Over the last five or six years …Papaya Global Help Line… roles on the supplier side and also on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I really 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 extremely bleak and I wish I was elsewhere at this moment in time fine 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 International payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll likewise go over a wrap-up which ought to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and handling them becomes a growing number of complex International companies are wanting to find Solutions and brand-new ways to improve procedures especially from a payroll and cross-border payment standpoint lots of companies keep separate bank account just for payroll while some have several accounts in different countries does it make sense for companies to maintain separate bank accounts sometimes in various countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies improve the episode complex procedures of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex obstacle for organizations running globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to optimize working capital, and find how improving worldwide payroll payments can change them from a challenging task into a strategic property.
Managing payroll globally is a complicated task due to various regulations, compliance requirements, data security issues, and banking guidelines. The sheer variety of workers and organizations adds to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems often result in manual procedures, information silos, and an absence of integration, causing disparities and inefficiencies. In spite of living in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to offer insights and solutions to simplify and optimize international payroll payments.
about it to give you an idea 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 rather honestly the more an organization invests in worldwide payroll the less of a picture they see an absence of presence likewise extends to payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of global services have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations as well as lack management and system configurations and then when you round it all off and the information is shipped to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they count on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and state what is it what does not require to be included right and what does
it need to be thought about 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 need to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal ultimately constructing a knowledge base is absolutely vital but all over you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 essential and technology is allowing us to type of move on with that it also too to add to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing groups work better together than ever um I’m constantly surprised when people say I’ve divided payroll and payment um if you walk 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 a market accept that why our payroll and payments so often split and cut up um eventually 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 world positions a high value on well-being and the compensation landscape is becoming significantly elaborate. Companies are continuously presenting new benefits and payment choices, which contributes to the overall intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can lead to ineffectiveness and bottlenecks. In my opinion, this does not have to be the case. In today’s highly advanced period, there’s no reason for keeping troublesome procedures. Payroll, the business’s greatest expenditure, must be processed properly and on time. Even minor delays can negatively affect workers’ well-being and have far-reaching repercussions. Therefore, it’s important to prioritize accurate and prompt payments.
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only see when things go wrong. However, when things go right, it’s seen as just a regular task. This is how it’s perceived externally also. Therefore, it is essential to make sure that tasks like Wi-Fi Global and other vital matters are done properly. Utilizing the first International Payments very first payroll payment service is a terrific preliminary action towards supplying an extensive payroll service for staff members worldwide. Standardization, international processes, and reducing the number of tools, platforms, and checking account essential for worldwide payroll are essential consider attaining service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things don’t go as prepared. Eventually, we don’t do it for the appreciation.
anyway we know how how essential 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 simple as possible for everyone that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na state envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions envision 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 task attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and in fact see what was going on and type of shot to get back to everybody so moving on appearance why do business pick to primary separate bank accounts there are Papaya Global Help Line companies out there doing precisely this for particular nations and I have actually operated in a business or many organizations doing exactly that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we do not have to and anybody that’s handling 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 lots of reasons one is it’s the requirement I believe people have got so utilized to we need a new savings account we open an entity and rightly 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 simply been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it requires altering however eventually individuals are extremely stuck to what they’re familiar
with right um change is a tough thing all of us don’t like change um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having preserving multiple checking account however there’s a big quantity of complexity goes with setting up a checking account maintaining it ensuring it can send International transfers ensuring it’s established with the best user accesses for private people so the complexity is huge however I think the honest response is modification um individuals haven’t had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century approximately there is a lot to keep an eye on and this method does posture numerous difficulties um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so
I simply did you changed 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 employees you are worthy of a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Help Line