Over the last 5 or 6 years …Papaya Global View Payslips… roles on the supplier side and also on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everybody another couple 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 interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone comes 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 really very gloomy and I wish I was elsewhere 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 difficulty years of handling Worldwide payroll why companies preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll likewise review a recap and that should leave his time at the extremely 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 labor forces end up being increasingly more common and managing them ends up being more and more complex Global organizations are wanting to find Solutions and new ways to simplify processes specifically from a payroll and cross-border payment perspective many companies preserve different bank account just for payroll while some have several accounts in various nations does it make good sense for companies to maintain different bank accounts sometimes in different nations it does however just for payroll exists a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business streamline the episode complex procedures of
Ensuring precise, efficient, and timely payroll payments is a complex obstacle for organizations running globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, discover how business anticipate payroll expenses to enhance working capital, and find how enhancing worldwide payroll payments can change them from a challenging job into a strategic property.
Managing payroll internationally is a difficult job due to various guidelines, compliance requirements, data security concerns, and banking guidelines. The large number of staff members and organizations adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems often result in manual processes, data silos, and a lack of combination, resulting in disparities and ineffectiveness. Regardless of living in an era of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to offer insights and solutions to streamline and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization spends on worldwide payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of international businesses have actually revealed 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 because of time reporting poor HCM information data entry mistakes badly communicated hires and terminations along with absence management and system setups and then when you round everything off and the information is delivered to the incorrect location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they count on the required 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 making payments to employees or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t need to be included right and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 client’s own in-country account so there’s intricacy anywhere you look best eventually developing a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to sort of move on with that it also as well to add to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely vital that payroll and financing teams work better together than ever um I’m always amazed when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide 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 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 third parties so with the
The modern world puts a high value on well-being and the payment landscape is becoming progressively elaborate. Companies are continuously introducing new advantages and payment alternatives, which contributes to the total complexity. Large corporations typically divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s technically sophisticated age, there’s no validation for maintaining troublesome treatments. Payroll, the company’s biggest expenditure, should be processed properly and on time. Even small hold-ups can negatively impact employees’ wellness and have far-reaching repercussions. For that reason, it’s important to prioritize precise and prompt payments.
payroll team get um so I’m not sure anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment service is an excellent primary step um offering an end-to-end payroll service for your staff members internationally once again I believe is another huge um procedure once again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of companies and decreasing the variety of tools platforms and bank accounts they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I don’t think any of us are actually doing that for for the thanks
anyway we know how how important a function 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 easy as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m just I was just gon na say imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job trying to clean up all those up for sure oh absolutely I can’t imagine 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 actually see what was going on and sort of shot to return to everybody so proceeding appearance why do business select to main different checking account there are Papaya Global View Payslips businesses out there doing precisely this for specific countries and I’ve worked in a service or numerous organizations doing precisely that I can state it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we do not have to and anybody that’s handling that procedure 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 think lots of reasons one is it’s the standard I believe people have got so used to we require a new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I believe this is a process that needs taking a look at it needs changing but ultimately individuals are very stuck with what they’re familiar
with best um change is a hard thing we all don’t like change um so I think it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having maintaining multiple bank accounts but there’s a substantial amount of complexity chooses setting up a bank account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is substantial but I think the sincere answer is change um people have not had the ability 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’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to monitor and this method does position several challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global View Payslips