Over the last 5 or six years …Papaya Global When Payroll Falls On Weekend… functions on the provider side and also on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody comes 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 really extremely bleak and I wish I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical possession uh we’ll likewise review a recap which should leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more common and managing them becomes a growing number of intricate International companies are seeking to discover Solutions and new ways to simplify processes particularly from a payroll and cross-border payment standpoint lots of companies keep separate bank account just for payroll while some have several accounts in various nations does it make good sense for companies to maintain different checking account sometimes in different nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business simplify the episode complex processes of
Guaranteeing accurate, efficient, and timely payroll payments is a complex challenge for companies running globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll costs to optimize working capital, and discover how streamlining international payroll payments can change them from a difficult task into a tactical possession.
Managing payroll internationally is a complicated job due to different policies, compliance requirements, information security concerns, and banking rules. The sheer number of staff members and companies contributes to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically result in manual processes, information silos, and an absence of integration, leading to disparities and inadequacies. In spite of living in an era of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to offer insights and options to simplify and optimize international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a business spends on international payroll the less of a picture they see a lack of presence also reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of international services have actually revealed that they do not 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 bad HCM data data entry errors improperly interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the information is shipped to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they depend on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s a good question I constantly toss this back and state what is it what does not require to be consisted of ideal 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 nation there’s payment timespan there’s payment capabilities 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 best ultimately building a knowledge base is definitely important however all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is permitting us to type of move on with that it also too to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely vital that payroll and financing groups work closer together than ever um I’m always astonished when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically 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 wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of essential to add to kind of the level of intricacy there’s a growing number of benefits being organ or being used by organizations throughout the world so again you’re simply wanting to include more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real challenges or real challenging type of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to create additional handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from an expense point of view from an effect viewpoint on workers it is definitely important that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental impact on individuals’s well-being and many other elements if individuals aren’t paid uh I’ve always been surprised entering into this Market sort of the last 5 to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only see when things fail. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally also. For that reason, it is essential to guarantee that tasks like Wi-Fi International and other vital matters are done properly. Utilizing the first Worldwide Payments first payroll payment solution is a fantastic initial step towards providing a comprehensive payroll solution for workers worldwide. Standardization, worldwide processes, and decreasing the variety of tools, platforms, and savings account required for international payroll are key consider attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things don’t go as planned. Ultimately, we don’t do it for the thankfulness.
anyway we understand how how crucial 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 simple as possible for everyone that’s associated with those procedures and also so envision sorry I’m simply I was simply 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 certain we’re discussing hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and actually see what was going on and type of shot to get back to everybody so carrying on look why do companies select to primary different bank accounts there are Papaya Global When Payroll Falls On Weekend organizations out there doing exactly this for particular nations and I have actually worked in a business or numerous businesses doing exactly that I can state it doesn’t always feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we do not need to and any person 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 amount that we are I think lots of reasons one is it’s the standard I think people have got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I think this is a process that needs taking a look at it needs changing however eventually people are extremely stuck to what they’re familiar
with ideal um change is a tough thing we all don’t like change um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having maintaining multiple savings account but there’s a big quantity of intricacy goes with establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for specific individuals so the intricacy is substantial however I believe the sincere answer is modification 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 bank account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might practically be figured out to be the next Century or so there is a lot to monitor and this approach does posture numerous obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global When Payroll Falls On Weekend