Over the last five or six years …Papaya Global Running Payroll… roles on the provider side and also on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind 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 sunshine is it it’s not no it’s it’s raining here it’s very very uninspiring and I want I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business keep different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we’ll likewise review a recap and that ought to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring 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 increasingly more intricate Global organizations are looking to find Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment perspective numerous companies keep different checking account just for payroll while some have numerous accounts in various nations does it make sense for companies to preserve separate savings account often in different nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies enhance the episode complex procedures of
Making sure precise, effective, and prompt payroll payments is a complex challenge for companies running worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, find out how companies forecast payroll expenses to enhance working capital, and discover how streamlining worldwide payroll payments can change them from a troublesome task into a tactical asset.
Handling payroll worldwide is a difficult job due to numerous regulations, compliance requirements, data security concerns, and banking guidelines. The large variety of staff members and companies adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems frequently result in manual processes, information silos, and an absence of combination, resulting in inconsistencies and inadequacies. Despite living in an era of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to offer insights and solutions to simplify and enhance worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that offers me sleepless nights and rather honestly the more a service spends on global payroll the less of a photo they see an absence of visibility also extends to payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal almost half of global services have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and after that when you round everything off and the data is delivered to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they depend on the required multiple processes 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 difficulties service face when they’re paying to employees or otherwise that’s a good question I always throw this back and state what is it what doesn’t require to be included ideal and what does
it require to be thought of there’s varying Bank information 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 customer’s own in-country account so there’s complexity wherever you look best eventually developing a knowledge base is definitely vital however everywhere you look with payroll payment they are like super payments no if however some children 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 believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to kind of move on with that it also also to contribute to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely essential that payroll and finance groups work better together than ever um I’m constantly astonished when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on well-being and the settlement landscape is becoming progressively elaborate. Services are constantly introducing brand-new advantages and payment alternatives, which contributes to the total complexity. Big corporations frequently divide their payroll and payment processing into different groups, which can result in ineffectiveness and traffic jams. In my viewpoint, this does not have to hold true. In today’s technologically sophisticated period, there’s no reason for keeping troublesome treatments. Payroll, the company’s biggest cost, need to be processed correctly and on time. Even slight hold-ups can negatively impact employees’ wellness and have far-reaching effects. For that reason, it’s important to focus on accurate and prompt payments.
payroll team get um so I’m not sure anybody on this sort of webinar has 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 employees or not um however ultimately payroll is such an important cycle we all find out about it when it goes wrong everybody jumps up and down when it fails however 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 likewise like why WI-Fi Global why all of this things is definitely crucial that all of this things is done properly so leveraging the first Global Payments first payroll payment option is a fantastic primary step um offering an end-to-end payroll option for your staff members internationally again I believe is another huge um process again aligning and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of businesses and reducing the number of tools platforms and bank accounts they need 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 had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how crucial a function it is and that’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 everybody that’s associated with those processes and likewise so picture sorry I’m simply I was just gon na say imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions picture getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task trying to clean all those up for sure oh absolutely I can’t imagine 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 really see what was going on and kind of shot to get back to everyone so proceeding look why do companies select to primary different bank accounts there are Papaya Global Running Payroll companies out there doing precisely this for specific nations and I’ve operated in a business or lots of services doing exactly that I can state it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for any person where we don’t have to and anybody that’s handling 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 quantity that we are I think many reasons one is it’s the standard I believe people have actually got so used to we need a new checking account we open an entity and rightly so you require 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 requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I think this is a process that requires looking at it needs changing however eventually individuals are extremely stuck with what they’re familiar
with right um change is a tough thing all of us do not like change um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having maintaining multiple bank accounts however there’s a big amount of intricacy goes with establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for individual people so the complexity is huge but I believe the sincere response is change um individuals haven’t been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to change but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might nearly be determined to be the next Century or so there is a lot to keep an eye on and this approach does position a number of challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so
I just did you changed our Enterprise 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 employees you should have a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Running Payroll