Over the last 5 or 6 years …Papaya Global Payroll Contact… functions on the provider side and likewise on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort 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 type of like see where everyone comes 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 raining here it’s very extremely dreary and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya International 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 labor forces become a growing number of common and handling them becomes increasingly more complicated Worldwide organizations are seeking to find Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment standpoint lots of companies keep separate savings account just for payroll while some have several accounts in various countries does it make good sense for companies to keep different savings account often in various countries it does but just for payroll is there a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business improve the episode complex processes of
Making sure accurate, effective, and timely payroll payments is a complex obstacle for services operating worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, find out how business forecast payroll expenses to optimize working capital, and find how improving international payroll payments can change them from a challenging job into a tactical possession.
Handling payroll internationally is a daunting job due to various guidelines, compliance requirements, information security concerns, and banking guidelines. The large number of workers and organizations contributes to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently lead to manual procedures, information silos, and an absence of integration, causing inconsistencies and ineffectiveness. Despite living in a period of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to offer insights and services to streamline and enhance worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business invests in global payroll the less of an image they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of global services have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors badly communicated hires and terminations as well as lack management and system setups and then when you round everything off and the data is delivered to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they count on the essential several 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 company face when they’re making payments to workers or otherwise that’s a good question I constantly toss this back and say what is it what doesn’t require to be consisted of right and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 consumer’s own in-country account so there’s intricacy anywhere you look ideal eventually constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble extremely payments no if however some infants 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 believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to type of move on with that it also too to add to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and financing groups work better together than ever um I’m constantly impressed when individuals state 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 an industry 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 people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high value on well-being and the payment landscape is ending up being increasingly elaborate. Services are continually presenting new benefits and payment options, which adds to the overall intricacy. Big corporations often divide their payroll and payment processing into different groups, which can cause inefficiencies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s highly advanced era, there’s no validation for keeping troublesome treatments. Payroll, the company’s biggest cost, must be processed correctly and on time. Even minor delays can negatively impact workers’ wellness and have significant repercussions. Therefore, it’s vital to prioritize precise and prompt payments.
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals only notice when things fail. However, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally as well. Therefore, it is important to guarantee that jobs like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the first Worldwide Payments first payroll payment option is a fantastic initial step towards offering a comprehensive payroll service for staff members worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and savings account necessary for global payroll are key factors in achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things do not go as prepared. Eventually, we don’t do it for the appreciation.
anyway we understand how how crucial 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 everybody that’s associated with those procedures and likewise so picture sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly 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 absolutely be a fascinating job trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and actually see what was going on and type of try to return to everybody so proceeding look why do business choose to primary separate savings account there are Papaya Global Payroll Contact businesses out there doing precisely this for specific countries and I’ve operated in an organization or many companies doing exactly that I can say it does not constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not creating additional work for anybody where we don’t need to and anyone that’s managing 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 quantity that we are I believe many factors one is it’s the requirement I believe people have got so used to we require 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 think it’s just been the standard and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I believe this is a procedure that requires looking at it requires changing however eventually individuals are very stuck with what they’re familiar
with ideal um change is a challenging thing we all do not like change 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 stuff um I comprehend obviously the benefits of having preserving several bank accounts however there’s a big amount of intricacy goes with setting up a savings account preserving it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific people so the intricacy is big however I believe the truthful answer is modification um individuals have not been able to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to change but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century or two there is a lot to keep an eye on and this technique does pose a number of difficulties um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Payroll Contact