Over the last five or 6 years …Papaya Global Payroll Down… functions on the company side and also on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everybody another number 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 interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I actually 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 raining here it’s extremely really bleak 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 obstacle years of handling International payroll why business maintain separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll likewise review a recap which ought to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of typical and handling them becomes more and more complex Worldwide organizations are seeking to discover Solutions and brand-new ways to enhance procedures specifically from a payroll and cross-border payment perspective many companies preserve different bank account just for payroll while some have multiple accounts in different nations does it make sense for business to maintain different savings account often in various nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies improve the episode complex procedures of
Ensuring precise, effective, and timely payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to enhance working capital, and discover how streamlining international payroll payments can transform them from a difficult task into a tactical possession.
Handling payroll internationally is a daunting task due to various policies, compliance requirements, information security issues, and banking rules. The large number of workers and organizations contributes to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically lead to manual processes, information silos, and a lack of combination, resulting in inconsistencies and ineffectiveness. Despite living in a period of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to provide insights and solutions to streamline and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that offers me sleepless nights and rather honestly the more an organization spends on global payroll the less of an image they see a lack of presence likewise extends to payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of worldwide organizations have actually expressed that they don’t have the level of standardization they need in their processes 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 then when you round it all off and the data is shipped to the incorrect location the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they rely on the essential several procedures 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 company face when they’re paying to staff members or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t require to be included best 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 country there’s payment time frames 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 complexity anywhere you look ideal eventually building a knowledge base is definitely critical but all over you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you 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 absolutely essential and innovation is permitting us to kind of move on with that it also as well to add to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely imperative that payroll and financing teams work closer together than ever um I’m always amazed when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more essential to contribute to kind of the level of intricacy there’s more and more advantages being organ or being provided by companies across the world so again you’re just seeking to add more and more payments to this currently complex landscape so if you kind 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 genuine obstacles or genuine challenging sort of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to develop additional handoffs in the processes that we run 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 era of tech and an era that you understand that we are operating in today there is no reason that we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from a cost viewpoint from an impact viewpoint on employees it is absolutely crucial that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful impact on people’s well-being and numerous other factors if people aren’t paid uh I’ve constantly been amazed entering into this Market sort of the last 5 to ten years is how little thanks the
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only notice when things go wrong. However, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally also. For that reason, it is necessary to ensure that tasks like Wi-Fi Global and other essential matters are done properly. Utilizing the very first International Payments very first payroll payment service is a terrific preliminary action towards offering a detailed payroll service for employees worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and checking account essential for international payroll are essential factors in achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things do not go as planned. Eventually, we don’t do it for the gratitude.
anyhow we understand how how crucial 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 easy as possible for everyone that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na say think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions picture 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 intriguing job attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and type of shot to return to everyone so proceeding appearance why do companies pick to primary different savings account there are Papaya Global Payroll Down businesses out there doing precisely this for specific nations and I’ve worked in a service or numerous companies doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we don’t have to and anybody that’s dealing with that process 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 many factors 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 require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I believe this is a procedure that needs looking at it requires changing however ultimately people are very stuck with what they recognize
with right um modification is a difficult thing all of us do not like change um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having maintaining several bank accounts but there’s a huge quantity of intricacy chooses setting up a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the intricacy is substantial however I believe the honest answer is modification 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 checking account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century approximately there is a lot to keep track of and this technique does pose a number of obstacles um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so
I just 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 Global workers you are worthy of a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Down