Over the last 5 or six years …Papaya Global Pause Payroll… functions on the provider side and likewise on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind 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 everybody comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really gloomy and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we’ll also discuss a recap which ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more typical and handling them becomes increasingly more complex Worldwide companies are aiming to find Solutions and new methods to streamline procedures specifically from a payroll and cross-border payment standpoint many organizations maintain different bank account just for payroll while some have numerous accounts in various nations does it make good sense for business to keep separate bank accounts sometimes in various nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business simplify the episode complex procedures of
Ensuring accurate, effective, and timely payroll payments is a complex obstacle for businesses operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, find out how business anticipate payroll costs to optimize working capital, and find how improving worldwide payroll payments can change them from a challenging job into a strategic possession.
Handling payroll worldwide is an overwhelming job due to various guidelines, compliance requirements, information security issues, and banking guidelines. The large number of workers and organizations contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently lead to manual procedures, data silos, and an absence of combination, resulting in disparities and ineffectiveness. In spite of residing in an age of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to supply insights and options to simplify and enhance global payroll payments.
about it to give you an idea 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 frankly the more a company spends on global payroll the less of a photo they see an absence of visibility also encompasses payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide organizations have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes badly communicated hires and terminations in addition to lack management and system configurations and then when you round it all off and the information is shipped to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they count on the needed numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re paying to staff members or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t require to be included best and what does
it need to be thought of there’s varying Bank information 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 have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity anywhere you look right ultimately building a knowledge base is definitely critical but all over you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 essential and innovation is permitting us to kind of move forward with that it also also to add to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely essential that payroll and finance teams work better together than ever um I’m always astonished when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession 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 often 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 3rd parties so with the
The modern-day world puts a high worth on well-being and the payment landscape is becoming significantly complex. Businesses are continuously introducing brand-new benefits and payment alternatives, which contributes to the overall intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s technologically innovative era, there’s no reason for preserving cumbersome procedures. Payroll, the business’s greatest expense, need to be processed correctly and on time. Even slight hold-ups can adversely affect workers’ well-being and have significant consequences. Therefore, it’s vital to focus on accurate and timely payments.
payroll team get um so I’m unsure anyone on this kind of webinar has actually been informed thank you for processing my payroll properly 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 everyone jumps up and down when it fails but when it goes right it’s just 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 things is absolutely vital that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment service is an excellent first step um offering an end-to-end payroll solution for your employees worldwide once again I think is another big um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of organizations and decreasing the variety of tools platforms and bank accounts they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred thousand of 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 haven’t gone rather where they’re indicated to be um I don’t think any of us are really 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 also so think of sorry I’m just I was just gon na say picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions picture getting that many thank you notes 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 all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and actually see what was going on and type of shot to return to everybody so proceeding appearance why do business choose to main different checking account there are Papaya Global Pause Payroll businesses out there doing precisely this for specific countries and I have actually operated in a business or numerous organizations doing precisely that I can state it doesn’t always feel effective and it does create more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we don’t need to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I think individuals have actually got so used to we require a new checking account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I think this is a process that needs taking a look at it needs altering however ultimately individuals are extremely stuck to what they’re familiar
with best um modification is a hard thing all of us 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 clearly the benefits of having preserving multiple savings account however there’s a big amount of complexity opts for setting up a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for private people so the intricacy is substantial but I think the honest answer is modification um people haven’t been able to alter or have not had always the understanding to really make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what could almost be identified to be the next Century or so there is a lot to monitor and this approach does position numerous obstacles um so Johnny could you tell us about those difficulties yeah of course 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Pause Payroll