Over the last 5 or six years …Papaya Global Timesheet Entry… functions on the supplier 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 everyone all right thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating 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 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 raining here it’s really really bleak and I want I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic property uh we’ll likewise review a recap and that needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and managing them ends up being a growing number of intricate Global companies are looking to discover Solutions and brand-new methods to improve processes especially from a payroll and cross-border payment standpoint lots of companies maintain different checking account just for payroll while some have multiple accounts in different nations does it make good sense for business to keep separate bank accounts sometimes in different nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies improve the episode complex procedures of
Making sure precise, effective, and timely payroll payments is a complex obstacle for companies operating internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, find out how business forecast payroll expenses to optimize working capital, and discover how enhancing international payroll payments can change them from a difficult task into a tactical possession.
Handling payroll globally is an overwhelming job due to numerous regulations, compliance requirements, data security concerns, and banking guidelines. The large variety of employees and organizations contributes to the complexity, with an estimated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems typically result in manual processes, data silos, and an absence of combination, leading to disparities and inadequacies. Regardless of residing in a period of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to offer insights and services to streamline and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization spends on global payroll the less of an image they see an absence of exposure likewise reaches payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of global businesses have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the information is shipped 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 cash all over the world payroll and payments do not run efficiently if they depend on the needed several processes 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 difficulties organization face when they’re making payments to staff members or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t need to be included best and what does
it need to be considered there’s varying Bank details 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 client’s own in-country account so there’s intricacy any place you look ideal ultimately building a knowledge base is absolutely critical however all over 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 recognition that payroll payments are definitely fundamental and technology is enabling us to sort of progress with that it also too to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and finance teams work more detailed together than ever um I’m always impressed when individuals state 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 occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often 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 anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high worth on wellness and the compensation landscape is ending up being significantly detailed. Businesses are continually presenting new benefits and payment options, which contributes to the general complexity. Big corporations often divide their payroll and payment processing into separate teams, which can lead to inefficiencies and traffic jams. In my opinion, this doesn’t need to hold true. In today’s highly advanced era, there’s no justification for maintaining cumbersome treatments. Payroll, the business’s greatest cost, need to be processed correctly and on time. Even small delays can adversely impact workers’ well-being and have far-reaching repercussions. For that reason, it’s crucial to prioritize precise and timely payments.
payroll group get um so I’m uncertain anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply 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 essential that all of this things is done properly so leveraging the very first Global Payments very first payroll payment service is a terrific initial step um supplying an end-to-end payroll solution for your workers worldwide again I think is another big um process once again aligning and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of organizations and reducing the number of tools platforms and checking account they require for their Worldwide 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 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 quite where they’re implied to be um I don’t believe any of us are actually 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 simple as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m simply I was simply gon na say imagine 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 hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task 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 check out them and in fact see what was going on and type of shot to return to everybody so carrying on look why do companies pick to main separate savings account there are Papaya Global Timesheet Entry organizations out there doing exactly this for particular nations and I’ve worked in an organization or lots of services doing precisely that I can say it does not constantly feel effective and it does create 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 anybody 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 quantity that we are I believe many factors one is it’s the requirement I believe individuals have got so used to we need a new checking account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs altering however ultimately people are really stuck with what they’re familiar
with ideal um change is a hard thing we all do not like modification um so I believe it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having maintaining multiple checking account however there’s a huge quantity of intricacy chooses setting up a checking account preserving it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the complexity is huge however I think the honest response is change um people haven’t had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change but we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be figured out to be the next Century or two there is a lot to keep track of and this approach does pose numerous challenges um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so
I simply 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 International employees you are worthy of a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Timesheet Entry