Over the last 5 or six years …Papaya Global Coronavirus Job Retention Scheme… functions on the service provider side and likewise on the supplier side from a payroll perspective so truly 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 couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone originates 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 very extremely gloomy and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we’ll likewise review a recap and that must leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and handling them ends up being increasingly more complex International companies are aiming to find Solutions and new ways to improve processes specifically from a payroll and cross-border payment viewpoint many companies maintain different bank account just for payroll while some have multiple accounts in different countries does it make sense for companies to maintain different checking account in some cases in different countries 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 business improve the episode complex procedures of
Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, learn how companies anticipate payroll costs to enhance working capital, and find how simplifying worldwide payroll payments can change them from a challenging job into a tactical property.
Managing payroll internationally is an overwhelming task due to different policies, compliance requirements, information security concerns, and banking rules. The large number of employees and companies adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems typically lead to manual processes, information silos, and a lack of combination, resulting in disparities and inadequacies. Despite living in a period of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to supply insights and services to streamline and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in international payroll the less of a picture they see a lack of exposure also encompasses payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of international companies have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors improperly communicated hires and terminations as well as absence management and system configurations and then when you round all of it off and the data is delivered to the wrong place the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they rely on the essential several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they’re making payments to workers or otherwise that’s a great question I always throw this back and state what is it what does not need to be included ideal and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 need to pay from the customer’s own in-country account so there’s intricacy anywhere you look best ultimately constructing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is permitting us to kind of move forward with that it likewise too to add to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely essential that payroll and financing groups work better together than ever um I’m always impressed when people say I have actually divided payroll and payment um if you walk 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 a market 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 data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on well-being and the payment landscape is becoming progressively detailed. Organizations are continuously presenting brand-new benefits and payment alternatives, which adds to the overall complexity. Large corporations often divide their payroll and payment processing into separate teams, which can lead to inefficiencies and traffic jams. In my viewpoint, this doesn’t need to hold true. In today’s technically sophisticated period, there’s no reason for maintaining cumbersome procedures. Payroll, the company’s biggest expenditure, need to be processed properly and on time. Even slight delays can adversely impact employees’ wellness and have far-reaching consequences. For that reason, it’s important to prioritize accurate and timely payments.
payroll group get um so I’m not exactly sure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe 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 stuff is absolutely important that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment option is a fantastic primary step um providing an end-to-end payroll solution for your staff members internationally again I believe is another big um process once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of services and lowering the variety of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we know how how crucial a function 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 easy as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job attempting to clean all those up for sure oh definitely 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 check out them and really see what was going on and sort of try to return to everybody so carrying on appearance why do companies pick to primary separate bank accounts there are Papaya Global Coronavirus Job Retention Scheme businesses out there doing precisely this for particular nations and I have actually operated in an organization or numerous businesses doing exactly that I can state it does not always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we don’t have to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the requirement I believe people have got so used to we need a new savings account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I think this is a process that needs looking at it needs changing however eventually people are extremely stuck with what they recognize
with ideal um change is a hard thing we all don’t like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having keeping numerous savings account but there’s a huge quantity of complexity goes with establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual people so the intricacy is substantial but I believe the sincere response is modification um people haven’t been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century or two there is a lot to monitor and this approach does position numerous challenges um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Coronavirus Job Retention Scheme