Over the last 5 or 6 years …Papaya Global Autoupdateclient… functions on the company side and also on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely bleak and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll also go over a wrap-up and that needs to 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 International labor forces end up being increasingly more typical and managing them becomes a growing number of complex Global organizations are aiming to find Solutions and new ways to simplify processes particularly from a payroll and cross-border payment perspective many companies preserve separate bank account just for payroll while some have numerous accounts in different countries does it make good sense for companies to preserve different checking account in some cases in various countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business enhance the episode complex procedures of
Making sure precise, effective, and prompt payroll payments is a complex obstacle for organizations operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, find out how business anticipate payroll costs to optimize working capital, and discover how enhancing worldwide payroll payments can change them from a challenging job into a strategic asset.
Managing payroll globally is a challenging task due to different regulations, compliance requirements, information security concerns, and banking guidelines. The sheer number of staff members and businesses adds to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems frequently lead to manual processes, data silos, and an absence of combination, causing disparities and ineffectiveness. Regardless of living in an age of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to offer insights and options to streamline and optimize worldwide payroll payments.
about it to offer you a concept 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 provides me sleepless nights and quite frankly the more a business invests in global payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide services have actually expressed that they don’t have the level of standardization they require in their processes 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 in addition to lack management and system setups and then when you round everything off and the information is shipped to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they rely on the essential numerous procedures 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 challenges business face when they’re making payments to employees or otherwise that’s a good concern I constantly toss this back and state what is it what does not need to be included best and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities 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 wherever you look right ultimately constructing a knowledge base is absolutely critical however everywhere 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to type of move forward with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and financing teams work more detailed together than ever um I’m always surprised when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from estimation 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 data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on wellness and the compensation landscape is becoming significantly complex. Services are constantly presenting brand-new benefits and payment choices, which adds to the overall complexity. Large corporations often divide their payroll and payment processing into different teams, which can lead to inefficiencies and bottlenecks. In my viewpoint, this does not have to hold true. In today’s technically sophisticated age, there’s no validation for preserving troublesome treatments. Payroll, the business’s biggest expenditure, should be processed properly and on time. Even small delays can adversely affect workers’ wellness and have significant repercussions. Therefore, it’s crucial to focus on accurate and prompt payments.
payroll team get um so I’m not sure anybody on this type of webinar has been informed thank you for processing my payroll correctly 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 an important cycle we all hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely important that all of this things is done properly so leveraging the very first International Payments first payroll payment option is an excellent first step um offering an end-to-end payroll solution for your staff members globally again I believe is another big um process again lining up and guaranteeing you have standardization Global procedures all of those things are definitely crucial to success success of organizations and lowering the number of tools platforms and bank accounts they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
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 everybody that’s associated with those procedures and also so imagine sorry I’m simply I was just 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’m sure we’re discussing numerous thousands possibly Millions imagine getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and in fact see what was going on and type of shot to get back to everyone so proceeding look why do business pick to main separate checking account there are Papaya Global Autoupdateclient companies out there doing exactly this for specific nations and I’ve worked in a business or many services doing precisely that I can say it does not always feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we don’t need to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the standard I think individuals have got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous 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 needs altering however ultimately individuals are really stuck to what they recognize
with ideal um change is a tough thing all of us don’t like modification um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having maintaining multiple checking account but there’s a huge quantity of complexity goes with setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is huge however I think the sincere answer is modification um people have not been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century approximately there is a lot to keep track of and this approach does posture a number of difficulties um so Johnny could you inform us about those challenges yeah obviously 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 International staff members you should have a corner office with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Autoupdateclient