Over the last 5 or 6 years …Papaya Global Where To Go To Change Payroll Schedule… roles on the service provider side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone 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 sunlight is it it’s not no it’s it’s raining here it’s very extremely dreary and I want I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll also review a wrap-up and that needs to leave his time at the extremely very 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 managing them ends up being increasingly more complex International organizations are aiming to find Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment standpoint many organizations preserve different checking account just for payroll while some have multiple accounts in different countries does it make sense for business to maintain different checking account sometimes in different nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies improve the episode complex processes of
Making sure accurate, effective, and timely payroll payments is a complex difficulty for organizations running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, learn how business forecast payroll costs to optimize working capital, and find how enhancing worldwide payroll payments can change them from a challenging task into a strategic possession.
Managing payroll internationally is a daunting task due to various regulations, compliance requirements, information security issues, and banking rules. The large number of employees and organizations adds to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently result in manual procedures, data silos, and an absence of integration, leading to disparities and inadequacies. Despite living in an age of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to offer insights and services to simplify and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a service spends on global payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide services have actually expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors poorly interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is delivered to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they rely on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s a great concern I always toss this back and say what is it what does not need to be consisted of best and what does
it require to be thought about there’s varying Bank information 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 consumer’s own in-country account so there’s intricacy anywhere you look right ultimately developing a knowledge base is definitely vital however everywhere you look with payroll payment they are like super 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 believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is allowing us to kind of move forward with that it also too to add to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely important that payroll and financing teams work more detailed together than ever um I’m always amazed 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 work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry 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 people wherever they are however also paying statutory authorities and on statutory third parties so with the
The modern world places a high value on well-being and the settlement landscape is ending up being increasingly complex. Services are continuously presenting new advantages and payment options, which contributes to the overall intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can cause inefficiencies and bottlenecks. In my opinion, this does not have to hold true. In today’s technologically advanced age, there’s no justification for preserving cumbersome procedures. Payroll, the company’s biggest expenditure, need to be processed properly and on time. Even minor hold-ups can adversely affect workers’ wellness and have significant repercussions. For that reason, it’s critical to focus on accurate and prompt payments.
payroll group get um so I’m unsure anyone on this kind of webinar has actually been informed 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 workers or not um however ultimately payroll is such a crucial cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think 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 vital that all of this stuff is done correctly so leveraging the first International Payments first payroll payment option is a terrific first step um providing an end-to-end payroll option for your employees worldwide again I believe is another big um procedure again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely essential to success success of organizations and decreasing the number 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 regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of 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 problems where things haven’t gone rather where they’re indicated 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 easy as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m just I was just gon na state picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting 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 held true um you ‘d need days of the week to try to browse them and actually see what was going on and type of try to get back to everybody so proceeding appearance why do business choose to main separate savings account there are Papaya Global Where To Go To Change Payroll Schedule services out there doing exactly this for particular nations and I have actually operated in an organization or numerous companies doing precisely that I can state it doesn’t always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for any person where we don’t have to and anyone that’s handling that process 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 lots of reasons one is it’s the standard I believe individuals have got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it needs altering but ultimately people are very stuck to what they’re familiar
with right um change is a difficult thing we all do not like modification um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having keeping numerous bank accounts but there’s a big quantity of intricacy goes with setting up a checking account preserving it ensuring it can send International transfers ensuring it’s set up with the right user accesses for individual people so the complexity is substantial however I believe the honest response is change um people haven’t been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might almost be figured out to be the next Century or so there is a lot to keep an eye on and this technique does pose a number of challenges um so Johnny might you tell us about those challenges yeah naturally so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you should have a corner workplace with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Where To Go To Change Payroll Schedule