Over the last five or six years …Papaya Global Service Delivery Specialist Salary… roles on the supplier side and likewise on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating 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 everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely bleak and I want I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll likewise discuss a recap and that must leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of common and handling them ends up being increasingly more complicated Global organizations are aiming to find Solutions and brand-new methods to enhance procedures particularly from a payroll and cross-border payment viewpoint numerous organizations preserve separate bank account just for payroll while some have multiple accounts in various countries does it make good sense for companies to keep separate bank accounts often in various nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international business simplify the episode complex procedures of
Making sure precise, effective, and timely payroll payments is a complex challenge for organizations running internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, find out how companies forecast payroll costs to optimize working capital, and find how simplifying worldwide payroll payments can change them from a burdensome task into a strategic asset.
Handling payroll internationally is a daunting task due to numerous regulations, compliance requirements, information security concerns, and banking guidelines. The sheer variety of workers and organizations adds to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems often lead to manual processes, information silos, and an absence of integration, causing disparities and ineffectiveness. Regardless of living in an era of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to offer insights and services to streamline and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business invests in international payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of international businesses have 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 because of time reporting bad HCM information information entry errors badly interacted hires and terminations as well as absence management and system configurations and after that when you round it all off and the information is delivered to the wrong location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they rely on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re paying to workers or otherwise that’s an excellent question 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 about 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 need to pay from the customer’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is absolutely critical however all over you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you 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 fundamental and technology is permitting us to type of progress with that it also as well to add to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely essential that payroll and financing teams work more detailed together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation 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 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 individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern world positions a high worth on wellness and the compensation landscape is ending up being increasingly complex. Services are constantly introducing new advantages and payment choices, which contributes to the general complexity. Large corporations often divide their payroll and payment processing into different groups, which can cause ineffectiveness and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s highly sophisticated period, there’s no justification for keeping cumbersome procedures. Payroll, the company’s biggest cost, must be processed correctly and on time. Even slight hold-ups can adversely impact workers’ wellness and have significant repercussions. For that reason, it’s crucial to focus on precise and prompt payments.
payroll group get um so I’m not exactly sure anybody on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle we all find out about it when it fails everyone jumps up and down when it fails but 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 likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done correctly so leveraging the first International Payments very first payroll payment option is a fantastic primary step um providing an end-to-end payroll solution for your staff members internationally again I believe is another substantial um process again aligning and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of services and decreasing 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 ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we understand how how crucial 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 simple as possible for everybody that’s involved in those processes and likewise so envision sorry I’m simply I was simply gon na say imagine 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 think of getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and type of try to return to everyone so proceeding appearance why do business choose to primary different checking account there are Papaya Global Service Delivery Specialist Salary organizations out there doing exactly this for particular nations and I have actually operated in a service or many businesses doing precisely that I can state it does not always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anybody where we do not need to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I think individuals have actually got so used to we require a new checking account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs changing however ultimately people are extremely stuck to what they’re familiar
with right um change is a difficult thing we all do not like change um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having preserving multiple savings account however there’s a substantial amount of complexity opts for setting up a checking account preserving it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is huge however I think the honest response is modification um individuals haven’t been able to change or have not had necessarily the knowledge to really 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 an aspect of resistance to alter however we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to track and this approach does position a number of difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I just did you changed 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 staff members you deserve a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Service Delivery Specialist Salary