Over the last 5 or 6 years …Papaya Global Enable Online P60… functions on the provider side and also on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody originates 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 raining here it’s really really bleak and I wish I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies keep different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a tactical asset uh we’ll likewise review a recap which ought to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and managing them ends up being increasingly more complicated International organizations are wanting to find Solutions and brand-new ways to simplify procedures particularly from a payroll and cross-border payment standpoint many companies preserve different bank account just for payroll while some have numerous accounts in various countries does it make sense for companies to preserve separate checking account sometimes in different nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies simplify the episode complex procedures of
Ensuring precise, efficient, and timely payroll payments is a complex obstacle for services operating internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, find out how companies forecast payroll costs to optimize working capital, and find how improving global payroll payments can transform them from a burdensome job into a strategic possession.
Managing payroll internationally is a daunting job due to different guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer variety of employees and companies contributes to the complexity, with an approximated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically lead to manual procedures, information silos, and an absence of combination, causing inconsistencies and inadequacies. Regardless of residing in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to offer insights and solutions to simplify and optimize worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more a service invests in international payroll the less of a picture they see an absence of presence likewise reaches payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of global organizations have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes poorly communicated hires and terminations in addition to lack management and system configurations and after that when you round everything 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 when payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they depend on the needed numerous processes 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 company face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and state what is it what does not require to be consisted of ideal 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 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 client’s own in-country account so there’s intricacy anywhere you look best eventually developing a knowledge base is absolutely vital however all over you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to type of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely imperative that payroll and finance groups work more detailed together than ever um I’m always surprised when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on well-being and the payment landscape is ending up being increasingly complex. Companies are continually introducing new benefits and payment options, which contributes to the general intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can result in inadequacies and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s highly innovative era, there’s no reason for maintaining cumbersome procedures. Payroll, the company’s biggest expenditure, must be processed correctly and on time. Even slight hold-ups can adversely affect employees’ wellness and have significant consequences. For that reason, it’s vital to focus on accurate and timely payments.
payroll team get um so I’m unsure anyone on this type of webinar has been told 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 but ultimately payroll is such an important cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think 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 important that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment option is a fantastic primary step um offering an end-to-end payroll solution for your employees worldwide once again I believe is another big um procedure again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of businesses and minimizing the variety of tools platforms and checking account 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 do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we understand 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 easy as possible for everyone that’s associated with those procedures and likewise so picture sorry I’m just I was simply gon na state think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job 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 require days of the week to attempt to look through them and in fact see what was going on and type of try to get back to everyone so moving on appearance why do business choose to main different bank accounts there are Papaya Global Enable Online P60 businesses out there doing exactly this for particular countries and I’ve worked in a company or lots of businesses doing exactly that I can state it does not always feel effective and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for anybody where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the requirement I think individuals have actually got so used to we require a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs altering however eventually people are very stuck to what they recognize
with right um modification is a difficult thing we all do not like change um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having keeping several bank accounts but there’s a substantial quantity of complexity goes with setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private people so the complexity is big however I think the honest answer is change um individuals haven’t had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century or so there is a lot to monitor and this approach does present a number of obstacles um so Johnny might you tell us about those difficulties yeah of course 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you should have a corner workplace with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Enable Online P60