Over the last five or six years …Papaya Global Real Case Scanario… functions on the supplier side and also on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting 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 everybody comes from and I really do hope it’s much sunnier than it remains 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 very really uninspiring and I wish I was somewhere else at this moment in time all right 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 handling Worldwide payroll why business maintain separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we’ll likewise review a wrap-up which must leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more typical and handling them becomes increasingly more complex Worldwide companies are aiming to discover Solutions and brand-new methods to improve procedures particularly from a payroll and cross-border payment standpoint numerous companies maintain different savings account just for payroll while some have numerous accounts in various countries does it make good sense for business to preserve different savings account sometimes in various nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies enhance the episode complex processes of
Ensuring accurate, efficient, and timely payroll payments is a complex difficulty for businesses running worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, learn how business anticipate payroll expenses to enhance working capital, and discover how simplifying worldwide payroll payments can transform them from a difficult task into a tactical property.
Managing payroll worldwide is a difficult job due to numerous guidelines, compliance requirements, data security concerns, and banking rules. The sheer number of workers and organizations contributes to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently lead to manual processes, information silos, and an absence of combination, resulting in disparities and inadequacies. In spite of living in an age of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to provide insights and options to simplify and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more a business spends on global payroll the less of an image they see a lack of presence also extends to payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international businesses have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes improperly interacted hires and terminations in addition to lack management and system setups and then when you round all of it off and the data is delivered to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they count on the essential several procedures 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 obstacles business face when they’re paying to staff members or otherwise that’s a good concern I constantly toss this back and say what is it what does not need to be consisted of 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 country there’s payment amount of time 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 complexity anywhere you look right ultimately constructing a knowledge base is absolutely crucial 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 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 absolutely essential and technology is enabling us to type of move on with that it also as well to add to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing teams work more detailed together than ever um I’m constantly amazed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being offered by services across the world so again you’re simply aiming to include increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine difficulties or genuine difficult type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would definitely say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we run in they just make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you know that we are working in today there is no reason why we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from an expense perspective from an impact point of view on workers it is absolutely vital that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging impact on people’s well-being and many other aspects if individuals aren’t paid uh I’ve always been astonished entering this Market type of the last five to ten years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals only discover when things fail. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally too. For that reason, it is essential to guarantee that tasks like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the first International Payments first payroll payment service is a great preliminary action towards offering a detailed payroll solution for employees worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and checking account required for international payroll are key consider attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyway we know how how important 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 simple as possible for everyone that’s involved in those processes and also so think of sorry I’m simply I was just gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task trying to clean all those up for sure oh definitely I can’t envision 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 sort of shot to get back to everyone so moving on look why do business choose to main separate bank accounts there are Papaya Global Real Case Scanario businesses out there doing exactly this for particular countries and I’ve worked in a business or numerous services doing precisely that I can state it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for any person where we don’t need to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the standard I think people have actually got so used to we need a brand-new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply 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 taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I believe this is a process that needs looking at it needs changing however ultimately people are very stuck with what they’re familiar
with best um change is a challenging thing we all don’t like modification um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having preserving numerous savings account however there’s a huge amount of intricacy goes with establishing a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the complexity is big however I believe the truthful response is change um individuals have not had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we have actually constantly 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 know what could nearly be determined to be the next Century or so there is a lot to keep an eye on and this approach does pose a number of challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Real Case Scanario