Over the last 5 or six years …Papaya Global New York… roles on the service provider side and also on the vendor side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating 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 everyone originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely dreary and I wish I was elsewhere at this moment in time fine 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 Global payroll why business keep different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we’ll likewise go over 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 suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more typical and managing them ends up being more and more complex Global companies are seeking to find Solutions and new methods to streamline processes specifically from a payroll and cross-border payment standpoint numerous companies maintain separate bank account just for payroll while some have several accounts in different countries does it make good sense for companies to maintain separate bank accounts in some cases in various countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies streamline the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex difficulty for businesses running globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, discover how business forecast payroll costs to enhance working capital, and find how enhancing global payroll payments can transform them from a difficult task into a tactical possession.
Managing payroll globally is a complicated task due to numerous guidelines, compliance requirements, data security issues, and banking guidelines. The large variety of workers and services contributes to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems typically result in manual processes, information silos, and an absence of integration, causing disparities and inadequacies. In spite of living in an age of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to provide insights and options to streamline and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business invests in international payroll the less of a photo they see an absence of presence also reaches payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of global businesses have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors inadequately communicated hires and terminations as well as absence management and system setups and then when you round it all off and the information is shipped to the incorrect location the average expense 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 money worldwide payroll and payments don’t run efficiently if they depend on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t require to be consisted of right and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 client’s own in-country account so there’s complexity anywhere you look ideal ultimately developing a knowledge base is absolutely important but 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 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 recognition that payroll payments are absolutely basic and technology is enabling us to type of move on with that it also as well to add to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely vital that payroll and finance teams work better together than ever um I’m constantly astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody 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 a market 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 anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high worth on well-being and the payment landscape is becoming progressively complex. Businesses are constantly introducing new benefits and payment options, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can cause inadequacies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s technically innovative period, there’s no validation for maintaining cumbersome treatments. Payroll, the business’s greatest expense, should be processed correctly and on time. Even small delays can adversely impact workers’ wellness and have far-reaching effects. For that reason, it’s important to prioritize precise and timely payments.
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals just notice when things fail. However, when things go right, it’s seen as just a regular job. This is how it’s viewed externally as well. For that reason, it is vital to ensure that tasks like Wi-Fi Global and other essential matters are done properly. Utilizing the very first Global Payments very first payroll payment service is a great initial step towards providing a thorough payroll solution for workers worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and savings account needed for international payroll are key factors in accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things do not go as planned. Eventually, we do not do it for the gratitude.
anyhow we understand how how important 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 simple as possible for everyone that’s involved in those processes and also so picture sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and type of shot to get back to everyone so carrying on appearance why do business choose to primary separate savings account there are Papaya Global New York businesses out there doing precisely this for specific nations and I’ve operated in a business or many organizations doing exactly that I can state it does not always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we do not have to and anyone that’s dealing with that procedure 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 believe lots of reasons one is it’s the requirement I believe individuals have got so used to we need a new checking 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 simply been the requirement and the norm individuals have 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 numerous other methods um to to kind of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it needs changing however ultimately people are extremely stuck with what they recognize
with best um modification is a difficult thing all of us do not like change um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having keeping several checking account however there’s a substantial amount of complexity chooses setting up a checking account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is big however I believe the sincere answer is modification um people haven’t been able to alter or haven’t had always the understanding to really make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we have actually always 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 know what could nearly be identified to be the next Century or two there is a lot to keep track of and this method does pose several challenges um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so
I simply 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 Global employees you should have a corner office with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global New York