Over the last five or 6 years …Papaya Global 50 Download… functions on the service provider side and also on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting 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 everybody originates from and I actually 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 very really dreary and I want I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll also review a recap which must leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of common and handling them ends up being increasingly more complicated International companies are looking to find Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment standpoint many organizations keep different bank account just for payroll while some have several accounts in various countries does it make sense for business to keep different bank accounts sometimes in various countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies improve the episode complex procedures of
Ensuring accurate, effective, and prompt payroll payments is a complex challenge for companies running globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, discover how business anticipate payroll costs to optimize working capital, and discover how enhancing international payroll payments can change them from a difficult job into a strategic possession.
Handling payroll worldwide is a difficult task due to different guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer variety of employees and businesses adds to the complexity, with an approximated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems frequently lead to manual processes, data silos, and an absence of combination, leading to disparities and inefficiencies. Regardless of living in an age of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to provide insights and services to simplify and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide businesses have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations along with absence management and system setups and after that when you round it all off and the data is shipped to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they rely on the needed multiple processes 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 paying to staff members or otherwise that’s an excellent question I constantly toss this back and say what is it what doesn’t need to be consisted of best and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 client’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is definitely important however all over you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind 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 absolutely fundamental and technology is allowing us to sort of move forward with that it also as well to add to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely imperative that payroll and financing groups work more detailed together than ever um I’m constantly astonished 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 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 often 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 wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on wellness and the settlement landscape is becoming significantly elaborate. Businesses are continually presenting brand-new benefits and payment alternatives, which adds to the overall complexity. Large corporations frequently divide their payroll and payment processing into different groups, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s highly sophisticated age, there’s no validation for maintaining cumbersome treatments. Payroll, the business’s greatest expense, should be processed correctly and on time. Even slight hold-ups can negatively affect workers’ well-being and have significant effects. For that reason, it’s crucial to focus on precise and prompt payments.
The payroll group may not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people just observe when things fail. However, when things go right, it’s seen as just a regular job. This is how it’s viewed externally too. For that reason, it is vital to guarantee that jobs like Wi-Fi Global and other essential matters are done properly. Utilizing the very first Global Payments first payroll payment solution is a terrific preliminary action towards offering a thorough payroll service for workers worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and bank accounts required for international payroll are essential factors in achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things don’t go as planned. Eventually, we do not do it for the thankfulness.
anyhow 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 easy as possible for everyone that’s associated with those procedures and also so think of sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and kind of shot to return to everyone so moving on appearance why do companies choose to main separate checking account there are Papaya Global 50 Download businesses out there doing precisely this for specific nations and I have actually operated in a service or many companies doing precisely that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing additional work for anyone where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I believe people have actually got so utilized to we require a new checking account we open an entity and rightly so you need it for payroll functions however 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 adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a process that requires taking a look at it needs changing but eventually people are very stuck to what they recognize
with right um modification is a hard thing all of us do not like modification um so I think it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having preserving several bank accounts however there’s a huge amount of intricacy goes with setting up a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for specific individuals so the complexity is huge but I believe the sincere response is change um people have not been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century or two there is a lot to monitor and this technique does posture several obstacles um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so
I simply did you switched 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 International staff members you are worthy of a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global 50 Download