Over the last five or six years …Papaya Global One Uk… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already simply 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 remains 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 extremely very bleak and I wish I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies keep separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll also review a wrap-up and that should leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and handling them becomes more and more intricate Global companies are wanting to discover Solutions and brand-new methods to streamline processes especially from a payroll and cross-border payment standpoint many organizations maintain different savings account just for payroll while some have multiple accounts in various countries does it make sense for companies to preserve separate checking account often in various nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting international companies streamline the episode complex procedures of
Ensuring accurate, effective, and timely payroll payments is a complex obstacle for services running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to enhance working capital, and discover how streamlining international payroll payments can transform them from a difficult task into a strategic possession.
Handling payroll worldwide is a difficult job due to numerous regulations, compliance requirements, data security issues, and banking guidelines. The large variety of workers and companies contributes to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently result in manual procedures, information silos, and a lack of integration, resulting in disparities and inadequacies. In spite of residing in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to supply insights and solutions to simplify and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in global payroll the less of a photo they see an absence of exposure also reaches payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international services have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes poorly interacted hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the information is shipped to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they count on the required several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges business face when they’re paying to employees or otherwise that’s a great question I always throw this back and say what is it what doesn’t need to be consisted of right and what does
it need to be considered there’s differing Bank details 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal ultimately developing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to kind of move on with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Savings account Details 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 individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate 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 often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on well-being and the compensation landscape is ending up being increasingly intricate. Companies are continuously introducing new advantages and payment alternatives, which contributes to the general complexity. Big corporations frequently divide their payroll and payment processing into different teams, which can lead to ineffectiveness and traffic jams. In my viewpoint, this does not need to be the case. In today’s technologically sophisticated period, there’s no validation for preserving troublesome treatments. Payroll, the business’s biggest expenditure, should be processed properly and on time. Even slight hold-ups can negatively impact workers’ wellness and have significant repercussions. For that reason, it’s critical to focus on accurate and prompt payments.
payroll group get um so I’m not sure anyone on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely essential that all of this things is done correctly so leveraging the first International Payments very first payroll payment solution is a great initial step um supplying an end-to-end payroll service for your employees worldwide once again I think is another substantial um procedure once again aligning and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of services and decreasing the number of tools platforms and checking account they require for their Global 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 have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how essential 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 easy as possible for everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was just gon na say envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and actually see what was going on and sort of shot to return to everybody so carrying on appearance why do business select to main separate savings account there are Papaya Global One Uk organizations out there doing exactly this for particular nations and I have actually worked in a service or lots of services doing exactly that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we don’t need to and anyone 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 think many reasons one is it’s the requirement I think people have actually got so utilized to we require a new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I think this is a process that requires looking at it needs changing but eventually individuals are really stuck with what they’re familiar
with best um change is a hard thing we all do not like modification um so I believe it’s just 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 obviously the advantages of having maintaining several bank accounts however there’s a big amount of intricacy opts for establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific individuals so the complexity is substantial however I think the honest response is change um people haven’t been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might practically be figured out to be the next Century or so there is a lot to keep track of and this approach does posture a number of difficulties um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just did you switched our Business 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 workers you deserve a corner workplace with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global One Uk