Over the last five or six years …Papaya Global Croatia… functions on the company side and also on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it remains 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 extremely gloomy and I want I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we’ll likewise discuss a wrap-up which should leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more common and handling them becomes a growing number of complicated Worldwide companies are seeking to find Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment standpoint lots of companies preserve separate savings account just for payroll while some have multiple accounts in various nations does it make sense for business to maintain different bank accounts often in different countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business streamline the episode complex processes of
Ensuring accurate, efficient, and prompt payroll payments is a complex challenge for businesses operating worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, find out how business anticipate payroll costs to optimize working capital, and discover how enhancing international payroll payments can change them from a burdensome job into a strategic asset.
Handling payroll globally is a difficult job due to numerous policies, compliance requirements, information security concerns, and banking guidelines. The large number of workers and companies contributes to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems typically lead to manual procedures, information silos, and a lack of combination, leading to disparities and inefficiencies. Despite living in an era of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to offer insights and solutions to simplify 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 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 service spends on worldwide payroll the less of an image they see a lack of exposure likewise reaches payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of global services have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the information is delivered to the wrong location the average cost of an international information 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 do not run efficiently if they count 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 obstacles company face when they’re paying to workers or otherwise that’s a great question I always throw this back and state what is it what does not need to be included ideal and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities 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 complexity any place you look right ultimately constructing a knowledge base is absolutely important however everywhere you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to kind of move on with that it likewise too to add to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely important that payroll and financing teams work better together than ever um I’m always impressed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate 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 eventually 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 however also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on well-being and the compensation landscape is becoming increasingly complex. Services are continually introducing brand-new benefits and payment alternatives, which contributes to the general intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can cause inadequacies and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s technically advanced period, there’s no reason for maintaining troublesome treatments. Payroll, the company’s greatest expenditure, should be processed correctly and on time. Even small delays can adversely affect workers’ well-being and have significant repercussions. For that reason, it’s crucial to focus on accurate and timely payments.
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just see when things fail. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally also. For that reason, it is vital to guarantee that jobs like Wi-Fi Global and other important matters are done properly. Utilizing the first Worldwide Payments very first payroll payment solution is a fantastic initial action towards offering a thorough payroll option for workers worldwide. Standardization, worldwide processes, and lowering the variety of tools, platforms, and savings account needed for worldwide payroll are key consider accomplishing business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things don’t go as planned. Eventually, we do not do it for the appreciation.
anyhow we know how how essential 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 everybody that’s involved in those procedures and also so envision sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job attempting 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 require days of the week to attempt to check out them and actually see what was going on and sort of shot to return to everybody so moving on appearance why do business choose to main different savings account there are Papaya Global Croatia services out there doing precisely this for specific countries and I’ve operated in a company or numerous organizations doing exactly that I can state it doesn’t always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not producing extra work for any person where we do not need to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the requirement I believe individuals have actually got so utilized to we need a new savings account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I think this is a procedure that needs looking at it requires changing but ultimately people are really stuck with what they’re familiar
with best um modification is a challenging thing all of us do not like change um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having keeping numerous savings account however there’s a huge amount of intricacy chooses establishing a checking account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is big however I think the sincere answer is modification um people have not had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be identified to be the next Century or so there is a lot to keep an eye on and this method does posture a number of challenges um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so
I just did you changed our Enterprise 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 International employees you are worthy of a corner workplace with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Croatia