Over the last 5 or 6 years …What Is Papaya Global Payroll Core… functions on the supplier side and also on the vendor side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everyone 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 kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely uninspiring and I wish I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business keep separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll also discuss a wrap-up which should leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more typical and handling them ends up being a growing number of intricate Worldwide companies are wanting to find Solutions and new ways to improve processes specifically from a payroll and cross-border payment viewpoint numerous organizations maintain different savings account just for payroll while some have several accounts in different countries does it make sense for business to keep separate checking account sometimes in different nations it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business improve the episode complex procedures of
Ensuring precise, effective, and timely payroll payments is a complex challenge for companies running internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to enhance working capital, and discover how streamlining worldwide payroll payments can transform them from a burdensome job into a strategic property.
Managing payroll internationally is a challenging task due to various regulations, compliance requirements, data security issues, and banking rules. The sheer number of workers and organizations adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Traditional payroll systems often result in manual procedures, information silos, and an absence of combination, resulting in disparities and inefficiencies. Despite living in an era of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to offer insights and services to streamline and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a service invests in international payroll the less of a picture they see an absence of visibility also reaches payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide services have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors improperly communicated hires and terminations in addition to absence management and system configurations and after that when you round everything off and the information is delivered to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they depend on the necessary several processes 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 challenges business face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and say what is it what does not require to be included ideal and what does
it need 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 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 need to pay from the consumer’s own in-country account so there’s intricacy any place you look best ultimately building a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble extremely payments no if however some babies 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 contribute to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work more detailed together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation 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 procedure 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 3rd parties so with the
The contemporary world puts a high worth on wellness and the settlement landscape is ending up being progressively complex. Businesses are continually introducing new advantages and payment options, which contributes to the general intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can lead to inadequacies and traffic jams. In my viewpoint, this does not have to hold true. In today’s highly sophisticated age, there’s no reason for preserving troublesome treatments. Payroll, the business’s most significant expenditure, must be processed properly and on time. Even minor delays can negatively affect staff members’ well-being and have far-reaching consequences. Therefore, it’s crucial to prioritize accurate and prompt payments.
payroll team get um so I’m uncertain anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important 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 just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment solution is a great first step um supplying an end-to-end payroll solution for your employees worldwide again I think is another big um procedure again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely key to success success of organizations and reducing the number of tools platforms and bank accounts they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know how how important a role 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 everyone that’s involved in those processes and likewise so envision sorry I’m simply I was just gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions picture getting that lots of 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 definitely be a fascinating task attempting to clean up 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 require days of the week to attempt to look through them and really see what was going on and sort of shot to get back to everyone so proceeding look why do companies pick to main separate savings account there are What Is Papaya Global Payroll Core companies out there doing exactly this for specific nations and I’ve worked in a service or numerous businesses doing precisely that I can state it does not constantly feel effective and it does create more work I know we’re not purposely doing that we’re not creating additional work for anybody where we do not need to and any person 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 numerous factors one is it’s the standard I believe individuals have actually got so utilized to we require a brand-new bank 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 think it’s just been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I think this is a process that needs looking at it needs altering but ultimately individuals are very stuck with what they recognize
with right um change is a tough thing all of us don’t like modification um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having keeping numerous savings account but there’s a big amount of complexity goes with establishing a savings account keeping it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual people so the intricacy is substantial but I believe the honest answer is modification um people have not had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century or two there is a lot to keep an eye on and this method does posture numerous obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so
I simply did you switched our Business 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 Worldwide workers you deserve 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 What Is Papaya Global Payroll Core