Over the last 5 or six years …Papaya Global Leaver… roles on the service provider side and also on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly 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 drizzling here it’s very very uninspiring and I wish I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business keep different
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 strategic asset uh we’ll likewise go over a recap which needs to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of common and managing them becomes more and more complex Global organizations are seeking to discover Solutions and brand-new ways to streamline procedures particularly from a payroll and cross-border payment standpoint numerous organizations maintain separate checking account just for payroll while some have numerous accounts in various nations does it make good sense for companies to preserve different checking account often in different countries it does but just for payroll is there a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies improve the episode complex procedures of
Ensuring accurate, efficient, and timely payroll payments is a complex difficulty for organizations operating internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, find out how companies anticipate payroll expenses to enhance working capital, and find how simplifying international payroll payments can change them from a difficult task into a strategic property.
Managing payroll globally is a complicated task due to numerous guidelines, compliance requirements, information security issues, and banking rules. The large number of staff members and services contributes to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Conventional payroll systems typically lead to manual procedures, information silos, and a lack of combination, resulting in disparities and inadequacies. In spite of residing in an era of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to provide insights and options 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 businesses say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization spends on global payroll the less of a picture they see an absence of visibility also extends to payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of global businesses have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors improperly communicated hires and terminations in addition to lack management and system setups and then when you round it all off and the data is shipped to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they rely on the required multiple 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 difficulties organization face when they’re paying to employees or otherwise that’s a great concern I constantly toss this back and say what is it what does not require to be consisted of best and what does
it need to be considered 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 consumer’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is absolutely vital however everywhere you look with payroll payment they are like extremely payments no if but some children 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 believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is permitting us to sort of move forward with that it also as well to add to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely important that payroll and financing groups work more detailed together than ever um I’m always amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry 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 people any place they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on wellness and the payment landscape is becoming increasingly detailed. Companies are constantly introducing new benefits and payment choices, which adds to the general intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can cause ineffectiveness and traffic jams. In my viewpoint, this does not need to hold true. In today’s technologically sophisticated period, there’s no reason for maintaining cumbersome treatments. Payroll, the business’s greatest expenditure, need to be processed correctly and on time. Even slight delays can negatively affect employees’ well-being and have significant repercussions. Therefore, it’s important to focus on accurate and timely payments.
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only see when things fail. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally as well. For that reason, it is necessary to make sure that jobs like Wi-Fi Global and other crucial matters are done correctly. Using the first International Payments very first payroll payment service is an excellent preliminary action towards providing a comprehensive payroll service for staff members worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and savings account necessary for global payroll are crucial factors in achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things do not go as planned. Eventually, we don’t do it for the gratitude.
anyhow we know how how important a function 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 everyone that’s involved in those processes and likewise so imagine sorry I’m just I was just gon na say think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and actually see what was going on and type of shot to get back to everybody so proceeding look why do business choose to main separate checking account there are Papaya Global Leaver organizations out there doing precisely this for particular countries and I’ve operated in a company or many organizations doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we don’t have to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the requirement I think people have actually got so used to we require a new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a range I believe this is a process that needs looking at it needs altering but ultimately individuals are very stuck with what they’re familiar
with ideal um change is a hard thing all of us do not like change um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having maintaining multiple bank accounts however there’s a huge amount of intricacy goes with setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the intricacy is big but I believe the sincere answer is change um individuals haven’t been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to keep track of and this method does pose a number of difficulties um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Leaver