Over the last 5 or six years …Papaya Global Gross Pay Report… roles on the company side and also on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely really gloomy and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why business keep separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll likewise go over a wrap-up and that ought 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 transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of typical and handling them ends up being more and more complex Global organizations are wanting to discover Solutions and new methods to improve procedures particularly from a payroll and cross-border payment standpoint lots of companies keep separate bank account just for payroll while some have several accounts in different nations does it make good sense for business to keep different savings account in some cases in different countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies improve the episode complex processes of
Making sure precise, efficient, and prompt payroll payments is a complex difficulty for organizations running worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, find out how business anticipate payroll expenses to enhance working capital, and find how streamlining global payroll payments can change them from a burdensome job into a strategic possession.
Handling payroll globally is a difficult job due to various policies, compliance requirements, information security issues, and banking guidelines. The sheer number of workers and organizations contributes to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically lead to manual procedures, information silos, and an absence of integration, resulting in inconsistencies and ineffectiveness. Regardless of living in a period of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to provide insights and services to streamline and enhance international payroll payments.
about it to offer you an idea 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 offers me sleepless nights and rather frankly the more a service invests in worldwide payroll the less of a photo they see a lack of visibility likewise reaches payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of global services have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors inadequately communicated hires and terminations as well as lack management and system setups and then when you round everything off and the information is shipped to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they count on the needed multiple procedures 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 challenges service face when they’re making payments to workers or otherwise that’s a great question I always toss this back and state what is it what doesn’t require to be consisted of ideal and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 customer’s own in-country account so there’s complexity any place you look ideal ultimately building a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 basic and innovation is permitting us to sort of move on with that it likewise as well to add to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and finance teams work closer together than ever um I’m always impressed when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry 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 people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world positions a high worth on well-being and the compensation landscape is becoming progressively intricate. Companies are continually presenting new benefits and payment options, which adds to the overall intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can result in inadequacies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s highly advanced era, there’s no justification for keeping cumbersome procedures. Payroll, the business’s biggest expenditure, need to be processed correctly and on time. Even small delays can adversely affect staff members’ wellness and have far-reaching repercussions. For that reason, it’s important to prioritize accurate and prompt payments.
payroll team get um so I’m unsure anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment solution is a great primary step um providing an end-to-end payroll solution for your workers worldwide once again I believe is another substantial um process once again aligning and ensuring you have standardization Global processes all of those things are absolutely key to success success of services and reducing the number of tools platforms and savings account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I do not believe any of us are really doing that for for the thanks
anyway we know how how essential 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 simple as possible for everybody that’s associated with those processes and likewise so imagine sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t think of 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 type of try to get back to everyone so moving on look why do business pick to main different savings account there are Papaya Global Gross Pay Report businesses out there doing exactly this for particular nations and I have actually operated in a service or many businesses doing precisely that I can say it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we do not have to and any person that’s handling 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 quantity that we are I believe numerous reasons one is it’s the requirement I think individuals have actually got so used to we need a brand-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 passed by to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I think this is a procedure that needs looking at it requires changing but ultimately people are really stuck to what they recognize
with ideal um modification is a tough thing we all do not like change um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having preserving numerous savings account however there’s a big quantity of intricacy goes with setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for individual individuals so the intricacy is huge however I believe the sincere answer is modification um individuals have not had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or two there is a lot to keep track of and this technique does posture numerous difficulties um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you should have a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Gross Pay Report