Over the last five or 6 years …Papaya Global Support Helpline… functions on the supplier side and also on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or so 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 interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely bleak and I wish I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we’ll likewise go over a wrap-up and that should leave his time at the extremely very 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 labor forces end up being increasingly more common and handling them ends up being increasingly more complicated Worldwide companies are seeking to find Solutions and new methods to enhance processes especially from a payroll and cross-border payment standpoint lots of companies maintain different savings account just for payroll while some have multiple accounts in different nations does it make good sense for companies to preserve separate savings account sometimes in different countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies simplify the episode complex procedures of
Ensuring accurate, effective, and timely payroll payments is a complex difficulty for services running internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, learn how companies forecast payroll expenses to enhance working capital, and discover how simplifying international payroll payments can change them from a difficult task into a strategic asset.
Handling payroll internationally is a complicated task due to different regulations, compliance requirements, data security issues, and banking rules. The large number of workers and organizations adds to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems frequently result in manual procedures, data silos, and an absence of integration, leading to inconsistencies and ineffectiveness. Regardless of residing in an age of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to offer insights and services 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 organizations state they have Workforce information 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 an image they see an absence of presence also extends to payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of international organizations have actually revealed 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 bad HCM data data entry mistakes improperly communicated hires and terminations in addition to lack management and system setups and then when you round all of it off and the data is delivered to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they depend on the required numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s a great question I constantly toss this back and state what is it what does not need to be included best and what does
it require to be thought about 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 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 client’s own in-country account so there’s complexity anywhere you look right ultimately constructing a knowledge base is definitely critical but all over you look with payroll payment they resemble incredibly 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 recognition that payroll payments are definitely essential and technology is allowing us to kind of move on with that it also also to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and financing teams work better together than ever um I’m always astonished when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from estimation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high value on wellness and the compensation landscape is ending up being increasingly intricate. Services are constantly introducing new benefits and payment alternatives, which contributes to the general complexity. Big corporations often divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my viewpoint, this does not have to be the case. In today’s highly sophisticated period, there’s no reason for preserving troublesome treatments. Payroll, the company’s biggest expenditure, need to be processed properly and on time. Even minor hold-ups can adversely impact workers’ wellness and have significant repercussions. Therefore, it’s important to prioritize precise and prompt payments.
payroll team get um so I’m not sure anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such a crucial cycle all of us hear 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 workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this things is done properly so leveraging the very first Global Payments first payroll payment service is a terrific primary step um providing an end-to-end payroll solution for your workers globally again I think is another substantial um process once again lining up and ensuring you have standardization International procedures all of those things are absolutely essential to success success of organizations and decreasing the number of tools platforms and savings account they require for their Global 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 ever had a hundred countless 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 complaints where things haven’t gone rather where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyhow we understand how how crucial 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 everyone that’s involved in those procedures and likewise so picture sorry I’m just I was just gon na say picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job trying to clean 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 require days of the week to attempt to look through them and in fact see what was going on and sort of shot to return to everyone so moving on look why do companies pick to primary different bank accounts there are Papaya Global Support Helpline organizations out there doing precisely this for specific nations and I’ve operated in a company or numerous companies doing exactly that I can say it does not constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we do not need to and anyone 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 amount that we are I believe lots of reasons one is it’s the requirement I think people have actually got so utilized to we require a 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 simply been the standard and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I believe this is a procedure that requires looking at it needs altering but eventually individuals are extremely stuck with what they’re familiar
with ideal um change is a hard thing all of us don’t like change um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having keeping numerous checking account but there’s a huge amount of complexity goes with establishing a bank account maintaining it ensuring it can send International transfers ensuring it’s set up with the best user accesses for private individuals so the intricacy is big however I think the sincere response is modification um individuals have not been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to change however we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might almost be identified to be the next Century or two there is a lot to keep an eye on and this approach does pose several difficulties um so Johnny could you tell us about those obstacles yeah of course 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you deserve a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Support Helpline