Over the last 5 or 6 years …Payroll Schedule Papaya Global For Work Done… roles on the company side and also on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone comes 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 wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll also review a recap and that must 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 end up being a growing number of common and handling them becomes more and more intricate Worldwide companies are looking to find Solutions and brand-new ways to simplify procedures particularly from a payroll and cross-border payment perspective many organizations keep different bank account just for payroll while some have multiple accounts in different countries does it make sense for companies to preserve separate savings account in some cases in various nations it does but 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 procedures of
Ensuring accurate, effective, and timely payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, learn how companies forecast payroll expenses to optimize working capital, and find how improving international payroll payments can transform them from a troublesome job into a tactical possession.
Managing payroll worldwide is a complicated job due to various policies, compliance requirements, data security issues, and banking rules. The large number of workers and organizations adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently lead to manual processes, information silos, and a lack of integration, causing disparities and inefficiencies. Despite residing in a period of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to supply insights and options to streamline and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more a business spends on worldwide payroll the less of a picture they see an absence of visibility also encompasses payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of international businesses 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 errors are due to time reporting poor HCM data data entry errors inadequately interacted hires and terminations as well as absence management and system setups and after that when you round it all off and the data is delivered to the incorrect place the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they depend on the essential multiple 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 difficulties service face when they’re making payments to staff members or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t need to be consisted of ideal and what does
it need to be thought about there’s differing Bank details 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 have to pay from the client’s own in-country account so there’s intricacy wherever you look best eventually constructing a knowledge base is definitely critical but all over you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you 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 absolutely basic and innovation is allowing us to sort of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely necessary that payroll and finance groups work closer together than ever um I’m always impressed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to contribute to type of the level of complexity there’s more and more advantages being organ or being offered by organizations across the world so once again you’re simply looking to add increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine obstacles or genuine difficult kind of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to create additional 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 that we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any service has from an expense point of view from an effect viewpoint on employees it is definitely crucial that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging result on individuals’s wellness and lots of other elements if individuals aren’t paid uh I’ve constantly been surprised coming into this Market kind of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just discover when things fail. However, when things go right, it’s seen as just a routine job. This is how it’s viewed externally too. For that reason, it is necessary to ensure that tasks like Wi-Fi International and other important matters are done properly. Using the first Global Payments first payroll payment solution is a terrific initial action towards providing an extensive payroll solution for workers worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and bank accounts essential for global payroll are crucial factors in accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things do not go as prepared. Eventually, we do not do it for the gratitude.
anyway we know 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 associated with those processes and likewise so think of sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and really see what was going on and sort of try to return to everybody so moving on look why do business pick to main separate checking account there are Payroll Schedule Papaya Global For Work Done services out there doing precisely this for particular nations and I’ve worked in a business or numerous services doing exactly that I can say it does not constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we do not have to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the requirement I think people have actually got so used to we need a new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I think this is a process that needs looking at it needs altering however ultimately people are extremely stuck with what they recognize
with right um modification is a hard thing all of us do not like modification um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having preserving multiple bank accounts however there’s a big quantity of intricacy chooses setting up a savings account preserving it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual individuals so the intricacy is huge but I think the sincere response is modification um people have not had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we’ve always 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 know what might almost be identified to be the next Century or two there is a lot to monitor and this technique does position numerous challenges um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so
I just did you changed 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 closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Payroll Schedule Papaya Global For Work Done