Over the last five or six years …Papaya Global Cloud Contact Number… roles on the service provider side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely bleak and I wish I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business keep different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll also go over a recap which needs to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more typical and handling them ends up being a growing number of complicated Worldwide organizations are seeking to find Solutions and brand-new methods to streamline processes specifically from a payroll and cross-border payment perspective many companies maintain different bank account just for payroll while some have multiple accounts in various nations does it make good sense for business to keep separate savings account sometimes in different nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies streamline the episode complex processes of
Ensuring precise, effective, and timely payroll payments is a complex challenge for services running worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, find out how companies forecast payroll costs to optimize working capital, and find how simplifying international payroll payments can change them from a difficult job into a strategic property.
Managing payroll internationally is an overwhelming task due to different policies, compliance requirements, information security issues, and banking rules. The sheer number of employees and companies adds to the complexity, with an approximated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems often result in manual procedures, information silos, and a lack of combination, leading to disparities and ineffectiveness. Despite living in a period of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to supply insights and solutions to simplify and optimize global payroll payments.
about it to provide you a concept 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 sleep deprived nights and rather honestly the more a company invests in worldwide payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide businesses have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors inadequately interacted hires and terminations in addition to lack management and system setups and after that when you round it all off and the information is shipped to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they rely on the necessary several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re paying to employees or otherwise that’s a great concern I constantly throw this back and say what is it what does not require to be consisted of ideal and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities 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 eventually building a knowledge base is definitely vital but all over you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is allowing us to kind of progress with that it likewise also to add to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely important that payroll and finance teams work better together than ever um I’m always astonished when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on wellness and the settlement landscape is becoming increasingly detailed. Services are constantly presenting new benefits and payment alternatives, which contributes to the overall complexity. Big corporations typically divide their payroll and payment processing into different teams, which can cause ineffectiveness and bottlenecks. In my opinion, this does not need to hold true. In today’s technically sophisticated period, there’s no reason for keeping troublesome treatments. Payroll, the company’s most significant expenditure, must be processed properly and on time. Even small delays can negatively impact employees’ wellness and have far-reaching effects. Therefore, it’s vital to focus on accurate and prompt payments.
payroll group get um so I’m unsure anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment option is a fantastic initial step um supplying an end-to-end payroll solution for your staff members globally again I think is another big um procedure once again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of services and decreasing the variety of tools platforms and savings account they need for their International 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 had a hundred countless 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 grievances where things haven’t gone quite where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we know how how important a role 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 everybody that’s involved in those procedures and likewise so envision sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing 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 but it would absolutely be an intriguing job trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and kind of try to get back to everyone so proceeding appearance why do business choose to main separate bank accounts there are Papaya Global Cloud Contact Number businesses out there doing precisely this for specific countries and I have actually operated in a service or lots of businesses doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for any person where we don’t need to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe 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 think individuals have actually got so utilized to we need a new checking account we open an entity and appropriately 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 simply been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires altering but ultimately people are extremely stuck with what they’re familiar
with best um modification is a difficult thing all of us don’t like modification um so I believe it’s just type 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 multiple checking account but there’s a substantial quantity of intricacy opts for establishing a savings account keeping it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is substantial however I think the sincere response is change um people have not had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century or two there is a lot to monitor and this technique does present numerous obstacles um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety 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 Global staff members you should have a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Cloud Contact Number