Over the last five or 6 years …Papaya Global Add New Employee… roles on the supplier side and also on the vendor side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I really 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 really uninspiring and I wish 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 looking at the challenge years of handling Global payroll why business preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we’ll likewise review a wrap-up which needs to leave his time at the very really 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 Worldwide labor forces become a growing number of common and handling them ends up being a growing number of complicated International companies are aiming to discover Solutions and brand-new ways to streamline processes particularly from a payroll and cross-border payment perspective many organizations preserve separate savings account just for payroll while some have numerous accounts in various nations does it make sense for business to maintain different savings account in some cases in different countries it does however just for payroll is there a better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies enhance the episode complex procedures of
Making sure accurate, effective, and timely payroll payments is a complex challenge for services running internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, learn how business forecast payroll costs to optimize working capital, and find how improving international payroll payments can change them from a troublesome job into a tactical possession.
Managing payroll globally is a complicated job due to various policies, compliance requirements, information security issues, and banking guidelines. The large number of workers and businesses adds to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically lead to manual processes, data silos, and a lack of combination, resulting in inconsistencies and inefficiencies. In spite of living in an era of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to supply insights and solutions to streamline and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more a business spends on global payroll the less of a picture they see an absence of exposure also extends to payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global companies have 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 poor HCM data data entry errors improperly communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is delivered to the incorrect location the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they depend on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re paying to employees or otherwise that’s an excellent concern I always throw this back and state what is it what does not need to be consisted of right and what does
it need to be considered there’s differing Bank details 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 have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is definitely important however everywhere you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 kind of move on with that it also also to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and financing teams work better together than ever um I’m constantly surprised when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession 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 typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high worth on well-being and the payment landscape is becoming increasingly detailed. Organizations are continuously presenting new advantages and payment alternatives, which contributes to the overall intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can result in inadequacies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s technologically advanced era, there’s no justification for maintaining cumbersome treatments. Payroll, the company’s greatest expenditure, need to be processed properly and on time. Even slight delays can adversely affect employees’ wellness and have far-reaching consequences. Therefore, it’s critical to focus on accurate and timely payments.
payroll group get um so I’m uncertain anybody on this kind of webinar has 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 workers or not um however ultimately payroll is such an essential cycle we all hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment service is a fantastic initial step um supplying an end-to-end payroll solution for your employees globally once again I think is another huge um process again aligning and guaranteeing you have standardization Global processes all of those things are definitely key to success success of businesses and decreasing the variety of tools platforms and savings account they require 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 ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyhow we understand how how important 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 everyone that’s involved in those procedures and also so think of sorry I’m just I was simply gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task attempting to clean all those up for sure oh definitely 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 in fact see what was going on and kind of shot to get back to everyone so carrying on appearance why do business choose to main separate bank accounts there are Papaya Global Add New Employee businesses out there doing exactly this for specific countries and I have actually worked in a business or numerous organizations doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for any person where we do not need to and anybody that’s dealing with 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 think numerous reasons one is it’s the requirement I think individuals have got so used to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I think this is a process that needs looking at it needs altering but ultimately people are really stuck to what they recognize
with best um change is a hard thing all of us do not like change um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having preserving numerous savings account however there’s a huge quantity of complexity goes with setting up a savings account preserving it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is big but I believe the honest answer is modification um people have not been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century approximately there is a lot to track and this method does pose a number of obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I simply did you switched 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 staff members you should have a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Add New Employee