Over the last five or six years …Papaya Global How Do I Enter Qualifying Days… roles on the provider side and also on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind 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 everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really gloomy and I wish I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business preserve separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical property uh we’ll also review a wrap-up which needs to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and managing them ends up being more and more complex Global companies are looking to discover Solutions and new ways to simplify procedures particularly from a payroll and cross-border payment perspective many companies keep separate savings 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 various nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business streamline the episode complex procedures of
Making sure precise, effective, and timely payroll payments is a complex difficulty for businesses operating internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll costs to enhance working capital, and find how enhancing international payroll payments can transform them from a troublesome job into a tactical possession.
Handling payroll globally is a difficult task due to various guidelines, compliance requirements, information security concerns, and banking rules. The sheer number of staff members and organizations contributes to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems frequently lead to manual procedures, data silos, and an absence of combination, resulting in inconsistencies and inadequacies. In spite of living in an age of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to provide insights and solutions to streamline and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more a company invests in global payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of global services have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes badly interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the information is shipped to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they depend on the required numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to staff members or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t require to be included 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 nation there’s payment timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity any place you look ideal eventually constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to sort of progress with that it also too to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and finance groups work closer together than ever um I’m constantly surprised when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 however also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on wellness and the compensation landscape is becoming progressively intricate. Services are constantly introducing new benefits and payment alternatives, which contributes to the general complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can lead to inadequacies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s technically innovative age, there’s no validation for maintaining cumbersome procedures. Payroll, the business’s biggest expenditure, must be processed correctly and on time. Even minor delays can negatively affect employees’ wellness and have significant repercussions. For that reason, it’s vital to focus on precise and prompt payments.
payroll group get um so I’m uncertain anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment solution is a terrific first step um offering an end-to-end payroll option for your workers internationally again I think is another substantial um process once again lining up and ensuring you have standardization International processes all of those things are absolutely crucial to success success of services and decreasing the variety of tools platforms and bank accounts they require for their Worldwide 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’ve never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know how how essential 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 easy as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m just I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions picture getting that numerous 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 absolutely be an intriguing task trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and type of shot to get back to everyone so proceeding look why do companies select to main different bank accounts there are Papaya Global How Do I Enter Qualifying Days services out there doing precisely this for particular nations and I have actually operated in a business or numerous services doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the requirement I think people have actually got so utilized 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 think it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I believe this is a procedure that requires taking a look at it requires altering but ultimately individuals are extremely stuck with what they recognize
with ideal um modification is a hard thing all of us do not like modification um so I think it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having keeping numerous savings account but there’s a substantial amount of complexity opts for establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private people so the complexity is huge but I believe the sincere response is change um individuals have not been able to change or have not had necessarily the knowledge to really 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 understanding you understand and there is an element of resistance to change but we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might practically be figured out to be the next Century approximately there is a lot to monitor and this technique does position a number of challenges um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global How Do I Enter Qualifying Days