Over the last 5 or 6 years …Papaya Global Business Cloud Professional… functions on the supplier side and also on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather 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 everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely dreary and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a tactical possession uh we’ll also review a wrap-up and that needs to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of common and managing them ends up being a growing number of complex International companies are seeking to find Solutions and new ways to enhance procedures especially from a payroll and cross-border payment perspective lots of companies keep different checking account just for payroll while some have multiple accounts in different countries does it make good sense for companies to keep separate bank accounts often in various nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies streamline the episode complex procedures of
Guaranteeing accurate, effective, and prompt payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, find out how business anticipate payroll expenses to optimize working capital, and find how improving worldwide payroll payments can change them from a challenging task into a tactical property.
Handling payroll worldwide is a difficult job due to various regulations, compliance requirements, information security concerns, and banking guidelines. The large variety of staff members and services contributes to the complexity, with an approximated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently lead to manual processes, information silos, and a lack of integration, resulting in disparities and inadequacies. In spite of living in an era of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to provide insights and services to simplify and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company invests in worldwide payroll the less of an image they see a lack of presence likewise reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal almost half of worldwide companies have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes improperly interacted hires and terminations as well as lack management and system setups and after that when you round it all off and the data is shipped to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they depend on the necessary multiple 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 difficulties business face when they’re making payments to staff members or otherwise that’s a good concern I constantly toss this back and say what is it what does not require to be included best and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 intricacy anywhere you look ideal ultimately constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like incredibly payments no if however some children 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 think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to type of progress with that it likewise also to add to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing groups work closer together than ever um I’m always surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anybody 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high worth on well-being and the settlement landscape is becoming progressively intricate. Services are continually introducing new advantages and payment options, which adds to the total intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my opinion, this does not need to be the case. In today’s highly advanced age, there’s no reason for maintaining cumbersome procedures. Payroll, the business’s most significant expenditure, must be processed properly and on time. Even slight hold-ups can adversely affect workers’ wellness and have far-reaching repercussions. For that reason, it’s vital to prioritize accurate and timely payments.
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only notice when things go wrong. However, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally also. For that reason, it is vital to ensure that jobs like Wi-Fi Global and other crucial matters are done correctly. Using the first Global Payments very first payroll payment option is an excellent preliminary step towards supplying a detailed payroll service for employees worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and savings account essential for international payroll are key factors in accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things do not go as planned. Eventually, we do not do it for the gratitude.
anyhow we understand how how essential a role 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 involved in those procedures and also so envision sorry I’m just I was simply gon na state envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job trying to clean all those up for sure oh absolutely 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 look through them and really see what was going on and kind of shot to return to everyone so carrying on look why do companies pick to main separate bank accounts there are Papaya Global Business Cloud Professional services out there doing precisely this for particular nations and I have actually operated in a business or numerous organizations doing exactly that I can say it does not always feel effective and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for anybody where we don’t need to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement I think people have actually got so used to we need a brand-new bank account we open an entity and rightly so you require 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 standard and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I believe this is a process that needs taking a look at it needs changing however ultimately individuals are extremely stuck with what they’re familiar
with ideal um change is a hard thing all of us do not like change um so I think it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having keeping multiple bank accounts however there’s a substantial quantity of intricacy opts for establishing a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is substantial but I believe the sincere response is change um people have not been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century approximately there is a lot to keep an eye on and this approach does position several difficulties um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I just did you switched 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 Global employees you are worthy of a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Business Cloud Professional