Over the last 5 or six years …Papaya Global E Submissions Update… functions on the provider side and likewise on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very really gloomy and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll likewise review a wrap-up and that should leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and managing them becomes increasingly more complicated Global organizations are looking to find Solutions and new ways to streamline processes particularly from a payroll and cross-border payment perspective lots of companies keep separate savings account just for payroll while some have multiple accounts in different countries does it make good sense for business to keep separate bank accounts sometimes in different nations it does however just for payroll is there 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 accurate, efficient, and timely payroll payments is a complex difficulty for businesses running globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how business forecast payroll expenses to optimize working capital, and find how improving international payroll payments can transform them from a difficult task into a tactical possession.
Handling payroll globally is a complicated job due to various guidelines, compliance requirements, information security issues, and banking rules. The sheer variety of staff members and services contributes to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems often lead to manual processes, data silos, and a lack of integration, leading to disparities and inadequacies. In spite of living in a period of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to offer insights and solutions 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 just 11 of organizations say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization spends on global payroll the less of a photo they see a lack of visibility also extends to payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide organizations 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 mistakes are because of time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the information is shipped to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they depend on the essential numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s a good concern I always toss this back and say what is it what doesn’t need to be included best and what does
it require to be thought about 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 capabilities 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 client’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 incredibly payments no if but 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 definitely essential and innovation is permitting us to sort of progress with that it also too to add to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and financing groups work better together than ever um I’m always astonished when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The modern world positions a high value on well-being and the compensation landscape is becoming progressively complex. Services are continually presenting brand-new benefits and payment options, which contributes to the overall complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can result in ineffectiveness and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s technically advanced era, there’s no validation for preserving troublesome procedures. Payroll, the business’s most significant expense, must be processed properly and on time. Even small hold-ups can negatively impact staff members’ wellness and have significant effects. Therefore, it’s critical to prioritize accurate and prompt payments.
The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals just see when things fail. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally as well. For that reason, it is necessary to guarantee that tasks like Wi-Fi International and other vital matters are done correctly. Using the very first Global Payments first payroll payment solution is a terrific initial step towards supplying a thorough payroll solution for staff members worldwide. Standardization, global processes, and reducing the variety of tools, platforms, and savings account required for global payroll are essential factors in accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
anyhow we know 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 everybody that’s involved in those procedures and likewise so imagine sorry I’m just I was simply 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 make certain we’re speaking about numerous thousands possibly Millions envision getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task attempting to clean all those up for sure oh absolutely 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 in fact see what was going on and kind of try to return to everyone so moving on appearance why do companies choose to primary separate checking account there are Papaya Global E Submissions Update businesses out there doing precisely this for specific nations and I’ve operated in a service or lots of services doing exactly that I can state it does not always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for any person where we don’t have to and anyone 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 quantity that we are I think lots of reasons one is it’s the requirement I believe individuals have actually got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll purposes but 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 embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of 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 altering however eventually people are very stuck to what they’re familiar
with ideal um change is a challenging thing all of us don’t like modification um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having keeping numerous bank accounts however there’s a big quantity of complexity goes with setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the complexity is huge but I believe the honest answer is modification um people have not had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to change however we’ve 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 know what could almost be identified to be the next Century approximately there is a lot to keep track of and this approach does pose numerous challenges um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so
I simply 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 should have a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global E Submissions Update