Over the last 5 or six years …Papaya Global Payslips By Email… roles on the provider side and likewise 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 everyone alright thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody 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 certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very uninspiring and I wish I was elsewhere at this moment in time alright 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 International payroll why business preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll likewise discuss a wrap-up which should leave his time at the very really 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 more and more typical and managing them becomes a growing number of complicated Global companies are looking to find Solutions and brand-new methods to streamline procedures specifically from a payroll and cross-border payment standpoint numerous organizations maintain different checking account just for payroll while some have numerous accounts in different countries does it make good sense for business to preserve separate checking account sometimes in different nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business enhance the episode complex processes of
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for services operating globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, discover how companies anticipate payroll expenses to enhance working capital, and discover how enhancing global payroll payments can transform them from a challenging job into a strategic asset.
Managing payroll worldwide is a daunting job due to different regulations, compliance requirements, information security concerns, and banking guidelines. The large number of staff members and businesses contributes to the complexity, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems typically lead to manual processes, data silos, and an absence of combination, resulting in inconsistencies and inefficiencies. Despite residing in an age of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to provide insights and services to streamline and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more an organization invests in international payroll the less of an image they see a lack of presence also reaches payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of global businesses 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 mistakes badly communicated hires and terminations as well as lack management and system configurations and then when you round all of it 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 need to move the cash all over the world payroll and payments don’t run smoothly if they rely on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles service face when they’re paying to employees or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t need to be included ideal and what does
it require to be considered there’s varying 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 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 wherever you look best eventually building a knowledge base is definitely vital but all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link in 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 allowing us to kind of move on with that it also as well to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance teams work more detailed together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation 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 data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the payment landscape is becoming increasingly complex. Companies are continuously presenting brand-new advantages and payment alternatives, which contributes to the overall complexity. Large corporations frequently divide their payroll and payment processing into separate teams, which can lead to inadequacies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s technically innovative era, there’s no justification for preserving troublesome procedures. Payroll, the business’s greatest expense, need to be processed properly and on time. Even small delays can adversely impact staff members’ wellness and have significant consequences. Therefore, it’s crucial to prioritize accurate and timely payments.
payroll group get um so I’m not sure anyone on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle we all find out about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done properly so leveraging the very first International Payments first payroll payment service is a fantastic first step um offering an end-to-end payroll option for your staff members globally again I believe is another substantial um procedure again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely essential to success success of services and reducing the variety 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 terms of of the thank yous for getting payroll done I have actually never had a hundred countless 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 complaints where things have not gone quite where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyway 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 simple as possible for everyone that’s associated with those processes and also so think of sorry I’m simply I was simply gon na say think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions think of 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 up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and in fact see what was going on and kind of shot to return to everybody so moving on appearance why do companies choose to main different checking account there are Papaya Global Payslips By Email organizations out there doing exactly this for particular nations and I’ve worked in a service or lots of companies doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we don’t need to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement I believe individuals have got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I believe this is a process that needs looking at it needs altering however ultimately people are extremely stuck to what they recognize
with best um change is a tough thing we all do not like modification um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having preserving multiple bank accounts but there’s a huge amount of intricacy opts for setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the complexity is substantial however I think the honest response is modification um people haven’t been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I believe it is understanding you know and there is an element of resistance to change however we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century approximately there is a lot to keep an eye on and this method does pose several difficulties um so Johnny might you inform us about those challenges yeah obviously 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 seems like our CFO has actually gained another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Payslips By Email