Over the last 5 or 6 years …Papaya Global Client Services… functions on the supplier side and also on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everybody another couple 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 sort of like see where everyone originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very uninspiring and I want I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies preserve different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a strategic possession uh we’ll likewise review a recap which must leave his time at the really really 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 increasingly more typical and managing them becomes increasingly more intricate Global companies are looking to find Solutions and new ways to streamline processes specifically from a payroll and cross-border payment perspective many companies preserve different savings account just for payroll while some have several accounts in various countries does it make sense for companies to preserve different checking account often in different countries it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational business streamline the episode complex processes of
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, learn how business anticipate payroll expenses to enhance working capital, and find how improving worldwide payroll payments can change them from a difficult task into a strategic asset.
Handling payroll worldwide is a daunting job due to different guidelines, compliance requirements, information security concerns, and banking rules. The sheer variety of staff members and organizations contributes to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems often lead to manual processes, information silos, and a lack of combination, causing disparities and inadequacies. In spite of living in a period of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to provide insights and services to simplify and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that offers me sleepless nights and rather honestly the more an organization spends on global payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal almost half of international organizations have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors inadequately communicated hires and terminations along with absence management and system setups and then when you round all of it off and the information is delivered to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they rely on the required multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re paying to workers or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t need to be included best and what does
it require 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 amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look right eventually building a knowledge base is absolutely important but everywhere you look with payroll payment they resemble extremely payments no if but some infants 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 absolutely essential and technology is enabling us to kind of progress with that it likewise also to add to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and finance groups work closer together than ever um I’m constantly surprised when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on well-being and the payment landscape is becoming increasingly complex. Companies are constantly introducing brand-new benefits and payment choices, which contributes to the overall intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can cause inadequacies and traffic jams. In my opinion, this does not need to hold true. In today’s technically advanced period, there’s no justification for preserving cumbersome procedures. Payroll, the business’s biggest expenditure, should be processed properly and on time. Even slight hold-ups can adversely affect staff members’ well-being and have far-reaching effects. Therefore, it’s critical to focus on accurate and prompt payments.
payroll team get um so I’m not exactly sure anybody on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment option is a great first step um providing an end-to-end payroll solution for your employees globally again I believe is another huge um process again aligning and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of organizations and reducing the number of tools platforms and savings account they need for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyway 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 easy 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 amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and really see what was going on and kind of shot to return to everyone so moving on appearance why do companies choose to main different bank accounts there are Papaya Global Client Services organizations out there doing exactly this for specific nations and I have actually worked in an organization or numerous organizations doing exactly that I can state it does not always feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing extra work for anybody where we do not need to and anyone 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 amount that we are I think numerous reasons one is it’s the standard I think people have got so utilized to we need a new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people 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 many other methods um to to sort of do it so I think there’s a range I think this is a procedure that requires taking a look at it requires altering but eventually people are extremely stuck with what they’re familiar
with ideal um modification is a hard thing all of us don’t like change um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having maintaining several savings account however there’s a huge quantity of complexity chooses establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for specific individuals so the intricacy is big however I believe the sincere answer is change um individuals have not been able to change or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might practically be determined to be the next Century or so there is a lot to monitor and this approach does position numerous challenges um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Client Services