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort 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 kind of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely gloomy and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll likewise review a recap and that must leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and handling them ends up being more and more intricate Global organizations are looking to discover Solutions and brand-new ways to simplify processes especially from a payroll and cross-border payment standpoint lots of companies preserve different checking account just for payroll while some have several accounts in various nations does it make good sense for business to maintain separate savings account sometimes in various countries it does however just for payroll is there a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business simplify the episode complex processes of
Guaranteeing accurate, efficient, and timely payroll payments is a complex difficulty for companies operating worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, find out how companies forecast payroll expenses to optimize working capital, and find how improving global payroll payments can change them from a difficult job into a strategic asset.
Managing payroll internationally is a difficult job due to different guidelines, compliance requirements, data security issues, and banking guidelines. The large variety of employees and organizations contributes to the complexity, with an estimated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems often lead to manual procedures, data silos, and a lack of integration, leading to inconsistencies and ineffectiveness. Despite 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, typically using pen and paper. This webinar goals to supply insights and services to streamline and enhance international 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 Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a company spends on international payroll the less of a photo they see an absence of presence also extends to payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of international services have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors inadequately communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is shipped to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they rely on the necessary several processes 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 service face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t need to be included right 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 country there’s payment time frames there’s payment abilities 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 anywhere you look right ultimately developing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 basic and technology is permitting us to kind of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely essential that payroll and financing teams work closer together than ever um I’m constantly amazed when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information 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
The modern-day world places a high worth on well-being and the payment landscape is ending up being increasingly detailed. Businesses are continuously introducing new advantages and payment choices, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s highly innovative period, there’s no reason for keeping troublesome treatments. Payroll, the company’s biggest expense, should be processed properly and on time. Even small hold-ups can negatively affect employees’ well-being and have far-reaching effects. For that reason, it’s vital to prioritize accurate and timely payments.
payroll group get um so I’m not exactly sure anyone on this type of webinar has been informed 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 eventually payroll is such an important cycle we all hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment solution is a fantastic first step um providing an end-to-end payroll service for your employees worldwide again I think is another big um process once again lining up and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of services and reducing the variety of tools platforms and savings account they need for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyhow 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 easy as possible for everyone that’s associated with those processes and also so envision sorry I’m just I was simply gon na state envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean up 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 attempt to look through them and in fact see what was going on and sort of shot to return to everybody so moving on look why do companies select to primary separate checking account there are Ask Papaya Global Year End 2019 businesses out there doing exactly this for particular countries and I have actually operated in a business or numerous businesses doing precisely that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we don’t need to and any person that’s handling 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 amount that we are I believe many factors one is it’s the requirement I think individuals have actually got so utilized to we require a new checking account we open an entity and rightly so you require it for payroll purposes 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 individuals have embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other ways 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 needs changing but eventually people are very stuck with what they recognize
with best um modification is a tough thing all of us do not like change um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having preserving several bank accounts but there’s a huge amount of intricacy chooses establishing a bank account preserving it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the complexity is huge but I believe the truthful response is modification um individuals haven’t had the ability to change or have not had always the knowledge to really make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century approximately there is a lot to monitor and this approach does present a number of challenges um so Johnny could you tell us about those obstacles yeah of course so there’s a variety 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 employees you deserve a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Ask Papaya Global Year End 2019