Over the last 5 or 6 years …Papaya Global Re Running Year End… functions on the company side and likewise on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting 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 comes from and I really 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 raining here it’s extremely very gloomy and I wish I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies maintain separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic possession uh we’ll likewise discuss a recap and that needs to leave his time at the extremely extremely 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 labor forces become more and more common and managing them becomes a growing number of complicated Worldwide companies are wanting to discover Solutions and new methods to improve procedures particularly from a payroll and cross-border payment standpoint lots of companies maintain separate bank account just for payroll while some have numerous accounts in different countries does it make good sense for companies to preserve separate bank accounts in some cases in different nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business improve the episode complex processes of
Guaranteeing precise, efficient, and prompt payroll payments is a complex difficulty for organizations running worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, learn how business anticipate payroll expenses to enhance working capital, and discover how streamlining international payroll payments can transform them from a burdensome job into a tactical property.
Handling payroll globally is a challenging job due to numerous guidelines, compliance requirements, data security concerns, and banking rules. The large number of staff members and services contributes to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems frequently lead to manual processes, data silos, and a lack of integration, causing inconsistencies and inefficiencies. In spite of living in an age of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to provide insights and solutions to streamline and enhance worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a business invests in global payroll the less of a picture they see a lack of presence also encompasses payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of worldwide companies have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes badly interacted hires and terminations along with lack management and system setups and then when you round it all off and the data is shipped to the wrong location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they depend on the necessary several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t need to be included ideal and what does
it require to be considered there’s varying Bank details 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 client’s own in-country account so there’s complexity wherever you look ideal ultimately constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to type of progress with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely imperative that payroll and finance groups work more detailed together than ever um I’m always astonished when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on wellness and the payment landscape is becoming increasingly elaborate. Businesses are continuously introducing new advantages and payment options, which adds to the total intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can cause inefficiencies and bottlenecks. In my viewpoint, this does not have to hold true. In today’s technically advanced age, there’s no justification for maintaining cumbersome procedures. Payroll, the business’s most significant expenditure, must be processed correctly and on time. Even minor hold-ups can adversely affect staff members’ wellness and have far-reaching consequences. Therefore, it’s critical to prioritize accurate and prompt payments.
payroll group get um so I’m not sure anyone on this kind of webinar has actually been told 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 staff members or not um however ultimately payroll is such an essential cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done properly so leveraging the first International Payments first payroll payment service is a terrific first step um supplying an end-to-end payroll option for your staff members internationally once again I think is another huge um procedure once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of services and lowering the variety of tools platforms and bank accounts they need for their Global 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 have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I do not think any of us are actually doing that for for the thanks
anyway we know how how crucial 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 picture sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job trying to clean up 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 check out them and actually see what was going on and sort of try to return to everybody so moving on appearance why do business pick to primary different bank accounts there are Papaya Global Re Running Year End businesses out there doing exactly this for specific countries and I’ve worked in an organization or lots of businesses doing exactly that I can state it doesn’t constantly 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 dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I think people have actually got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that requires looking at it requires changing however eventually individuals are very stuck to what they recognize
with ideal um modification is a challenging thing we all don’t like modification um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having keeping several bank accounts however there’s a huge quantity of complexity opts for establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific people so the complexity is substantial but I think the honest response is modification um people have not had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be figured out to be the next Century or so there is a lot to keep track of and this approach does pose several difficulties um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I simply did you switched 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 staff members you deserve a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Re Running Year End