Over the last 5 or six years …Papaya Global Cloud Professional… roles on the company side and also on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or two 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 intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it is 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 elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll likewise go over a wrap-up and that should leave his time at the really extremely 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 Global workforces become increasingly more typical and handling them ends up being a growing number of complex Worldwide organizations are seeking to discover Solutions and new ways to improve procedures specifically from a payroll and cross-border payment standpoint many companies maintain different savings account just for payroll while some have several accounts in different nations does it make good sense for companies to maintain separate bank accounts in some cases in different countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies streamline the episode complex procedures of
Guaranteeing precise, efficient, and prompt payroll payments is a complex obstacle for organizations operating internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, learn how business anticipate payroll costs to optimize working capital, and discover how streamlining worldwide payroll payments can change them from a burdensome job into a strategic asset.
Handling payroll worldwide is a challenging task due to various policies, compliance requirements, information security issues, and banking rules. The large number of staff members and companies adds to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently result in manual processes, information silos, and a lack of integration, causing disparities and inefficiencies. Regardless of residing in an era of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to provide insights and options to streamline and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a company spends on global payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of global companies have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors improperly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is shipped to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s a good concern I always toss this back and say what is it what doesn’t require to be included ideal 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 nation there’s payment amount of time 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 client’s own in-country account so there’s complexity any place you look best eventually constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is enabling us to type of move on with that it likewise also to contribute to that payroll and finance require to work closer together um with varying 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 constantly astonished when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on wellness and the payment landscape is ending up being increasingly detailed. Companies are constantly introducing new benefits and payment options, which contributes to the general intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and bottlenecks. In my opinion, this does not need to be the case. In today’s technically innovative age, there’s no reason for keeping troublesome procedures. Payroll, the company’s most significant cost, should be processed correctly and on time. Even minor hold-ups can negatively affect workers’ well-being and have far-reaching repercussions. For that reason, it’s crucial to prioritize precise and prompt payments.
payroll group get um so I’m not exactly sure anyone on this sort of webinar has 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 an important cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment service is a terrific initial step um supplying an end-to-end payroll option for your workers worldwide again I think is another huge um procedure once again aligning and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of organizations and lowering the number of tools platforms and savings 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 ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re meant to be um I do not believe any of us are really doing that for for the thanks
anyway we know how how essential 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 associated with those procedures and also so think of sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting 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 look through them and actually see what was going on and type of try to return to everybody so proceeding appearance why do business select to primary separate bank accounts there are Papaya Global Cloud Professional organizations out there doing exactly this for particular nations and I’ve worked in a company or numerous services doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not developing extra work for any person where we do not have 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 factors one is it’s the requirement I believe individuals have got so utilized to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I believe this is a procedure that requires looking at it requires changing however eventually people are very stuck to what they’re familiar
with ideal um modification is a challenging thing we all don’t like change um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having keeping numerous savings account but there’s a huge amount of intricacy chooses setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is big but I believe the honest answer is change um individuals haven’t had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to keep track of and this method does posture several obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Cloud Professional