Over the last five or six years …Papaya Global Quarterly Payroll Report… roles on the service provider side and likewise on the vendor side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everyone another couple of uh well among 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 quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort 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 sunshine is it it’s not no it’s it’s raining here it’s really really gloomy and I wish I was somewhere else at this moment in time alright 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 Worldwide payroll why companies maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical possession uh we’ll also go over a recap which should leave his time at the very really 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 Worldwide labor forces become a growing number of common and managing them ends up being more and more intricate Worldwide companies are wanting to find Solutions and brand-new methods to enhance procedures specifically from a payroll and cross-border payment standpoint numerous organizations maintain different bank account just for payroll while some have several accounts in different countries does it make good sense for business to maintain separate checking account often in different countries it does but just for payroll is there a better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business streamline the episode complex procedures of
Ensuring precise, efficient, and timely payroll payments is a complex obstacle for businesses running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, discover how business forecast payroll expenses to optimize working capital, and discover how simplifying worldwide payroll payments can transform them from a difficult task into a tactical property.
Handling payroll worldwide is a daunting job due to different regulations, compliance requirements, data security concerns, and banking rules. The large number of employees and businesses contributes to the complexity, with an approximated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically lead to manual processes, data silos, and a lack of combination, leading to disparities and inefficiencies. In spite of living in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to supply insights and services to simplify and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more a service invests in global payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide businesses have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors improperly communicated hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is shipped to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they rely on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s an excellent question I constantly throw this back and say what is it what does not need to be included right and what does
it require 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 timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal eventually developing a knowledge base is definitely crucial but all over you look with payroll payment they are like extremely payments no if but some babies 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 recognition that payroll payments are absolutely basic and innovation is enabling us to type of move on with that it also also to add to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and financing teams work better together than ever um I’m always amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work 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 often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on wellness and the settlement landscape is becoming increasingly complex. Organizations are continually presenting new advantages and payment alternatives, which contributes to the overall complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in inefficiencies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s highly advanced era, there’s no reason for keeping cumbersome treatments. Payroll, the business’s most significant expense, should be processed properly and on time. Even small delays can negatively impact staff members’ wellness and have far-reaching repercussions. Therefore, it’s crucial to focus on accurate and timely payments.
payroll group get um so I’m not sure anyone on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment service is a fantastic primary step um offering an end-to-end payroll solution for your workers internationally again I believe is another huge um procedure again aligning and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of businesses and decreasing the number of tools platforms and bank accounts they need for their Global 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 don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know how how crucial a function 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 procedures and likewise so imagine sorry I’m just 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 talking about hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting 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 held true um you ‘d need days of the week to try to look through them and actually see what was going on and kind of shot to return to everyone so proceeding look why do business select to main separate bank accounts there are Papaya Global Quarterly Payroll Report companies out there doing precisely this for particular nations and I’ve operated in a company or numerous companies doing precisely that I can state it does not always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we do not have to and anyone that’s handling 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 quantity that we are I believe many factors one is it’s the standard I believe people have actually got so used to we need a new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually embraced 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 type of do it so I think there’s a variety I think this is a procedure that needs taking a look at it needs altering but eventually people are really stuck with what they recognize
with ideal um change is a hard thing we all don’t like modification um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having preserving numerous savings account but there’s a big quantity of intricacy chooses establishing a savings account keeping it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific individuals so the complexity is substantial but I think the truthful response is modification um people have not been able to change or have not had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century or two there is a lot to keep track of and this method does position numerous challenges um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so
I simply did you switched 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 Worldwide staff members you deserve a corner workplace with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Quarterly Payroll Report