Over the last 5 or six years …Papaya Global Scale Venture Partners… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it remains 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 really dreary and I wish I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we’ll also go over a recap and that ought to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more typical and handling them becomes a growing number of complex Global organizations are looking to discover Solutions and new methods to simplify processes specifically from a payroll and cross-border payment viewpoint lots of companies keep different savings account just for payroll while some have multiple accounts in different countries does it make good sense for companies to keep different savings account sometimes in various nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping international companies enhance the episode complex processes of
Ensuring precise, efficient, and prompt payroll payments is a complex difficulty for businesses operating internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to enhance working capital, and find how enhancing worldwide payroll payments can transform them from a difficult task into a strategic asset.
Handling payroll worldwide is an overwhelming task due to different policies, compliance requirements, information security issues, and banking rules. The large number of workers and companies contributes to the complexity, with an estimated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically lead to manual processes, information silos, and an absence of integration, resulting in disparities and inadequacies. In spite of residing in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to supply insights and solutions to simplify and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more an organization invests in international payroll the less of a photo they see an absence of visibility also extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of worldwide businesses have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors inadequately communicated hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is shipped to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they count on the needed several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s a good concern I constantly toss this back and say what is it what does not require to be consisted of ideal and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal ultimately developing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to type of move on with that it likewise too to add to that payroll and finance need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely essential that payroll and financing groups work better together than ever um I’m constantly amazed when people say 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 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 any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world places a high value on wellness and the compensation landscape is becoming progressively complex. Organizations are continuously presenting new benefits and payment choices, which contributes to the general complexity. Large corporations often divide their payroll and payment processing into separate groups, which can lead to inadequacies and traffic jams. In my viewpoint, this does not have to hold true. In today’s highly innovative age, there’s no reason for keeping cumbersome procedures. Payroll, the company’s greatest expense, should be processed properly and on time. Even slight delays can adversely impact workers’ well-being and have significant effects. For that reason, it’s important to prioritize accurate and prompt payments.
payroll team get um so I’m not exactly sure anybody on this kind of webinar has actually 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 all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think 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 essential that all of this things is done properly so leveraging the first Global Payments first payroll payment service is a great initial step um offering an end-to-end payroll solution for your staff members internationally once again I think is another big um procedure again aligning and ensuring you have standardization Global processes all of those things are definitely key to success success of services and minimizing the variety of tools platforms and savings account they need for their International 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 countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
anyway we understand 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 also so think of sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and in fact see what was going on and sort of shot to return to everybody so proceeding appearance why do business pick to main separate savings account there are Papaya Global Scale Venture Partners businesses out there doing precisely this for particular countries and I have actually worked in an organization or numerous services doing exactly that I can state it does not always feel effective and it does produce 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 managing 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 amount that we are I think many reasons one is it’s the standard I believe individuals have got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll functions however 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 adopted and continue to do over years and years passed by to add to that individuals have actually 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 think this is a process that needs looking at it needs altering but eventually people are very stuck with what they recognize
with ideal um change is a challenging thing all of us do not like change um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having maintaining multiple checking account but there’s a big amount of intricacy chooses setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is substantial however I think the truthful answer is modification um people haven’t had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to alter however we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be identified to be the next Century approximately there is a lot to monitor and this method does pose a number of obstacles um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Scale Venture Partners