Over the last five or 6 years …Papaya Global Report Employee Start Date… roles on the company side and also on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide 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 sort of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really dreary and I want I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies keep different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we’ll likewise discuss a recap which 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 moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more typical and handling them becomes more and more complex International organizations are wanting to discover Solutions and new methods to improve procedures specifically from a payroll and cross-border payment standpoint many companies maintain separate bank account just for payroll while some have several accounts in different nations does it make good sense for business to preserve separate checking account sometimes in various nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business improve the episode complex procedures of
Ensuring precise, effective, and timely payroll payments is a complex obstacle for services running worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to enhance working capital, and discover how simplifying global payroll payments can change them from a challenging task into a strategic asset.
Handling payroll globally is a difficult task due to different guidelines, compliance requirements, data security issues, and banking rules. The sheer variety of employees and organizations contributes to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems typically lead to manual processes, data silos, and a lack of combination, resulting in disparities and inadequacies. In spite of residing in an age of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to provide insights and services to simplify and enhance international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a business invests in global payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide businesses have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes improperly interacted hires and terminations in addition to lack management and system setups and after that when you round everything off and the data is delivered to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they rely on the necessary 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 workers or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t require to be included best and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 eventually constructing a knowledge base is definitely important however everywhere you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is enabling us to type of move forward with that it also also to add to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and finance groups work more detailed together than ever um I’m constantly astonished when individuals state I’ve split 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 divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high value on well-being and the payment landscape is becoming increasingly intricate. Companies are continuously introducing brand-new advantages and payment alternatives, which contributes to the overall intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can result in inadequacies and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s highly innovative age, there’s no validation for maintaining troublesome treatments. Payroll, the business’s greatest cost, must be processed properly and on time. Even minor delays can adversely impact employees’ wellness and have far-reaching repercussions. Therefore, it’s critical to focus on accurate and prompt payments.
payroll group get um so I’m uncertain anyone on this kind of webinar has been told 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 but ultimately payroll is such a crucial cycle all of us become aware of it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment option is a terrific initial step um supplying an end-to-end payroll service for your workers globally again I believe is another huge um procedure once again lining up and guaranteeing you have standardization Global processes all of those things are definitely key to success success of companies and reducing the variety of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyhow we know how how important 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 simple as possible for everybody that’s involved in those procedures and likewise so imagine sorry I’m simply I was just gon na state picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and in fact see what was going on and type of try to get back to everyone so carrying on look why do companies pick to main different bank accounts there are Papaya Global Report Employee Start Date companies out there doing exactly this for particular countries and I’ve operated in a service or numerous services doing exactly that I can state it does not always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for anybody where we do not need to and any person that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe 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 used to we need a 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 think it’s just been the standard and the standard individuals have 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 type of do it so I believe there’s a variety I think this is a process that requires looking at it needs changing however ultimately people are really stuck with what they’re familiar
with ideal um modification is a tough thing all of us do not like change um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having maintaining numerous checking account however there’s a substantial quantity of intricacy chooses setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is substantial however I think the honest response is modification um individuals have not had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might almost be determined to be the next Century or two 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 naturally so there’s a variety right there is so
I just did you changed 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 Global employees you deserve 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 Report Employee Start Date