Over the last 5 or 6 years …Papaya Global Employees Opting Out… functions on the supplier side and likewise on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just provide everyone another couple 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 fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very gloomy and I wish I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies maintain different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll likewise review a wrap-up and that ought to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of common and managing them becomes more and more complex Global companies are looking to find Solutions and brand-new ways to enhance procedures especially from a payroll and cross-border payment perspective lots of companies keep separate bank account just for payroll while some have several accounts in various nations does it make good sense for companies to keep different savings account in some cases in various countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business simplify the episode complex procedures of
Guaranteeing accurate, effective, and timely payroll payments is a complex difficulty for businesses operating worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how business anticipate payroll expenses to enhance working capital, and find how simplifying international payroll payments can transform them from a difficult job into a strategic possession.
Managing payroll globally is a complicated task due to different regulations, compliance requirements, data security concerns, and banking guidelines. The sheer number of staff members and businesses adds to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems typically result in manual processes, data silos, and a lack of integration, leading to disparities and inadequacies. In spite of living in a period of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to offer insights and options to streamline and optimize international payroll payments.
about it to give you a concept 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 gives me sleepless nights and quite honestly the more an organization spends on global payroll the less of a photo they see a lack of visibility also extends to payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide companies have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors poorly communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the information is shipped to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they depend on the needed multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t need to be consisted of best and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 intricacy anywhere you look best eventually constructing a knowledge base is definitely crucial but all over you look with payroll payment they resemble super payments no if however some children 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 acknowledgment that payroll payments are definitely fundamental and technology is allowing us to kind of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely important that payroll and financing groups work better together than ever um I’m always impressed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to add to sort of the level of intricacy there’s increasingly more benefits being organ or being used by organizations across the world so once again you’re simply seeking to include increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real obstacles or genuine challenging type of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and a period that you understand that we are operating in today there is no reason why we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any business has from a cost viewpoint from an impact perspective on workers it is definitely important that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful result on people’s wellness and numerous other elements if people aren’t paid uh I’ve constantly been surprised entering this Market kind of the last 5 to ten years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people just see when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally too. Therefore, it is vital to make sure that jobs like Wi-Fi Worldwide and other important matters are done properly. Utilizing the first International Payments first payroll payment solution is a terrific preliminary step towards supplying a detailed payroll option for workers worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and savings account needed for worldwide payroll are crucial factors in attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things do not go as planned. Eventually, we do not do it for the gratitude.
anyhow we know how how crucial 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 easy as possible for everyone that’s involved in those processes and also so picture sorry I’m just I was simply gon na say think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task attempting to clean all those up for sure oh absolutely I can’t envision 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 type of shot to return to everyone so carrying on appearance why do business pick to main different savings account there are Papaya Global Employees Opting Out companies out there doing exactly this for particular nations and I’ve worked in a service or lots of services doing exactly that I can state it does not always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for any person where we don’t have to and anybody that’s managing that procedure 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 many factors one is it’s the requirement I think individuals have got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a range I think this is a process that requires taking a look at it needs altering however ultimately people are extremely stuck with what they recognize
with right um change is a hard thing we all don’t like change um so I think it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having preserving multiple bank accounts but there’s a huge amount of complexity opts for establishing a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for individual people so the intricacy is huge but I believe the honest response is change um people haven’t been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could nearly be determined to be the next Century or two there is a lot to keep track of and this technique does pose numerous challenges um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so
I just did you switched 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 Global workers you should have a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Employees Opting Out