Over the last 5 or 6 years …Papaya Global Pay Elements Report… roles on the service provider side and also on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds approximately 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 everyone is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely dreary 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 handling Global payroll why companies maintain separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical property uh we’ll also review a wrap-up which needs to leave his time at the very 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 International labor forces become increasingly more typical and handling them becomes a growing number of intricate Worldwide organizations are aiming to find Solutions and brand-new ways to improve procedures specifically from a payroll and cross-border payment viewpoint numerous companies preserve different checking account just for payroll while some have multiple accounts in different nations does it make sense for companies to preserve separate checking account often in different countries it does however just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business simplify the episode complex procedures of
Guaranteeing accurate, efficient, and timely payroll payments is a complex difficulty for companies running worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to enhance working capital, and find how enhancing global payroll payments can transform them from a troublesome task into a strategic property.
Managing payroll worldwide is an overwhelming task due to various regulations, compliance requirements, data security issues, and banking guidelines. The large number of workers and services adds to the complexity, with an estimated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently lead to manual procedures, information silos, and a lack of integration, leading to inconsistencies and inefficiencies. In spite of residing in an age of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to offer insights and options to simplify and optimize worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a business invests in global payroll the less of an image they see an absence of presence likewise encompasses payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of international organizations have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes improperly interacted hires and terminations in addition to lack management and system setups and after that when you round everything off and the information is delivered to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they count on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t require to be consisted of right and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country 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 have to pay from the consumer’s own in-country account so there’s intricacy wherever you look best eventually developing a knowledge base is absolutely important but all over you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to sort of move on with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely essential that payroll and finance groups work better together than ever um I’m always impressed when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession 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 often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on well-being and the payment landscape is becoming increasingly elaborate. Companies are continuously introducing new advantages and payment alternatives, which contributes to the general intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can cause inefficiencies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s technically innovative age, there’s no validation for maintaining troublesome procedures. Payroll, the business’s biggest expenditure, must be processed properly and on time. Even slight delays can adversely affect workers’ well-being and have far-reaching repercussions. For that reason, it’s important to focus on accurate and timely payments.
payroll group get um so I’m not sure anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however 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 however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done properly so leveraging the first Global Payments first payroll payment option is a terrific first step um supplying an end-to-end payroll solution for your staff members internationally once again I believe is another huge um procedure again aligning and ensuring you have standardization Global processes all of those things are definitely crucial to success success of services and lowering the variety of tools platforms and bank accounts they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand how how crucial a role 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 simple as possible for everybody that’s involved in those processes and likewise so imagine sorry I’m just I was just gon na say imagine 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 numerous thousands possibly Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and type of try to return to everyone so moving on look why do companies choose to main different bank accounts there are Papaya Global Pay Elements Report organizations out there doing exactly this for specific countries and I’ve worked in a company or many companies doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not developing additional work for anyone where we do not need to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I believe people have actually got so utilized to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I think this is a procedure that requires looking at it needs altering but ultimately people are really stuck with what they’re familiar
with best um modification is a challenging thing we all don’t like modification um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having preserving numerous bank accounts but there’s a big quantity of complexity chooses setting up a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the intricacy is big however I think the honest answer is change um people haven’t been able to change or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century approximately there is a lot to monitor and this method does present several difficulties um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I simply did you switched our Enterprise 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 Global workers you are worthy of a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Pay Elements Report