Over the last 5 or 6 years …Learn Papaya Global For Free Home… functions on the service provider side and likewise on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everyone another number 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 rather interesting 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 truly 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 drizzling here it’s very extremely gloomy and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll also review a recap and that must leave his time at the extremely really 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 International labor forces become increasingly more common and managing them becomes more and more complicated International organizations are seeking to discover Solutions and new methods to streamline processes especially from a payroll and cross-border payment viewpoint lots of companies maintain different bank account just for payroll while some have multiple accounts in various countries does it make good sense for companies to keep separate bank accounts sometimes in different nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also called virtual wallets play in helping international companies simplify the episode complex procedures of
Making sure accurate, efficient, and prompt payroll payments is a complex challenge for services running internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, discover how business forecast payroll costs to enhance working capital, and find how streamlining international payroll payments can change them from a burdensome task into a strategic asset.
Handling payroll worldwide is a challenging task due to numerous regulations, compliance requirements, information security concerns, and banking rules. The large variety of employees and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently result in manual procedures, data silos, and a lack of integration, causing disparities and inadequacies. Regardless of living in an age of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to supply insights and services to streamline and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more a business invests in international payroll the less of a photo they see a lack of presence also encompasses payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction almost half of global services have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and then when you round it all off and the data is shipped to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they count on the required numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a great concern I constantly throw this back and say what is it what does not require to be consisted of best and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 have to pay from the consumer’s own in-country account so there’s complexity any place you look right ultimately constructing a knowledge base is definitely important however all over you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 technology is permitting us to type of progress with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and finance teams work closer together than ever um I’m always surprised when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more crucial to contribute to type of the level of intricacy there’s a growing number of advantages being organ or being provided by organizations across the world so once again you’re simply seeking to include more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine obstacles or real challenging sort of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of decades I would certainly say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason that we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single biggest liability that any business has from an expense point of view from an effect point of view on workers it is definitely critical that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest destructive impact on people’s well-being and lots of other elements if people aren’t paid uh I’ve constantly been impressed entering this Market type of the last 5 to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals only see when things fail. However, when things go right, it’s seen as just a routine task. This is how it’s viewed externally as well. For that reason, it is important to ensure that jobs like Wi-Fi International and other crucial matters are done correctly. Utilizing the first International Payments very first payroll payment solution is a great initial action towards offering a comprehensive payroll solution for employees worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and checking account necessary for global payroll are essential factors in accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as planned. Eventually, we do not do it for the appreciation.
anyway we understand how how important 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 simple as possible for everyone that’s associated with those processes and also so picture sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and type of shot to get back to everybody so proceeding appearance why do business choose to main separate savings account there are Learn Papaya Global For Free Home companies out there doing exactly this for particular nations and I have actually worked in a service or lots of services doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not producing extra work for any person where we do not need to and anybody 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 believe lots of reasons one is it’s the standard I believe individuals have actually got so utilized to we need a brand-new bank account we open an entity and appropriately 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 standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that people have actually taken a look 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 think this is a procedure that needs looking at it requires changing however ultimately individuals are very stuck with what they’re familiar
with ideal um modification is a challenging thing all of us do not like change um so I think it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having keeping several savings account however there’s a huge quantity of intricacy goes with establishing a savings account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is huge but I believe the truthful answer is change um individuals have not had the ability 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’ve struck the nail on the head I believe it is knowledge you understand 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 carrying on and moving into you know what might practically be determined to be the next Century or two there is a lot to monitor and this method does present numerous challenges um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Learn Papaya Global For Free Home