Over the last five or six years …Papaya Global Unlimited Payroll… roles on the supplier side and likewise on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind 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 type of like see where everyone originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very uninspiring and I wish I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll also review a wrap-up and that ought to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more typical and managing them ends up being more and more intricate International organizations are seeking to discover Solutions and new ways to simplify procedures particularly from a payroll and cross-border payment standpoint numerous companies preserve separate checking account just for payroll while some have multiple accounts in different nations does it make sense for companies to preserve different checking account in some cases in various nations it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business enhance the episode complex procedures of
Making sure accurate, efficient, and prompt payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, learn how companies forecast payroll costs to enhance working capital, and find how simplifying global payroll payments can transform them from a challenging job into a tactical property.
Handling payroll worldwide is an overwhelming job due to various guidelines, compliance requirements, information security issues, and banking rules. The sheer variety of employees and organizations adds to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems typically result in manual procedures, information silos, and a lack of combination, resulting in inconsistencies and inadequacies. Regardless of residing in an era of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to supply insights and solutions to simplify and enhance global 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 Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business invests in global payroll the less of a photo they see a lack of presence also encompasses payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of international organizations have expressed that they don’t 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 data data entry errors poorly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect place the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide 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 viewpoint and in your experience what else requires to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t need to be consisted of 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 country there’s payment timespan 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 client’s own in-country account so there’s intricacy wherever you look ideal eventually developing a knowledge base is absolutely important however all over you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in 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 technology is allowing 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 differing Savings account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and finance groups work more detailed together than ever um I’m constantly impressed when individuals say I have actually split 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 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 wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of important to add to kind of the level of intricacy there’s a growing number of advantages being organ or being provided by businesses throughout the world so again you’re just aiming to add increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine difficulties or real difficult sort of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to create additional handoffs in the processes that we run in they just make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and an era that you understand that we are working in today there is no reason we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any service has from a cost viewpoint from an effect perspective on staff members it is definitely vital that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive impact on people’s wellness and many other aspects if people aren’t paid uh I have actually always been astonished coming into this Market sort of the last 5 to 10 years is how little thanks the
The payroll team may 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 essential cycle, and people only notice when things go wrong. However, when things go right, it’s seen as just a routine task. This is how it’s viewed externally too. Therefore, it is essential to make sure that jobs like Wi-Fi International and other crucial matters are done properly. Utilizing the first Worldwide Payments very first payroll payment solution is an excellent preliminary step towards providing a comprehensive payroll solution for employees worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and checking account essential for global payroll are essential consider accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyway we understand how how crucial a function 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 associated with those processes and likewise so envision sorry I’m simply I was simply gon na state envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and sort of try to get back to everyone so moving on look why do companies select to primary different savings account there are Papaya Global Unlimited Payroll organizations out there doing precisely this for particular nations and I’ve operated in a company or many businesses doing exactly that I can say it does not always feel efficient and it does develop more work I know we’re not purposely doing that we’re not creating additional work for anybody where we do not have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think 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 actually got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it requires altering however eventually individuals are extremely stuck to what they’re familiar
with right um modification is a hard thing we all don’t like change um so I think it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having maintaining numerous bank accounts however there’s a big amount of complexity opts for establishing a checking account preserving it ensuring it can send International transfers ensuring it’s established with the right user accesses for private people so the intricacy is big but I believe the truthful response is change um individuals haven’t been able to change or have not had always the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century or so there is a lot to keep an eye on and this technique does pose a number of obstacles um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so
I just did you switched our Enterprise 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 Worldwide workers you deserve a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Unlimited Payroll