Over the last five or 6 years …Entering Pension Scheme In To Papaya Global… functions on the service provider side and likewise on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give 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 rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to kind 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 sunshine is it it’s not no it’s it’s raining here it’s extremely extremely gloomy and I want I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical asset uh we’ll likewise discuss a recap and that must leave his time at the extremely really 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 International workforces become more and more typical and handling them becomes more and more complicated Global companies are seeking to find Solutions and new ways to streamline processes especially from a payroll and cross-border payment perspective numerous organizations maintain different bank account just for payroll while some have numerous accounts in various countries does it make good sense for business to preserve different savings account sometimes in various nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping international business simplify the episode complex processes of
Making sure precise, efficient, and prompt payroll payments is a complex difficulty for businesses operating worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, discover how business forecast payroll costs to enhance working capital, and find how enhancing international payroll payments can change them from a burdensome task into a tactical asset.
Handling payroll worldwide is a challenging task due to different regulations, compliance requirements, information security issues, and banking guidelines. The large variety of staff members and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems often result in manual processes, data silos, and an absence of integration, leading to inconsistencies and inefficiencies. In spite of living in an era of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to supply insights and options to streamline and enhance worldwide payroll payments.
about it to offer 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 provides me sleep deprived nights and quite honestly the more an organization spends on international payroll the less of a photo they see a lack of exposure also extends to payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of international companies have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes poorly interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the data is delivered to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they depend on the required numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re making payments to workers or otherwise that’s a good question I constantly toss this back and state what is it what does not require to be consisted of right 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 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 need to pay from the consumer’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is absolutely critical but all over you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 fundamental and innovation is enabling us to type of progress with that it also as well to add to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely essential that payroll and financing teams work better together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to add to sort of the level of intricacy there’s a growing number of advantages being organ or being provided by organizations throughout the world so once again you’re simply aiming to include increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine obstacles or genuine difficult type of pay utilizes to play to pay individuals I think yeah I suggest 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 works um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to produce additional handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you know that we are working in today there is no reason we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any company has from an expense point of view from an effect point of view on workers it is definitely vital that it’s done correctly and on time so what we indicate 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 result on people’s well-being and lots of other factors if people aren’t paid uh I’ve constantly been astonished entering into this Market type of the last 5 to 10 years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only discover when things go wrong. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s perceived externally too. For that reason, it is essential to guarantee that tasks like Wi-Fi International and other important matters are done properly. Using the very first Global Payments first payroll payment option is a terrific preliminary action towards offering an extensive payroll service for employees worldwide. Standardization, international processes, and lowering the number of tools, platforms, and checking account needed for international payroll are key factors in achieving business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things don’t go as planned. Eventually, we do not do it for the appreciation.
anyway we understand how how crucial 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 easy as possible for everybody that’s associated with those processes and likewise so think of sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and actually see what was going on and sort of shot to get back to everyone so proceeding look why do companies select to main separate bank accounts there are Entering Pension Scheme In To Papaya Global organizations out there doing exactly this for particular countries and I’ve operated in a business or numerous businesses doing precisely that I can say it doesn’t always feel effective and it does develop more work I know we’re not purposely doing that we’re not creating extra work for anybody where we do not need to and anyone that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the standard I believe people have got so used to we require a new bank account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I think this is a process that requires looking at it requires altering however ultimately individuals are very stuck with what they recognize
with ideal um modification is a difficult thing all of us do not like change um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having keeping several savings account but there’s a huge quantity of complexity opts for establishing a bank account maintaining it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual people so the intricacy is big but I think the honest answer is change um individuals have not been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might almost be determined to be the next Century approximately there is a lot to keep an eye on and this technique does posture numerous challenges um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I just recently made a change to our Business 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 gained another CFO, and with this improved capability, I have effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Entering Pension Scheme In To Papaya Global