Over the last five or six years …Papaya Global Print Errors… functions on the provider side and likewise on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really extremely bleak and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll likewise discuss 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 transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more common and managing them becomes more and more complex Global companies are wanting to discover Solutions and brand-new methods to simplify procedures specifically from a payroll and cross-border payment perspective numerous companies preserve separate checking account just for payroll while some have several accounts in various nations does it make sense for business to preserve separate checking account in some cases in different nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business enhance the episode complex processes of
Ensuring accurate, effective, and timely payroll payments is a complex difficulty for companies operating worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, find out how business anticipate payroll costs to optimize working capital, and find how enhancing worldwide payroll payments can change them from a difficult task into a strategic possession.
Handling payroll globally is a daunting job due to different policies, compliance requirements, data security issues, and banking rules. The sheer variety of workers and services adds to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Traditional payroll systems often result in manual procedures, data silos, and a lack of integration, causing disparities and inadequacies. Regardless of living in an age of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to offer insights and options to simplify and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of a picture they see a lack of visibility also reaches payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of international companies have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes inadequately interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the information is shipped to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they depend on the needed multiple 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 obstacles organization face when they’re paying to employees or otherwise that’s a good question I always toss this back and say what is it what does not need to be included best and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities 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 complexity wherever you look right ultimately constructing a knowledge base is definitely important however all over you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind 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 definitely basic and innovation is enabling us to type of move on with that it also as well to add to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely imperative that payroll and finance teams work more detailed together than ever um I’m always amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide 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 procedure it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on wellness and the settlement landscape is becoming progressively detailed. Services are continuously presenting brand-new advantages and payment options, which contributes to the overall intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can result in ineffectiveness and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technologically advanced period, there’s no validation for keeping cumbersome procedures. Payroll, the business’s greatest cost, must be processed correctly and on time. Even minor delays can adversely impact workers’ wellness and have significant effects. For that reason, it’s critical to focus on precise and prompt payments.
payroll team get um so I’m not sure anybody on this sort of webinar has been informed 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 an essential cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe 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 absolutely vital that all of this stuff is done properly so leveraging the first International Payments very first payroll payment solution is a great primary step um providing an end-to-end payroll option for your workers worldwide again I believe is another big um procedure again aligning and ensuring you have standardization International processes all of those things are definitely crucial to success success of businesses and decreasing the number of tools platforms and bank accounts they need for their International 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 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyway we know how how important 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 easy as possible for everybody that’s associated with those procedures and also so envision sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely 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 held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of try to return to everyone so carrying on look why do business select to primary separate checking account there are Papaya Global Print Errors companies out there doing precisely this for specific countries and I’ve worked in a business or lots of companies doing exactly that I can state it does not constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we do not need to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the standard I believe individuals have actually got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I think this is a procedure that needs looking at it requires altering but eventually individuals are extremely stuck to what they recognize
with right um modification is a tough thing we all don’t like modification um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having maintaining multiple checking account but there’s a substantial amount of complexity opts for establishing a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is substantial but I think the truthful response is modification um people have not been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century or so there is a lot to monitor and this method does posture several challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so
I simply did you switched 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 are worthy of a corner office with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Print Errors