Over the last 5 or six years …Papaya Global Company Info… functions on the company side and likewise on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely gloomy and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies keep separate
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 likewise review a wrap-up which should 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 Worldwide labor forces end up being increasingly more typical and handling them ends up being a growing number of complex International companies are looking to find Solutions and new methods to simplify procedures specifically from a payroll and cross-border payment perspective numerous organizations keep separate savings account just for payroll while some have numerous accounts in different countries does it make good sense for business to keep different checking account sometimes in different countries it does but just for payroll exists a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business improve the episode complex procedures of
Making sure accurate, effective, and timely payroll payments is a complex obstacle for organizations running internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how business forecast payroll expenses to enhance working capital, and discover how streamlining global payroll payments can change them from a difficult task into a strategic asset.
Handling payroll worldwide is a challenging task due to various regulations, compliance requirements, data security concerns, and banking guidelines. The sheer number of employees and organizations adds to the intricacy, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Standard payroll systems frequently lead to manual processes, data silos, and a lack of combination, leading to inconsistencies and ineffectiveness. In spite of living in a period of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to supply insights and options to streamline and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a service spends on international payroll the less of a picture they see an absence of presence likewise reaches payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of global companies have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the data is delivered to the wrong location the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they count on the required multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re making payments to staff members or otherwise that’s a great 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 of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look ideal eventually constructing a knowledge base is definitely critical but all over you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 essential and technology is allowing us to sort of move forward with that it likewise also to add to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and finance groups work closer together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation 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 data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on wellness and the compensation landscape is ending up being progressively complex. Organizations are continually introducing new advantages and payment alternatives, which contributes to the total complexity. Big corporations frequently divide their payroll and payment processing into different groups, which can cause inadequacies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s highly innovative age, there’s no reason for keeping troublesome treatments. Payroll, the business’s biggest expense, should be processed correctly and on time. Even minor delays can adversely affect workers’ wellness and have far-reaching consequences. Therefore, it’s important to focus on accurate and timely payments.
payroll group get um so I’m uncertain anybody on this kind of webinar has actually been told 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 however ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a terrific initial step um providing an end-to-end payroll service for your staff members internationally once again I think is another big um procedure once again aligning and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of services and decreasing the number of tools platforms and checking account they need for their Worldwide 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 expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I don’t think any of us are actually doing that for for the thanks
anyway we know how how crucial 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 everybody that’s involved in those procedures and likewise so imagine sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job trying to clean up 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 try to look through them and in fact see what was going on and kind of try to return to everyone so moving on appearance why do companies choose to primary separate bank accounts there are Papaya Global Company Info companies out there doing precisely this for specific nations and I have actually operated in a company or lots of organizations doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not producing additional work for any person where we don’t have to and anyone that’s managing 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 believe lots of reasons one is it’s the requirement I believe people have got so utilized to we need a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I believe this is a procedure that requires taking a look at it requires changing but ultimately individuals are really stuck to what they’re familiar
with best um change is a difficult thing we all do not like modification um so I believe it’s simply 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 understand certainly the benefits of having keeping multiple checking account but there’s a substantial amount of complexity opts for setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is substantial however I think the sincere answer is change um individuals have not had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think 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 reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century or so there is a lot to keep an eye on and this approach does pose a number of challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Company Info