Over the last 5 or 6 years …Papaya Global Yearend… functions on the company side and also on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very bleak and I want I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll also review a recap and that ought to leave his time at the really 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 become more and more typical and handling them becomes more and more intricate Worldwide organizations are looking to discover Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment standpoint numerous organizations keep different checking account just for payroll while some have several accounts in different nations does it make good sense for companies to keep different bank accounts often in various nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies streamline the episode complex procedures of
Making sure accurate, effective, and prompt payroll payments is a complex difficulty for organizations running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, find out how business anticipate payroll expenses to optimize working capital, and find how simplifying international payroll payments can change them from a difficult task into a strategic property.
Handling payroll internationally is an overwhelming job due to various guidelines, compliance requirements, information security concerns, and banking rules. The sheer variety of staff members and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems often lead to manual procedures, information silos, and a lack of combination, leading to disparities and ineffectiveness. Despite living in a period of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to offer insights and solutions to simplify and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service invests in international payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide organizations have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes improperly interacted hires and terminations as well as absence management and system configurations and then when you round it all off and the data is delivered to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they rely on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties service face when they’re paying to employees or otherwise that’s a good concern I always toss this back and state what is it what does not require to be consisted of best and what does
it require 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 have to pay from the client’s own in-country account so there’s complexity wherever you look best ultimately building a knowledge base is definitely critical however everywhere you look with payroll payment they resemble 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to kind of progress with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely imperative that payroll and finance groups work closer together than ever um I’m constantly surprised when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation 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 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-day world puts a high worth on wellness and the compensation landscape is ending up being increasingly elaborate. Services are constantly presenting brand-new advantages and payment alternatives, which contributes to the overall complexity. Big corporations typically divide their payroll and payment processing into separate groups, which can cause inadequacies and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s highly sophisticated age, there’s no justification for preserving troublesome treatments. Payroll, the business’s most significant expenditure, should be processed correctly and on time. Even slight hold-ups can negatively impact employees’ well-being and have significant repercussions. Therefore, it’s critical to prioritize precise and prompt payments.
payroll team get um so I’m not exactly sure anybody on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done correctly so leveraging the first International Payments very first payroll payment service is a terrific initial step um supplying an end-to-end payroll option for your staff members internationally again I believe is another huge um procedure once again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of companies and reducing the variety of tools platforms and bank accounts they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know how how important 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 simple as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m just I was just gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean all those up for sure oh absolutely 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 browse them and in fact see what was going on and type of try to return to everybody so proceeding look why do business select to primary separate bank accounts there are Papaya Global Yearend companies out there doing exactly this for particular nations and I have actually worked in an organization or numerous services doing exactly that I can state it does not always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we don’t have to and anybody that’s managing 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 amount that we are I think numerous reasons one is it’s the requirement I think individuals have got so used to we need a new checking account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a range I think this is a process that needs taking a look at it needs changing but ultimately individuals are very stuck to what they’re familiar
with ideal um modification is a challenging thing we all do not like change um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having keeping multiple checking account however there’s a substantial quantity of intricacy goes with establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is big but I believe the truthful response is modification um people have not been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century approximately there is a lot to track and this technique does posture numerous challenges um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I just did you changed 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 employees you deserve a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Yearend