Over the last 5 or 6 years …Multiple Departments Papaya Global… roles on the supplier side and likewise on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everyone comes from and I really do hope it’s much sunnier than it remains 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 gloomy and I wish I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we’ll likewise review a wrap-up 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 Worldwide labor forces become increasingly more typical and managing them ends up being increasingly more intricate Global organizations are looking to discover Solutions and new ways to simplify processes particularly from a payroll and cross-border payment perspective lots of companies maintain separate checking account just for payroll while some have several accounts in different nations does it make sense for business to keep different bank accounts often in various countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international business improve the episode complex procedures of
Making sure precise, efficient, and prompt payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, discover how business forecast payroll costs to optimize working capital, and find how improving global payroll payments can transform them from a burdensome task into a tactical asset.
Handling payroll globally is a complicated job due to numerous policies, compliance requirements, information security issues, and banking rules. The sheer number of staff members and services contributes to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically lead to manual processes, data silos, and a lack of combination, causing disparities and ineffectiveness. Regardless of living in a period of technological improvements, payroll management has been sluggish 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 streamline and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company invests in global payroll the less of a picture they see an absence of presence likewise encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of international services have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is delivered to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they depend on the required numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s an excellent question I always 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 nation 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 customer’s own in-country account so there’s complexity any place you look right eventually building a knowledge base is definitely vital however all over you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is allowing us to type of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely imperative that payroll and finance teams work closer together than ever um I’m constantly astonished when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on well-being and the settlement landscape is ending up being increasingly complex. Organizations are continuously presenting brand-new benefits and payment alternatives, which adds to the general complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can result in inefficiencies and bottlenecks. In my opinion, this does not need to hold true. In today’s technologically advanced era, there’s no reason for preserving troublesome treatments. Payroll, the business’s greatest expenditure, should be processed correctly and on time. Even minor hold-ups can negatively impact workers’ wellness and have far-reaching repercussions. Therefore, it’s vital to focus on precise and prompt payments.
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only see when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally also. Therefore, it is vital to guarantee that jobs like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the first Global Payments very first payroll payment option is a great initial step towards supplying a detailed payroll service for workers worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and bank accounts required for global payroll are crucial factors in accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things do not go as planned. Eventually, we do not do it for the gratitude.
anyhow we understand how how important a role 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 everyone that’s involved in those processes and also so envision sorry I’m simply I was just gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and sort of shot to get back to everyone so moving on look why do companies select to primary separate checking account there are Multiple Departments Papaya Global services out there doing precisely this for particular nations and I’ve operated in a service or numerous companies doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for anyone where we do not need to and anyone that’s managing that procedure 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 think many reasons one is it’s the standard I think people have actually got so used to we need a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I think this is a process that requires looking at it requires changing but eventually people are extremely stuck to what they recognize
with best um modification is a tough thing all of us do not like change um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having keeping numerous bank accounts but there’s a huge quantity of complexity opts for establishing a savings account preserving it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is huge however I think the sincere response is change um people have not had the ability to change or have not had always the knowledge 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 a component of resistance to change however we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century or so there is a lot to track and this technique does present numerous obstacles um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your achievements. Multiple Departments Papaya Global