Over the last 5 or 6 years …Papaya Global 50 Change Pension Dates… functions on the provider side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everybody another couple 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 rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually 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 extremely uninspiring and I wish I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business keep different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll also discuss a wrap-up which ought to leave his time at the very really 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 more and more common and handling them becomes more and more complicated Global companies are aiming to discover Solutions and brand-new methods to streamline procedures especially from a payroll and cross-border payment viewpoint many companies keep separate checking account just for payroll while some have several accounts in different countries does it make good sense for business to preserve separate bank accounts often in different countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international business simplify the episode complex processes of
Ensuring precise, efficient, and timely payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, learn how business forecast payroll costs to optimize working capital, and find how enhancing worldwide payroll payments can transform them from a burdensome task into a tactical possession.
Managing payroll worldwide is a challenging job due to different guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer number of employees and companies contributes to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 countless 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 inefficiencies. Regardless of residing in an era of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to provide insights and solutions 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 organizations say they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business spends on international payroll the less of a picture they see a lack of presence likewise reaches payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of international services 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 errors are due to time reporting bad HCM data data entry mistakes badly communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the information is shipped to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they rely on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles organization face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and say what is it what does not require to be included right and what does
it need to be thought of 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 abilities 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 customer’s own in-country account so there’s intricacy anywhere you look ideal eventually developing a knowledge base is absolutely important but all over 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 type of link in 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 enabling us to type of move on with that it also too to add to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance groups work more detailed together than ever um I’m constantly astonished when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession 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 often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high value on wellness and the payment landscape is ending up being progressively complex. Companies are continually presenting brand-new advantages and payment options, which adds to the total complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can result in ineffectiveness and traffic jams. In my opinion, this doesn’t have to hold true. In today’s technically innovative period, there’s no justification for preserving troublesome procedures. Payroll, the company’s biggest cost, should be processed correctly and on time. Even slight hold-ups can adversely affect staff members’ well-being and have significant consequences. For that reason, it’s critical to prioritize precise and prompt payments.
payroll team get um so I’m unsure anyone on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle we all find out 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 exercise and I think 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 things is definitely vital that all of this things is done correctly so leveraging the very first International Payments very first payroll payment option is a fantastic initial step um offering an end-to-end payroll option for your employees globally once again I think is another big um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of companies and lowering the number 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 thousand of 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 complaints where things have not gone rather where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we know 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 easy as possible for everyone that’s associated with those procedures and also so envision sorry I’m simply I was simply gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly 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 task trying to clean all those up for sure oh absolutely 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 attempt to look through them and in fact see what was going on and type of try to return to everybody so carrying on appearance why do companies pick to main different bank accounts there are Papaya Global 50 Change Pension Dates services out there doing exactly this for particular nations and I have actually operated in a company or numerous services doing exactly that I can state it does not constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing extra work for any person where we don’t have to and anyone 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 quantity that we are I think numerous factors one is it’s the requirement I think individuals have got so utilized to we require a brand-new bank account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I believe this is a procedure that requires looking at it requires changing but ultimately individuals are very stuck with what they’re familiar
with best um change is a tough thing we all do not like change um so I believe it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having preserving multiple savings account however there’s a huge quantity of intricacy opts for establishing a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual people so the complexity is big however I believe the honest response is change um people haven’t had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century approximately there is a lot to monitor and this method does present a number of challenges um so Johnny might you inform us about those obstacles yeah of course so there’s a variety right there is so
I simply did you switched 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 are worthy of a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global 50 Change Pension Dates