Over the last 5 or 6 years …P45 On Papaya Global… functions on the provider side and likewise on the vendor side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody 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 drizzling here it’s really really bleak and I want I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies keep separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a strategic possession uh we’ll also review a recap which needs to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of common and managing them becomes a growing number of complicated Global companies are looking to find Solutions and new ways to simplify processes especially from a payroll and cross-border payment perspective numerous organizations maintain separate bank account just for payroll while some have several accounts in various countries does it make good sense for business to keep separate savings account often in different countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business streamline the episode complex processes of
Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for services operating internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, discover how business anticipate payroll expenses to optimize working capital, and find how streamlining international payroll payments can transform them from a challenging task into a tactical possession.
Handling payroll worldwide is a daunting task due to different regulations, compliance requirements, information security concerns, and banking rules. The sheer number of workers and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently result in manual processes, data silos, and an absence of integration, resulting in inconsistencies and ineffectiveness. Regardless of living in a period of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to supply insights and solutions to simplify and enhance global payroll payments.
about it to provide 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 offers me sleep deprived nights and rather honestly the more a company spends on worldwide payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide businesses have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors poorly communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the data is delivered to the incorrect place the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they count on the needed multiple 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 paying to workers or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t need to be included best and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities so can you pay it from International or do you have 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 ultimately building a knowledge base is absolutely crucial but all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 basic and innovation is enabling us to kind of move forward with that it also 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 absolutely vital that payroll and finance groups work closer together than ever um I’m always surprised when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on well-being and the settlement landscape is becoming increasingly detailed. Businesses are continuously introducing new benefits and payment choices, which adds to the total intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can lead to inadequacies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technically sophisticated era, there’s no reason for preserving cumbersome procedures. Payroll, the company’s most significant expense, need to be processed correctly and on time. Even slight hold-ups can negatively impact workers’ wellness and have far-reaching consequences. For that reason, it’s important to prioritize precise and timely payments.
payroll team get um so I’m unsure anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle all of us become aware of 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 likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment solution is a fantastic initial step um providing an end-to-end payroll service for your workers internationally once again I think is another huge um procedure again lining up and guaranteeing you have standardization International processes all of those things are definitely key to success success of services and minimizing the variety of tools platforms and checking account they require for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyhow we know 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 everybody that’s involved in those processes and likewise so picture sorry I’m simply I was just 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’m sure we’re discussing hundreds of thousands possibly Millions envision getting that many 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 interesting 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 attempt to browse them and actually see what was going on and type of try to get back to everybody so proceeding appearance why do companies choose to main different checking account there are P45 On Papaya Global organizations out there doing precisely this for specific nations and I have actually worked in an organization or numerous businesses doing precisely that I can say it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for any person where we do not need to and anyone that’s dealing with 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 quantity that we are I believe lots of reasons one is it’s the requirement I believe people have got so used to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just 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 taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I believe this is a procedure that needs taking a look at it requires altering however ultimately people are really stuck to what they recognize
with ideal um modification is a challenging thing we all do not like change um so I believe it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having keeping multiple bank accounts however there’s a huge amount of complexity goes with setting up a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for individual people so the intricacy is big however I believe the honest response is modification um individuals haven’t had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might almost be figured out to be the next Century or two there is a lot to track and this approach does position numerous obstacles um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so
I just did you changed our Business 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 because I mastered Worldwide payroll and payments with Papaya payroll OS did you P45 On Papaya Global