Over the last five or six years …Papaya Global International Payroll… roles on the service provider side and also on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really uninspiring and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies keep different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll likewise discuss a wrap-up and that should leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more typical and handling them ends up being more and more intricate Global companies are wanting to find Solutions and new methods to enhance procedures especially from a payroll and cross-border payment perspective lots of companies keep separate checking account just for payroll while some have numerous accounts in different countries does it make sense for business to keep separate savings account in some cases in various countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international business enhance the episode complex procedures of
Making sure accurate, efficient, and timely payroll payments is a complex difficulty for businesses running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, find out how business anticipate payroll expenses to enhance working capital, and find how improving global payroll payments can change them from a troublesome job into a strategic possession.
Managing payroll worldwide is a difficult task due to various regulations, compliance requirements, information security concerns, and banking guidelines. The sheer variety of employees and businesses contributes to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically lead to manual procedures, information silos, and a lack of integration, resulting in inconsistencies and inadequacies. Regardless of residing in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to supply insights and solutions to simplify and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization spends on global payroll the less of a picture they see an absence of presence likewise reaches payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of global services have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors improperly communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is shipped to the incorrect place the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they count on the required numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re making payments to workers or otherwise that’s a great question I always toss this back and say what is it what does not need to be consisted of right and what does
it need to be thought about 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 need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy anywhere you look best ultimately developing a knowledge base is definitely important but all over you look with payroll payment they are like super payments no if but some children 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 fundamental and innovation is allowing us to sort of move forward with that it also too to add to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and financing teams work closer together than ever um I’m always astonished when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from computation 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 process it’s the point of information collection all the way through to paying individuals any place 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 becoming progressively complex. Companies are continuously introducing new benefits and payment options, which adds to the total complexity. Big corporations typically divide their payroll and payment processing into separate teams, which can result in ineffectiveness and traffic jams. In my opinion, this doesn’t have to hold true. In today’s technologically sophisticated age, there’s no reason for maintaining cumbersome procedures. Payroll, the company’s greatest expense, must be processed properly and on time. Even minor delays can negatively impact staff members’ well-being and have significant repercussions. For that reason, it’s important to focus on accurate and timely payments.
The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only discover when things fail. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally as well. For that reason, it is necessary to make sure that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the first International Payments very first payroll payment service is a terrific initial step towards providing an extensive payroll solution for employees worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and checking account required for global payroll are essential consider attaining organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things don’t go as prepared. Eventually, we don’t do it for the appreciation.
anyway we understand how how important a role 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 everybody that’s involved in those processes and also so imagine sorry I’m just I was just gon na state envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions envision getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and actually see what was going on and sort of shot to get back to everyone so proceeding appearance why do companies select to primary separate savings account there are Papaya Global International Payroll organizations out there doing exactly this for specific nations and I have actually worked in an organization or lots of services doing exactly that I can state it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we do not have to and any person that’s handling 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 numerous factors one is it’s the requirement I think people have actually got so used to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I think this is a procedure that needs looking at it needs changing however eventually individuals are really stuck to what they’re familiar
with ideal um modification is a difficult thing we all don’t like modification um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having maintaining multiple bank accounts however there’s a substantial amount of complexity goes with setting up a bank account preserving it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is big however I believe the honest answer is change um individuals have not had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I believe it is understanding you know and there is an element of resistance to change however we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could nearly be identified to be the next Century or two there is a lot to monitor and this approach does posture a number of challenges um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I simply did you changed our Business 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 Worldwide employees you deserve a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global International Payroll