Over the last 5 or six years …Papaya Global Change Pension Pay Elements… roles on the provider side and likewise on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very uninspiring and I want I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we’ll also review a wrap-up and that 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 relocating 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 managing them becomes increasingly more complicated International organizations are wanting to discover Solutions and new ways to streamline procedures especially from a payroll and cross-border payment standpoint numerous organizations preserve different savings account just for payroll while some have multiple accounts in various countries does it make good sense for business to maintain different bank accounts sometimes in different countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business improve the episode complex procedures of
Making sure precise, effective, and prompt payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, discover how business forecast payroll expenses to optimize working capital, and find how improving worldwide payroll payments can change them from a difficult job into a tactical property.
Handling payroll worldwide is an overwhelming job due to different guidelines, compliance requirements, data security issues, and banking rules. The large variety of staff members and businesses contributes to the complexity, with an approximated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Conventional payroll systems often result in manual processes, information silos, and a lack of combination, resulting in disparities and ineffectiveness. Regardless of residing in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to supply insights and options to streamline and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company spends on international payroll the less of a picture they see a lack of presence likewise extends to payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global businesses have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the data is delivered to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they depend on the essential multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges business face when they’re making payments to workers or otherwise that’s a great concern I constantly toss this back and state what is it what doesn’t need to be included best and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 client’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is absolutely crucial but all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to kind of move forward with that it also also to contribute to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely vital that payroll and finance groups work better together than ever um I’m always astonished when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world places a high worth on wellness and the payment landscape is becoming increasingly complex. Companies are continually presenting new advantages and payment alternatives, which adds to the total intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my opinion, this does not need to be the case. In today’s technologically advanced age, there’s no justification for maintaining cumbersome treatments. Payroll, the company’s greatest expenditure, should be processed correctly and on time. Even small delays can negatively impact staff members’ well-being and have far-reaching consequences. For that reason, it’s critical to focus on precise and timely payments.
payroll group get um so I’m not sure anyone on this kind of webinar has actually been informed 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 staff members or not um but ultimately payroll is such an important cycle all of us become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment service is a great primary step um offering an end-to-end payroll service for your staff members globally once again I think is another huge um procedure once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of companies and decreasing the number of tools platforms and checking account they require 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 have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we know how how important a role 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 easy as possible for everyone that’s involved in those procedures and likewise so picture sorry I’m simply I was simply gon na state think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task attempting to clean all those up for sure oh absolutely I can’t picture 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 sort of try to get back to everybody so moving on appearance why do companies select to primary different checking account there are Papaya Global Change Pension Pay Elements companies out there doing exactly this for specific nations and I’ve operated in an organization or lots of organizations doing precisely that I can say it doesn’t always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we do not have to and any person 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 believe lots of reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs altering but eventually people are really stuck to what they’re familiar
with best um change is a hard thing we all don’t like change um so I believe 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 understand clearly the advantages of having maintaining multiple bank accounts but there’s a big quantity of complexity goes with setting up a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the complexity is huge but I believe the truthful answer is change um individuals have not been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could practically be figured out to be the next Century or two there is a lot to monitor and this technique does present a number of challenges um so Johnny might you inform us about those challenges 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you are worthy of a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Change Pension Pay Elements