Over the last five or six years …Papaya Global Services.Co.Uk… functions on the company side and likewise on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or so to join we all 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 everyone is um it’s nice to to type of like see where everyone comes from and I actually 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 very very dreary and I wish I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business preserve separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll also go over a wrap-up which needs to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of common and managing them ends up being increasingly more complicated International companies are looking to discover Solutions and new methods to streamline processes specifically from a payroll and cross-border payment perspective many companies maintain different checking account just for payroll while some have multiple accounts in various nations does it make good sense for companies to preserve separate bank accounts often in different nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies simplify the episode complex processes of
Making sure precise, effective, and prompt payroll payments is a complex challenge for companies running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, find out how companies anticipate payroll expenses to enhance working capital, and discover how improving worldwide payroll payments can change them from a difficult job into a strategic property.
Handling payroll worldwide is an overwhelming task due to various regulations, compliance requirements, data security concerns, and banking guidelines. The large variety of staff members and organizations adds to the complexity, with an approximated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems often lead to manual procedures, information silos, and a lack of integration, causing inconsistencies and inadequacies. Regardless of living in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to offer insights and options to simplify and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service invests in worldwide payroll the less of a photo they see an absence of exposure also reaches payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of international businesses have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is delivered to the incorrect place the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they count on the required several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t need to be consisted of ideal and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is absolutely critical but everywhere you look with payroll payment they are like incredibly payments no if however some children 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 definitely fundamental and technology is allowing us to type of progress with that it also as well to contribute to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely essential that payroll and financing groups work closer together than ever um I’m always surprised when individuals state I’ve divided 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 calculation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world places a high worth on wellness and the payment landscape is becoming increasingly detailed. Companies are continually presenting brand-new advantages and payment choices, which adds to the total intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can cause inadequacies and bottlenecks. In my opinion, this does not need to hold true. In today’s technically sophisticated era, there’s no justification for maintaining troublesome procedures. Payroll, the business’s most significant expenditure, should be processed correctly and on time. Even slight delays can negatively affect workers’ well-being and have significant repercussions. For that reason, it’s vital to prioritize precise and timely payments.
payroll group get um so I’m uncertain anybody on this kind 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 however ultimately payroll is such an important cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong 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 likewise like why WI-Fi Global why all of this things is absolutely vital that all of this things is done correctly so leveraging the first Global Payments first payroll payment solution is a great primary step um providing an end-to-end payroll option for your employees internationally once again I think is another huge um process again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of organizations and reducing the number of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand 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 easy as possible for everyone that’s associated with those procedures and also so envision sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking 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 but it would certainly be a fascinating job trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and actually see what was going on and kind of shot to return to everyone so moving on appearance why do companies choose to main separate checking account there are Papaya Global Services.Co.Uk companies out there doing exactly this for particular countries and I’ve worked in a service or numerous organizations doing exactly that I can state it does not constantly feel effective 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 need to and anybody that’s managing 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 standard I believe individuals have got so used to we require a brand-new checking account we open an entity and rightly 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 simply been the standard and the norm individuals have actually embraced 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 sort of do it so I believe there’s a range I believe this is a process that requires looking at it requires altering however ultimately individuals are extremely stuck to what they recognize
with right um modification is a difficult thing we all do not like modification um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having keeping multiple checking account however there’s a big quantity of complexity opts for setting up a savings account preserving it ensuring it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is big but I believe the sincere answer is modification um people have not been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to alter but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century or so there is a lot to keep track of and this technique does posture several obstacles um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your achievements. Papaya Global Services.Co.Uk