Over the last 5 or 6 years …Papaya Global How To Issue P46… roles on the company side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very bleak and I want I was elsewhere at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll also discuss a recap 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 transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of typical and handling them becomes a growing number of intricate Worldwide companies are wanting to find Solutions and brand-new ways to streamline procedures especially from a payroll and cross-border payment standpoint many organizations preserve separate savings account just for payroll while some have multiple accounts in various nations does it make good sense for business to keep separate bank accounts sometimes in various countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business enhance the episode complex procedures of
Making sure precise, efficient, and prompt payroll payments is a complex challenge for services operating internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, discover how business forecast payroll expenses to enhance working capital, and discover how simplifying global payroll payments can transform them from a burdensome job into a tactical possession.
Handling payroll globally is a difficult task due to numerous policies, compliance requirements, information security issues, and banking rules. The sheer variety of employees and businesses contributes to the complexity, with an approximated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems typically lead to manual processes, information silos, and an absence of integration, causing disparities and ineffectiveness. Regardless of living in an era of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to offer 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 only 11 of businesses state they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more a company invests in worldwide payroll the less of an image they see an absence of exposure also encompasses payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international companies have actually revealed that they do not 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 data information entry errors improperly interacted hires and terminations along with lack management and system configurations and then when you round it all off and the information is delivered to the wrong location the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they rely on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re making payments to workers or otherwise that’s a good question I always toss this back and state what is it what does not need to be included best and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 customer’s own in-country account so there’s complexity wherever you look right ultimately building a knowledge base is definitely vital but all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a 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 absolutely fundamental and technology is allowing us to sort of progress with that it likewise too to add to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and finance groups work better together than ever um I’m constantly astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on wellness and the compensation landscape is becoming progressively detailed. Companies are continually presenting brand-new advantages and payment options, which adds to the overall complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can result in inadequacies and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s technologically advanced age, there’s no validation for preserving troublesome treatments. Payroll, the company’s most significant cost, must be processed correctly and on time. Even minor delays can negatively affect staff members’ well-being and have significant consequences. For that reason, it’s vital to focus on accurate and prompt payments.
The payroll team might not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only observe when things go wrong. However, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally also. Therefore, it is essential to ensure that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the first International Payments first payroll payment solution is a great preliminary step towards providing an extensive payroll service for workers worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and bank accounts essential for worldwide payroll are key factors in achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things don’t go as prepared. Ultimately, we do not do it for the appreciation.
anyhow 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 procedures and also so picture sorry I’m simply I was just 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 make sure we’re discussing numerous thousands potentially Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task trying to clean all those up for sure oh absolutely 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 try to browse them and really see what was going on and sort of try to get back to everybody so moving on appearance why do business pick to primary different bank accounts there are Papaya Global How To Issue P46 businesses out there doing exactly this for particular nations and I’ve worked in a service or numerous services doing precisely that I can state it doesn’t always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for any person where we do not need to and anyone that’s handling that procedure 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 requirement I believe individuals have got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I think this is a procedure that requires looking at it requires altering but ultimately individuals are extremely stuck with what they recognize
with best um change is a tough thing all of us don’t like change um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having preserving numerous bank accounts but there’s a huge amount of complexity opts for setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private individuals so the intricacy is big however I think the truthful answer is change um people haven’t been able to alter or haven’t had always the understanding to really make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century or two 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 naturally so there’s a variety right there is so
I just did you changed 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 Worldwide staff members you deserve a corner workplace with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global How To Issue P46