Over the last 5 or six years …Papaya Global Sign Up… functions on the provider side and also on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds approximately to join all of us 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 everyone is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it remains 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 dreary and I want I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll likewise go over a wrap-up and that ought to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of common and handling them ends up being increasingly more intricate Worldwide companies are seeking to discover Solutions and new ways to improve procedures especially from a payroll and cross-border payment perspective lots of companies keep separate savings account just for payroll while some have multiple accounts in various countries does it make good sense for business to keep separate bank accounts often in various countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies simplify the episode complex processes of
Guaranteeing accurate, efficient, and timely payroll payments is a complex challenge for organizations operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, discover how companies anticipate payroll expenses to enhance working capital, and find how simplifying global payroll payments can change them from a troublesome task into a strategic asset.
Handling payroll internationally is a daunting job due to numerous guidelines, compliance requirements, data security issues, and banking rules. The sheer number of workers and services contributes to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems often result in manual processes, information silos, and a lack of combination, causing inconsistencies and inadequacies. 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 manually, typically using pen and paper. This webinar objectives to provide insights and options to simplify and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization invests in global payroll the less of a photo they see a lack of presence also extends to payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of global services have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes poorly interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the information is shipped to the wrong place the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run smoothly if they count on the required several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re paying to employees or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t require to be included best and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities 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 consumer’s own in-country account so there’s intricacy wherever you look best eventually developing a knowledge base is definitely critical but all over you look with payroll payment they are like very payments no if however some children 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 think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is allowing us to sort of progress with that it also as well to add to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and financing groups work better together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market 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 information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of essential to add to sort of the level of intricacy there’s more and more advantages being organ or being used by businesses across the world so once again you’re just seeking to add a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real challenges or real tough type of pay uses to play to pay people I think yeah I imply over the last well yeah a number of decades I would certainly state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we require to produce extra handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and an age that you understand that we are operating in today there is no reason why we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an effect perspective on staff members it is absolutely important that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental result on people’s well-being and lots of other factors if people aren’t paid uh I have actually constantly been astonished coming into this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I’m uncertain anybody on this kind of webinar has actually been informed 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 important cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe 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 things is absolutely essential that all of this things is done properly so leveraging the very first International Payments very first payroll payment service is a terrific primary step um providing an end-to-end payroll service for your staff members globally once again I think is another big um procedure again lining up and guaranteeing you have standardization International processes all of those things are definitely key to success success of organizations and reducing the number of tools platforms and savings account they need for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances 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 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 processes and also so imagine sorry I’m just I was simply gon na state imagine 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 speaking about numerous thousands potentially Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and sort of shot to return to everybody so carrying on look why do business pick to primary different bank accounts there are Papaya Global Sign Up services out there doing exactly this for particular countries and I’ve operated in a business or many organizations doing precisely that I can state it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we don’t have to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the standard I think individuals have got so used to we require a new checking account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I believe this is a procedure that requires looking at it requires changing however ultimately people are really stuck to what they recognize
with ideal um modification is a difficult thing all of us do not like change um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having maintaining multiple checking account however there’s a big quantity of intricacy goes with establishing a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for private people so the complexity is huge however I believe the truthful response is change um individuals haven’t had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century or so there is a lot to keep track of and this method does present a number of challenges um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I simply 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 Worldwide staff members you are worthy of a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Sign Up