Over the last 5 or 6 years …Papaya Global Year End Process 2021… functions on the provider side and also on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I truly 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 raining here it’s very very uninspiring and I wish I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical asset uh we’ll also go over a recap and that needs to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more typical and handling them ends up being more and more intricate Global companies are seeking to discover Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment viewpoint lots of companies keep separate checking account just for payroll while some have multiple accounts in different nations does it make good sense for companies to maintain separate checking account in some cases in various countries it does but 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 helping multinational companies enhance the episode complex procedures of
Making sure precise, efficient, and prompt payroll payments is a complex difficulty for companies running worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, discover how companies forecast payroll costs to enhance working capital, and find how enhancing international payroll payments can transform them from a burdensome task into a strategic property.
Managing payroll internationally is a challenging job due to various guidelines, compliance requirements, data security concerns, and banking guidelines. The large number of workers and services 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 businesses worldwide.
Traditional payroll systems typically lead to manual processes, information silos, and a lack of combination, resulting in inconsistencies and inefficiencies. Regardless of living in a period of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar goals to provide insights and options to streamline and enhance worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business invests in worldwide payroll the less of an image they see an absence of visibility likewise encompasses payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of international businesses have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes improperly interacted hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is delivered to the wrong place the typical expense 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 cash around the world payroll and payments do not run smoothly if they rely on the required numerous 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 challenges company face when they’re making payments to employees or otherwise that’s a good question I constantly throw this back and state what is it what does not require to be consisted of ideal and what does
it require to be considered there’s differing Bank details 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 have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is definitely vital however everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to kind of progress with that it also as well to add to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely necessary that payroll and financing groups work closer together than ever um I’m always impressed when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation 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 procedure 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 3rd parties so with the
The contemporary world positions a high value on wellness and the settlement landscape is ending up being progressively elaborate. Services are constantly presenting brand-new benefits and payment choices, which contributes to the total complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my opinion, this does not need to be the case. In today’s highly advanced period, there’s no reason for keeping troublesome procedures. Payroll, the company’s biggest expenditure, must be processed properly and on time. Even small delays can adversely impact staff members’ well-being and have far-reaching effects. Therefore, it’s vital to focus on accurate and timely payments.
payroll team get um so I’m unsure anyone on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe 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 stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment service is a fantastic primary step um offering an end-to-end payroll service for your workers globally once again I think is another substantial um procedure again lining up and ensuring you have standardization International processes all of those things are definitely essential to success success of companies and reducing the number of tools platforms and checking account they need 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I do not believe any of us are really doing that for for the thanks
anyhow 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 procedures and likewise so picture sorry I’m simply I was just gon na state 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 talking about hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task attempting 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 require days of the week to attempt to browse them and actually see what was going on and kind of try to return to everyone so proceeding appearance why do business select to main separate bank accounts there are Papaya Global Year End Process 2021 organizations out there doing exactly this for particular countries and I have actually operated in a company or many companies doing exactly that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we don’t have to and anybody that’s managing that procedure 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 reasons one is it’s the requirement I think individuals have got so used to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions 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 adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a process that requires taking a look at it needs changing however 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 believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining multiple checking account however there’s a big quantity of complexity opts for setting up a savings account maintaining it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is substantial but I think the sincere answer is change um people haven’t been able to alter or have not had always the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could practically be determined to be the next Century or two there is a lot to keep an eye on and this method does posture several obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you should have a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Year End Process 2021