Over the last five or 6 years …Enhancing Business Efficiency With Papaya Global On A Budget… functions on the company side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to sort 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 sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely uninspiring and I want I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies maintain different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll likewise go over a recap which must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more common and handling them becomes a growing number of complex Worldwide organizations are seeking to discover Solutions and new methods to simplify procedures specifically from a payroll and cross-border payment perspective many companies preserve separate checking account just for payroll while some have multiple accounts in various countries does it make sense for companies to maintain different checking account sometimes in various nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies streamline the episode complex procedures of
Guaranteeing accurate, efficient, and timely payroll payments is a complex challenge for services operating internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to enhance working capital, and find how enhancing worldwide payroll payments can transform them from a troublesome task into a strategic asset.
Managing payroll internationally is a difficult task due to different regulations, compliance requirements, data security concerns, and banking rules. The large number of employees and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently result in manual procedures, data silos, and an absence of integration, leading to disparities and inadequacies. Despite residing in an age of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to provide insights and services to simplify and optimize worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company invests in international payroll the less of a picture they see an absence of visibility also extends to payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global businesses 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 data entry errors inadequately interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is delivered to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they count on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s a great concern I always toss this back and state what is it what does not need to be included right and what does
it require to be considered there’s differing 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 have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity any place you look best ultimately developing a knowledge base is definitely important 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 look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is enabling us to kind of move forward with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely essential that payroll and finance teams work better together than ever um I’m always amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 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 likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more important to contribute to kind of the level of complexity there’s more and more benefits being organ or being offered by businesses throughout the world so once again you’re simply seeking to add increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real challenges or real tough kind of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of years I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to create additional handoffs while doing sos that we run in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single most significant liability that any service has from an expense perspective from an impact viewpoint on workers it is absolutely important that it’s done correctly 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 impact on individuals’s wellness and numerous other factors if people aren’t paid uh I’ve always been astonished entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just observe when things go wrong. However, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally as well. Therefore, it is essential to ensure that jobs like Wi-Fi Global and other important matters are done properly. Utilizing the first Global Payments first payroll payment option is a great initial step towards providing a thorough payroll solution for employees worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and checking account essential for international payroll are key consider accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things do not go as prepared. Ultimately, we do not do it for the thankfulness.
anyway 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 think of sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions picture getting that numerous 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 a fascinating job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and really see what was going on and kind of shot to get back to everybody so moving on look why do companies pick to main separate savings account there are Enhancing Business Efficiency With Papaya Global On A Budget organizations out there doing precisely this for specific countries and I’ve operated in a service or many businesses doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for any person where we do not have to and any person that’s managing that process 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 believe numerous reasons one is it’s the standard 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 variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a process that needs looking at it requires altering however eventually individuals are really stuck to what they recognize
with best um modification is a hard thing we all don’t like change um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having keeping multiple bank accounts however there’s a huge quantity of intricacy goes with establishing a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is huge but I believe the truthful answer is change um people have not been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe 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 however we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could almost be identified to be the next Century approximately there is a lot to keep an eye on and this method does posture several obstacles um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Enhancing Business Efficiency With Papaya Global On A Budget