Over the last five or 6 years …Payroll Like Papaya Global… roles on the provider side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everybody another number 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 already just to hear where everybody is um it’s nice to to kind of like see where everyone comes 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 really really gloomy and I want I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a tactical possession uh we’ll also go over a wrap-up and that must leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of typical and handling them ends up being a growing number of complicated Worldwide organizations are seeking to find Solutions and new ways to streamline procedures specifically from a payroll and cross-border payment viewpoint lots of organizations preserve different savings account just for payroll while some have numerous accounts in different nations does it make sense for business to maintain separate savings account often in different nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies simplify the episode complex procedures of
Guaranteeing accurate, effective, and prompt payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, learn how business anticipate payroll expenses to enhance working capital, and discover how improving global payroll payments can change them from a difficult task into a tactical possession.
Handling payroll internationally is a challenging task due to numerous guidelines, compliance requirements, data security issues, and banking rules. The sheer variety of employees and businesses contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems often result in manual processes, data silos, and an absence of combination, leading to disparities and inadequacies. In spite of living in an age of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to provide insights and options to simplify and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more a service spends on global payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of global services have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is delivered to the wrong location the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they depend on the required several 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 service face when they’re paying to employees or otherwise that’s a good concern I constantly throw this back and say what is it what does not require to be consisted of ideal and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities 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 consumer’s own in-country account so there’s intricacy any place you look ideal ultimately building a knowledge base is absolutely important but all over you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 fundamental and innovation is enabling us to kind of move forward with that it also too to contribute to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely vital that payroll and financing groups work better together than ever um I’m always surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from computation 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 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 however likewise paying statutory authorities and on statutory third parties so with the
The modern world positions a high worth on well-being and the payment landscape is ending up being increasingly detailed. Organizations are constantly introducing brand-new benefits and payment alternatives, which contributes to the overall intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can result in inadequacies and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s highly advanced age, there’s no justification for preserving cumbersome treatments. Payroll, the business’s greatest cost, must be processed correctly and on time. Even slight delays can negatively affect employees’ wellness and have far-reaching consequences. For that reason, it’s critical to prioritize precise and timely payments.
payroll team get um so I’m uncertain anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle all of us 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 workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment solution is an excellent first step um offering an end-to-end payroll option for your employees globally again I believe is another big um process once again aligning and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of services and reducing the number of tools platforms and savings account they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyway we know how how essential 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 procedures and also so envision sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and type of shot to get back to everyone so proceeding appearance why do companies choose to primary different checking account there are Payroll Like Papaya Global companies out there doing precisely this for specific countries and I have actually worked in an organization or lots of businesses doing precisely that I can say it does not constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not creating additional work for any person where we don’t have 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 quantity that we are I think lots of factors one is it’s the standard I think people have got so used to we require a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I think this is a process that requires looking at it needs altering but eventually people are very stuck with what they recognize
with ideal um change is a tough thing all of us don’t like modification um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having keeping numerous bank accounts but there’s a substantial quantity of complexity opts for establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for specific people so the intricacy is substantial but I think the honest answer is change um people haven’t had the ability to change or have not had always the understanding to really make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to change but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might practically be identified to be the next Century or so there is a lot to monitor and this approach does pose a number of obstacles um so Johnny could you tell us about those obstacles 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 Global 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 Payroll Like Papaya Global