Over the last five or six years …Papaya Global Pensions… roles on the supplier side and also on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone originates from and I actually 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 raining here it’s extremely extremely bleak and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic possession uh we’ll likewise go over a wrap-up which must leave his time at the really really 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 Worldwide workforces become a growing number of common and managing them ends up being more and more complicated Global companies are aiming to discover Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment perspective lots of companies maintain separate bank account just for payroll while some have numerous accounts in various countries does it make good sense for business to maintain different checking account often in various countries it does but just for payroll is there a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational business enhance the episode complex processes of
Guaranteeing precise, effective, and prompt payroll payments is a complex obstacle for businesses operating internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, find out how companies anticipate payroll expenses to enhance working capital, and find how improving worldwide payroll payments can change them from a difficult task into a strategic property.
Managing payroll worldwide is a challenging task due to various policies, compliance requirements, data security concerns, and banking rules. The sheer variety 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.
Conventional payroll systems often lead to manual procedures, information silos, and an absence of combination, leading to disparities and inadequacies. In spite of living in an era of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to supply insights and solutions to streamline and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on global payroll the less of an image they see an absence of presence likewise extends to payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global businesses have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors improperly interacted hires and terminations in addition to absence 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 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 efficiently if they count on the necessary multiple processes 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 difficulties service face when they’re paying to workers or otherwise that’s an excellent concern I always throw this back and state what is it what does not require to be included best and what does
it need to be thought about there’s differing 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 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 intricacy any place you look right eventually developing a knowledge base is definitely vital but everywhere you look with payroll payment they resemble super payments no if however 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 recognition that payroll payments are absolutely basic and innovation is allowing us to kind of move on with that it likewise also to add to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely imperative that payroll and financing teams work more detailed together than ever um I’m constantly amazed when people say I have actually divided 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 calculation 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 ultimately 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 also paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on wellness and the payment landscape is ending up being progressively elaborate. Organizations are continually presenting brand-new advantages and payment choices, which adds to the total complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in ineffectiveness and bottlenecks. In my viewpoint, this does not have to hold true. In today’s highly sophisticated period, there’s no justification for keeping cumbersome procedures. Payroll, the company’s biggest cost, should be processed properly and on time. Even small delays can negatively affect employees’ wellness and have significant effects. For that reason, it’s critical to prioritize precise and prompt payments.
payroll group get um so I’m unsure anybody on this sort of webinar has 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 however eventually payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout 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 absolutely important that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a great first step um supplying an end-to-end payroll solution for your employees globally once again I believe is another huge um process once again aligning and guaranteeing you have standardization International procedures all of those things are absolutely key to success success of organizations and decreasing 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 ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyway we know 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 associated with those processes and likewise so think of sorry I’m simply I was just gon na say envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and in fact see what was going on and sort of shot to get back to everybody so proceeding appearance why do business choose to primary separate checking account there are Papaya Global Pensions companies out there doing precisely this for particular nations and I’ve worked in a service or many businesses doing exactly that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not developing additional work for anybody where we don’t have to and anybody 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 quantity that we are I believe numerous reasons one is it’s the requirement I believe people have actually got so utilized to we need a brand-new bank 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 norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I believe this is a process that needs looking at it needs changing but eventually individuals are extremely stuck to what they recognize
with best um change is a tough thing we all do not like change um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having preserving numerous savings account however there’s a big amount of complexity opts for setting up a checking account keeping it ensuring it can send out International transfers ensuring it’s established with the right user accesses for private people so the intricacy is big but I think the truthful response is modification um individuals have not been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be figured out to be the next Century or two there is a lot to keep an eye on and this approach does position several obstacles um so Johnny could you tell us about those challenges 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 resembles 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 office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Pensions