Over the last five or 6 years …Papaya Global Payroll Labor Distribution Split Departments… roles on the service provider side and likewise on the vendor side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely bleak and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we’ll likewise review a recap and that must leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more common and handling them ends up being increasingly more intricate International organizations are aiming to discover Solutions and brand-new ways to improve processes especially from a payroll and cross-border payment standpoint numerous companies keep different checking account just for payroll while some have numerous accounts in various countries does it make sense for business to preserve different checking account sometimes in different nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies streamline the episode complex processes of
Making sure precise, efficient, and timely payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, discover how companies forecast payroll costs to optimize working capital, and discover how streamlining worldwide payroll payments can transform them from a challenging job into a strategic property.
Managing payroll globally is an overwhelming job due to various regulations, compliance requirements, data security concerns, and banking rules. The sheer number of workers and companies adds to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically lead to manual processes, data silos, and a lack of integration, causing inconsistencies and inadequacies. In spite of living in a period of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to offer insights and options to streamline and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more an organization spends on global payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the transaction almost half of worldwide businesses have actually expressed that they do not 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 poor HCM information information entry errors inadequately interacted hires and terminations along with lack management and system setups and then when you round all of it off and the information is delivered to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they depend on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s a good concern I constantly toss this back and state what is it what does not require to be consisted of right and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 customer’s own in-country account so there’s complexity anywhere you look right ultimately building a knowledge base is absolutely crucial but all over you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in 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 as well to add to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely imperative that payroll and finance groups work more detailed together than ever um I’m constantly surprised when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation 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 people any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern world positions a high value on wellness and the compensation landscape is becoming significantly detailed. Organizations are continuously presenting new advantages and payment alternatives, which adds to the overall complexity. Large corporations frequently divide their payroll and payment processing into different groups, which can result in ineffectiveness and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s highly sophisticated era, there’s no reason for keeping troublesome procedures. Payroll, the company’s greatest expenditure, must be processed properly and on time. Even slight hold-ups can negatively affect staff members’ well-being and have significant repercussions. For that reason, it’s critical to prioritize accurate and prompt payments.
payroll team get um so I’m not sure anybody on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise 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 definitely crucial that all of this things is done correctly so leveraging the very first International Payments very first payroll payment solution is an excellent initial step um providing an end-to-end payroll solution for your staff members worldwide once again I think is another big um process once again lining up and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of companies and lowering the variety of tools platforms and bank accounts they require for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we know how how crucial a role 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 everyone that’s associated with those processes and also so envision sorry I’m simply I was just gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task trying to clean all those up for sure oh definitely 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 look through them and really see what was going on and type of try to get back to everyone so moving on look why do business select to main separate bank accounts there are Papaya Global Payroll Labor Distribution Split Departments organizations out there doing precisely this for particular countries and I’ve operated in a service or lots of businesses doing precisely that I can say it does not always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we do not need to and anyone that’s managing that process 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 lots of reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new checking account we open an entity and rightly 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 just been the standard and the standard individuals have embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I believe this is a procedure that needs looking at it requires changing but eventually people are extremely stuck to what they’re familiar
with best um change is a tough thing we all don’t like change um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having keeping multiple bank accounts however there’s a substantial quantity of complexity chooses setting up a checking account keeping it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is big but I believe the sincere response is modification um individuals haven’t been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to change however we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be figured out to be the next Century or so there is a lot to keep an eye on and this method does position several challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so
I simply did you changed 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 Worldwide workers you are worthy of a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Labor Distribution Split Departments