Over the last five or 6 years …Papaya Global Remote Data Access… functions on the service provider side and likewise on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting 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 comes from and I really 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 drizzling here it’s really very gloomy and I want I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies preserve different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we’ll also review a wrap-up and that must leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more typical and managing them becomes more and more complicated Worldwide companies are wanting to discover Solutions and brand-new ways to improve processes especially from a payroll and cross-border payment standpoint lots of companies preserve different savings account just for payroll while some have numerous accounts in various nations does it make sense for companies to preserve different checking account sometimes in various countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business simplify the episode complex procedures of
Guaranteeing precise, effective, and prompt payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, find out how business forecast payroll expenses to enhance working capital, and discover how enhancing global payroll payments can change them from a difficult job into a strategic property.
Handling payroll globally is a complicated job due to numerous regulations, compliance requirements, information security concerns, and banking rules. The sheer variety of workers and companies adds to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems frequently result in manual processes, information silos, and a lack of combination, causing inconsistencies and ineffectiveness. Despite residing in an era of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to provide insights and services to simplify 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 companies state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business invests in worldwide payroll the less of an image they see an absence of presence likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of global organizations have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes improperly communicated hires and terminations along with absence management and system setups and after that when you round everything off and the information is delivered to the incorrect place the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they depend on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re paying to employees or otherwise that’s a great concern I always throw this back and say what is it what doesn’t need to be consisted of right and what does
it need to be considered there’s differing Bank information 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 customer’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is definitely important however all over you look with payroll payment they are like super payments no if but some children 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 believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to type of move forward with that it also too to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance groups work better together than ever um I’m constantly astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide 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 process it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on wellness and the payment landscape is becoming progressively detailed. Organizations are continuously introducing new advantages and payment options, which adds to the general complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to inadequacies and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s highly advanced age, there’s no reason for preserving troublesome procedures. Payroll, the business’s biggest cost, must be processed correctly and on time. Even small hold-ups can adversely impact employees’ wellness and have significant effects. Therefore, it’s vital to prioritize accurate and prompt payments.
payroll group get um so I’m not exactly sure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such a crucial cycle we all find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just 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 International Payments first payroll payment service is a fantastic primary step um providing an end-to-end payroll service for your workers internationally once again I believe is another substantial um procedure once again lining up and ensuring you have standardization Global processes all of those things are definitely key to success success of companies and lowering the number of tools platforms and savings account they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyway we know how how essential 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 everybody that’s involved in those procedures and likewise so think of sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t picture 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 in fact see what was going on and sort of shot to return to everyone so carrying on appearance why do business select to main separate savings account there are Papaya Global Remote Data Access organizations out there doing precisely this for specific nations and I have actually worked in an organization or many services doing precisely that I can say it doesn’t always feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we do not have to and anyone that’s managing 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 lots of reasons one is it’s the standard I think individuals have got so used to we require a brand-new savings account we open an entity and appropriately so you need 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 adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires changing but eventually individuals are really stuck to what they recognize
with best um change is a challenging thing we all don’t like change um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having preserving several savings account but there’s a big amount of complexity goes with establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific individuals so the intricacy is big however I believe the honest answer is modification um individuals haven’t had the ability to alter or have not had always the understanding to really make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to alter but we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century or two there is a lot to keep track of and this method does position several obstacles um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so
I just 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 International employees you are worthy of a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Remote Data Access