Over the last five or 6 years …Papaya Global Year End Cis… functions on the provider side and also on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely bleak and I want I was elsewhere at this moment in time fine so let’s begin 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 business maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll also discuss a wrap-up which should leave his time at the really very 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 labor forces end up being a growing number of common and handling them ends up being more and more intricate Worldwide companies are looking to find Solutions and brand-new ways to simplify processes especially from a payroll and cross-border payment standpoint many companies keep different checking account just for payroll while some have numerous accounts in different nations does it make sense for companies to keep separate savings account sometimes in different countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business streamline the episode complex processes of
Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for services running internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, learn how business anticipate payroll costs to optimize working capital, and find how enhancing global payroll payments can transform them from a burdensome job into a strategic asset.
Handling payroll internationally is a challenging job due to numerous guidelines, compliance requirements, data security issues, and banking guidelines. The large number of workers and businesses adds to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems typically result in manual procedures, information silos, and a lack of combination, resulting in disparities and ineffectiveness. In spite of residing in an era of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to provide insights and options 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 organizations say they have Workforce information in real time that’s another number that gives me sleepless nights and rather honestly the more a business invests in global payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of global services have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors poorly communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the data is delivered to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they rely on the essential numerous processes 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 challenges business face when they’re making payments to employees or otherwise that’s an excellent question I constantly toss this back and state what is it what doesn’t need to be consisted of 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 country there’s payment time frames 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 any place you look ideal eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you 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 essential and technology is allowing us to sort of move on with that it also too to add to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely imperative that payroll and financing groups work more detailed together than ever um I’m always surprised when people say I have actually split payroll and payment um if you stroll down the street and asked anyone 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 an industry accept that why our payroll and payments so typically 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 people wherever they are however also paying statutory authorities and on statutory third parties so with the
The modern world positions a high worth on wellness and the payment landscape is ending up being increasingly complex. Organizations are continually presenting new advantages and payment alternatives, which contributes to the general intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s technologically advanced era, there’s no validation for maintaining troublesome procedures. Payroll, the business’s most significant expenditure, must be processed properly and on time. Even small delays can negatively affect employees’ well-being and have significant effects. For that reason, it’s vital to prioritize precise and timely payments.
payroll team get um so I’m not exactly sure anyone on this type of webinar has 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 ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment solution is a fantastic initial step um providing an end-to-end payroll solution for your staff members internationally again I believe is another huge um process once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of companies and lowering the variety of tools platforms and checking account they require for their Global 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’ve never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I do not think any of us are really doing that for for the thanks
anyhow we understand how how important a role 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 involved in those procedures and also so envision sorry I’m simply I was just gon na state envision 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 discussing hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job trying 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 need days of the week to attempt to check out them and really see what was going on and kind of try to return to everybody so proceeding look why do business pick to main different savings account there are Papaya Global Year End Cis businesses out there doing exactly this for specific countries and I have actually operated in a business or many businesses doing exactly that I can say it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not creating extra work for anybody where we don’t need to and anybody that’s dealing with 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 quantity that we are I believe numerous reasons one is it’s the requirement I believe individuals have actually got so used to we need a new checking account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it needs altering but eventually individuals are really stuck with what they recognize
with ideal um modification is a challenging thing all of us don’t like modification um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having keeping multiple savings account but there’s a huge amount of complexity opts for establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is huge however I think the truthful answer is modification um people have not had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century or so there is a lot to track and this technique does position several obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a variety 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 gained another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 employees worldwide. Your dedication 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 better, considering your accomplishments. Papaya Global Year End Cis