Over the last 5 or 6 years …Papaya Global Melbourne Office… roles on the service provider side and likewise on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody 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 raining here it’s extremely extremely gloomy and I wish I was somewhere else 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 challenge years of managing Global payroll why business maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll also review a recap which ought to leave his time at the really very 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 workforces end up being more and more common and handling them ends up being increasingly more intricate Worldwide organizations are aiming to find Solutions and brand-new methods to enhance processes especially from a payroll and cross-border payment standpoint many organizations maintain separate bank account just for payroll while some have multiple accounts in various countries does it make sense for business to preserve separate savings account often in different nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business improve the episode complex processes of
Guaranteeing accurate, efficient, and timely payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how companies forecast payroll expenses to enhance working capital, and discover how improving international payroll payments can transform them from a burdensome task into a tactical asset.
Handling payroll globally is a challenging job due to various regulations, compliance requirements, information security concerns, and banking rules. The large variety of employees and companies adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems often lead to manual processes, data silos, and an absence of integration, causing disparities and ineffectiveness. In spite of residing in an era of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to offer insights and solutions to simplify and optimize worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more a business invests in international payroll the less of an image they see a lack of visibility also encompasses payroll payments and inability 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 mistakes are because of time reporting poor HCM information data entry errors improperly interacted hires and terminations along with lack management and system configurations and then when you round everything off and the data is delivered to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they depend on the required numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s a good concern I always throw this back and say what is it what doesn’t need to be included right and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 customer’s own in-country account so there’s complexity wherever you look right ultimately building a knowledge base is absolutely important however all over you look with payroll payment they resemble very payments no if however some children 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 think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to type of move on with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely vital that payroll and financing groups work more detailed together than ever um I’m always astonished when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession 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 typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on wellness and the compensation landscape is becoming increasingly elaborate. Businesses are constantly presenting brand-new advantages and payment alternatives, which adds to the total complexity. Large corporations frequently divide their payroll and payment processing into different groups, which can result in inadequacies and traffic jams. In my viewpoint, this does not need to be the case. In today’s technically advanced period, there’s no reason for maintaining cumbersome treatments. Payroll, the company’s greatest expenditure, must be processed properly and on time. Even slight hold-ups can adversely affect employees’ well-being and have significant consequences. Therefore, it’s crucial to prioritize precise and timely payments.
payroll group get um so I’m not exactly sure anyone on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails 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 stuff is absolutely crucial that all of this things is done correctly so leveraging the very first International Payments first payroll payment solution is an excellent primary step um offering an end-to-end payroll option for your employees internationally once again I think is another huge um process once again lining up and ensuring you have standardization Global processes all of those things are definitely key to success success of services and decreasing the variety of tools platforms and checking account they need for their Global 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 thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I do not think any of us are really doing that for for the thanks
anyhow we understand how how crucial 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 procedures and likewise so envision sorry I’m just I was just gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating 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 held true um you ‘d require days of the week to try to browse them and in fact see what was going on and kind of shot to return to everybody so proceeding look why do business choose to main different savings account there are Papaya Global Melbourne Office companies out there doing precisely this for particular countries and I’ve operated in a service or lots of businesses doing precisely that I can say it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we don’t need to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the requirement I think people have actually got so used to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I believe this is a process that requires taking a look at it needs changing but ultimately people are extremely stuck with what they’re familiar
with best um modification is a tough thing all of us don’t like change um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having maintaining multiple bank accounts but there’s a big amount of intricacy chooses setting up a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific people so the complexity is substantial but I think the sincere answer is modification um individuals have not had the ability to change or have not had always the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change but 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 proceeding and moving into you know what could practically be figured out to be the next Century approximately there is a lot to track and this technique does position several obstacles um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so
I just did you switched our Enterprise 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 workers you deserve a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Melbourne Office