Over the last five or 6 years …Papaya Global Handbook 2019… functions on the company side and also on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very gloomy and I want I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya International payroll payments as a tactical property 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 execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of common and handling them becomes a growing number of complicated Global companies are looking to discover Solutions and brand-new ways to improve processes especially from a payroll and cross-border payment viewpoint lots of companies preserve separate savings account just for payroll while some have multiple accounts in different nations does it make sense for business to keep separate savings account in some cases in different countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies simplify the episode complex processes of
Making sure accurate, efficient, and prompt payroll payments is a complex challenge for services operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, find out how business forecast payroll expenses to enhance working capital, and discover how improving international payroll payments can change them from a challenging task into a strategic possession.
Managing payroll globally is an overwhelming job due to different policies, compliance requirements, data security issues, and banking rules. The large number of staff members and businesses adds to the complexity, with an estimated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems often result in manual procedures, data silos, and an absence of integration, leading to disparities and ineffectiveness. Regardless of living in an era of technological developments, 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 offer insights and options to streamline and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that offers me sleepless nights and rather honestly the more a service spends on worldwide payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of worldwide companies 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 mistakes improperly interacted hires and terminations as well as lack management and system setups and then when you round everything off and the information is delivered to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they depend on the required several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t need to be consisted of ideal and what does
it require to be thought of there’s differing Bank details 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 have to pay from the client’s own in-country account so there’s complexity wherever you look right ultimately developing a knowledge base is absolutely important but all over you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is enabling us to type of progress with that it also also to add to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and finance teams work more detailed together than ever um I’m constantly impressed when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on well-being and the compensation landscape is becoming progressively complex. Businesses are continually introducing new benefits and payment choices, which adds to the general complexity. Big corporations typically divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and traffic jams. In my viewpoint, this doesn’t need to hold true. In today’s technologically innovative period, there’s no reason for maintaining troublesome procedures. Payroll, the business’s most significant expense, should be processed correctly and on time. Even minor delays can adversely impact staff members’ well-being and have significant consequences. For that reason, it’s important to focus on accurate and timely payments.
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just observe when things fail. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally too. For that reason, it is important to make sure that jobs like Wi-Fi International and other essential matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment service is an excellent preliminary action towards providing an extensive payroll option for staff members worldwide. Standardization, worldwide processes, and decreasing the variety of tools, platforms, and checking account required for international payroll are essential factors in achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things don’t go as prepared. Eventually, we don’t do it for the gratitude.
anyway we know 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 easy as possible for everybody that’s associated with those processes and also so imagine sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and actually see what was going on and sort of shot to return to everybody so moving on look why do companies choose to primary separate bank accounts there are Papaya Global Handbook 2019 services out there doing precisely this for specific countries and I’ve operated in a company or many businesses doing exactly that I can state it does not constantly feel efficient 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 do not have to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I think people have got so used to we need a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually 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 methods um to to sort of do it so I think there’s a variety I believe this is a process that needs taking a look at it requires changing but ultimately people are very stuck with what they recognize
with ideal um change is a challenging thing we all don’t like change um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having preserving several bank accounts but there’s a huge quantity of intricacy goes with setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for specific people so the intricacy is huge but I believe the sincere answer is modification um individuals have not had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be identified to be the next Century or two there is a lot to monitor and this technique does pose numerous obstacles um so Johnny could you inform us about those obstacles yeah of course so there’s a variety 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you should have a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Handbook 2019