Over the last 5 or six years …Teach Yourself Papaya Global… roles on the provider side and also on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really gloomy 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 obstacle years of handling International payroll why companies keep separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical possession uh we’ll likewise discuss a wrap-up and that must leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more typical and managing them ends up being a growing number of complex Global organizations are seeking to find Solutions and new methods to improve procedures especially from a payroll and cross-border payment standpoint lots of organizations keep different checking account just for payroll while some have multiple accounts in different countries does it make good sense for business to keep different bank accounts sometimes in various nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business simplify the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, find out how companies forecast payroll costs to optimize working capital, and discover how streamlining international payroll payments can change them from a difficult task into a tactical asset.
Handling payroll globally is a daunting job due to numerous regulations, compliance requirements, data security issues, and banking rules. The large variety of workers and services contributes to the intricacy, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom are in Africa, and 230 million services worldwide.
Standard payroll systems frequently lead to manual processes, data silos, and an absence of combination, resulting in disparities and ineffectiveness. Regardless of living in an age of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to offer insights and options to simplify and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business spends on global payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide organizations 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 because of time reporting bad HCM data information entry errors inadequately interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the data is delivered to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they count on the needed several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re making payments to employees or otherwise that’s a great concern I always toss this back and say what is it what does not require to be consisted of best and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity any place you look best ultimately developing a knowledge base is absolutely vital however all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to type of move on with that it likewise as well to add to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely imperative that payroll and finance groups work more detailed 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 anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation 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 ultimately 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of essential to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being offered by services throughout the world so once again you’re simply aiming to add more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real difficulties or genuine tough kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups 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 opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and a period that you know that we are operating in today there is no reason we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an impact point of view on workers it is absolutely vital that it’s done correctly 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 greatest harmful impact on individuals’s wellness and numerous other factors if individuals aren’t paid uh I’ve constantly been surprised entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just notice when things fail. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally also. For that reason, it is vital to make sure that jobs like Wi-Fi Global and other crucial matters are done properly. Using the first Global Payments very first payroll payment service is an excellent preliminary action towards supplying a thorough payroll service for employees worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and bank accounts required for worldwide payroll are crucial consider accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
anyway we know how how crucial a function 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 involved in those procedures and also so envision sorry I’m simply I was just gon na say picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions picture getting that lots of 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 a fascinating job attempting to clean 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 need days of the week to try to check out them and in fact see what was going on and kind of shot to get back to everybody so carrying on look why do business choose to primary different checking account there are Teach Yourself Papaya Global services out there doing exactly this for particular nations and I’ve worked in a service or lots of organizations doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we do not need to and anybody 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 quantity that we are I believe numerous reasons one is it’s the standard I think people have actually got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I think this is a procedure that requires taking a look at it needs altering however ultimately individuals are very stuck with what they recognize
with ideal um change is a difficult thing all of us do not like change um so I believe it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having maintaining several checking account however there’s a big quantity of complexity opts for establishing a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the complexity is big however I think the sincere response is modification um people haven’t been able to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to change but we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or two there is a lot to track and this approach does pose several difficulties um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your accomplishments. Teach Yourself Papaya Global