Over the last five or 6 years …Papaya Global Over 25 Employees… roles on the provider side and likewise on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody 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 is 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 very very dreary and I wish I was elsewhere at this moment in time fine so let’s begin our program 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 different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we’ll also discuss a wrap-up which needs to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and managing them ends up being increasingly more complicated Worldwide companies are wanting to find Solutions and new methods to simplify processes specifically from a payroll and cross-border payment perspective many companies maintain different bank account just for payroll while some have numerous accounts in various countries does it make sense for business to maintain separate checking account sometimes in various countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies improve the episode complex processes of
Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, learn how companies forecast payroll costs to enhance working capital, and discover how improving international payroll payments can transform them from a troublesome task into a tactical property.
Managing payroll worldwide is an overwhelming job due to various regulations, compliance requirements, data security issues, and banking guidelines. The large variety of workers and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Traditional payroll systems typically lead to manual processes, data silos, and a lack of integration, causing inconsistencies and ineffectiveness. Regardless of living in a period of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to supply insights and solutions to streamline and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business invests in global payroll the less of a picture they see an absence of visibility also extends to payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide organizations have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes improperly interacted hires and terminations along with lack management and system configurations and then when you round all of it off and the data is delivered to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they depend on the necessary multiple processes 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 service face when they’re paying to workers or otherwise that’s a great concern I always throw this back and say what is it what does not require to be included best and what does
it need to be considered 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 need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is definitely vital however all over 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 acknowledgment that payroll payments are definitely basic and technology is allowing us to type of move on with that it also also to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely important that payroll and finance groups work better together than ever um I’m always 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 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 typically 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 individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high value on wellness and the settlement landscape is ending up being progressively complex. Organizations are continuously presenting brand-new advantages and payment choices, which adds to the total intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can result in inefficiencies and bottlenecks. In my opinion, this does not have to hold true. In today’s technologically innovative period, there’s no reason for preserving cumbersome treatments. Payroll, the business’s greatest expense, should be processed correctly and on time. Even small hold-ups can negatively affect staff members’ well-being and have far-reaching repercussions. Therefore, it’s vital to prioritize accurate and prompt payments.
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only notice when things fail. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally as well. Therefore, it is important to ensure that jobs like Wi-Fi International and other vital matters are done properly. Using the first Global Payments first payroll payment option is an excellent preliminary step towards offering a comprehensive payroll option for workers worldwide. Standardization, international procedures, and reducing the variety of tools, platforms, and bank accounts needed for global payroll are key consider attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things do not go as prepared. Eventually, we do not do it for the thankfulness.
anyhow we understand how how essential 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 easy as possible for everybody that’s involved in those processes and also so think of sorry I’m just I was just gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task attempting to clean 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 need days of the week to attempt to check out them and in fact see what was going on and sort of shot to return to everyone so carrying on appearance why do companies select to primary separate bank accounts there are Papaya Global Over 25 Employees companies out there doing exactly this for specific nations and I’ve operated in an organization or many organizations doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not producing additional work for anybody where we don’t 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 quantity that we are I believe lots of reasons one is it’s the requirement I think people have actually got so used to we need a brand-new savings account we open an entity and appropriately 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 standard and the standard the people have actually embraced 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 many other ways um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it requires changing but ultimately individuals are really stuck with what they’re familiar
with ideal um modification is a difficult thing all of us don’t like modification um so I think it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having preserving several savings account however there’s a big quantity of intricacy opts for establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is big but I believe the honest response is modification um people have not been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century approximately there is a lot to monitor and this approach does position a number of challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you deserve a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Over 25 Employees