Over the last five or 6 years …Papaya Global In The Cloud… functions on the provider side and likewise on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort 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 sunshine is it it’s not no it’s it’s drizzling here it’s really extremely bleak and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya International payroll payments as a tactical property uh we’ll also review a recap which must leave his time at the really very 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 Global workforces end up being a growing number of typical and handling them becomes more and more complicated Worldwide organizations are aiming to discover Solutions and new methods to improve procedures especially from a payroll and cross-border payment viewpoint numerous companies keep separate checking account just for payroll while some have numerous accounts in different nations does it make sense for companies to keep separate bank accounts in some cases in various countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international business enhance the episode complex processes of
Making sure accurate, effective, and timely payroll payments is a complex obstacle for organizations operating internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, discover how business forecast payroll costs to enhance working capital, and find how streamlining international payroll payments can change them from a burdensome task into a strategic asset.
Managing payroll internationally is a daunting job due to different policies, compliance requirements, data security issues, and banking rules. The large variety of staff members and companies adds to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently result in manual procedures, data silos, and an absence of combination, leading to inconsistencies and inadequacies. In spite of residing in an era of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to provide insights and options to streamline and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more an organization spends on global payroll the less of a picture they see a lack of exposure likewise extends to payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of international organizations have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors improperly communicated hires and terminations as well as lack management and system setups and after that when you round everything off and the information is shipped to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they rely on the essential several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s an excellent question I constantly throw this back and state what is it what does not require to be included right and what does
it need to be thought about there’s varying 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 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 intricacy anywhere you look right eventually constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to type of move forward with that it also also to add to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely necessary that payroll and financing teams work better together than ever um I’m always amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on wellness and the payment landscape is becoming increasingly complex. Organizations are constantly presenting brand-new advantages and payment choices, which adds to the overall intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can lead to inefficiencies and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s technically advanced period, there’s no reason for maintaining troublesome procedures. Payroll, the business’s greatest expense, should be processed properly and on time. Even slight delays can negatively impact staff members’ well-being and have far-reaching consequences. Therefore, it’s crucial to focus on precise and timely payments.
payroll team get um so I’m uncertain anybody on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle we all become aware of it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done properly so leveraging the first Global Payments first payroll payment solution is a great primary step um supplying an end-to-end payroll service for your workers globally again I think is another big um procedure once again lining up and ensuring you have standardization Global procedures all of those things are definitely essential to success success of companies and reducing the variety of tools platforms and checking account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
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 simple as possible for everyone that’s associated with those procedures and also so imagine sorry I’m just I was simply gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job attempting to clean up 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 attempt to check out them and in fact see what was going on and sort of shot to get back to everybody so proceeding appearance why do business select to main different bank accounts there are Papaya Global In The Cloud organizations out there doing exactly this for particular nations and I have actually operated in a company or numerous businesses doing precisely that I can say it does not constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we don’t need to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the requirement I think people have actually 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 think it’s simply been the requirement and the standard individuals have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I think this is a procedure that needs taking a look at it requires changing however ultimately people are extremely stuck to what they recognize
with ideal um modification is a tough thing all of us don’t like modification um so I believe it’s just type of moving away from the standard 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 checking account however there’s a big amount of complexity opts for establishing a bank account preserving it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is big but I believe the sincere answer is modification um people have not been able to change or have not had always the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be figured out to be the next Century approximately there is a lot to track and this method does present numerous difficulties um so Johnny might you inform us about those challenges yeah obviously 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you deserve a corner office with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global In The Cloud