Over the last 5 or 6 years …Papaya Global Year End Processing Date… roles on the service provider side and likewise on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds approximately 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 everyone is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very really uninspiring and I want I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we’ll likewise review a wrap-up and that needs to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more common and managing them ends up being increasingly more complicated International companies are looking to find Solutions and brand-new methods to improve procedures particularly from a payroll and cross-border payment standpoint numerous organizations keep separate checking account just for payroll while some have numerous accounts in various countries does it make good sense for companies to keep different savings account in some cases in different countries it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping international business enhance the episode complex procedures of
Guaranteeing precise, efficient, and prompt payroll payments is a complex obstacle for services operating globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, learn how business forecast payroll costs to enhance working capital, and find how enhancing worldwide payroll payments can transform them from a challenging task into a strategic possession.
Managing payroll worldwide is a difficult job due to various regulations, compliance requirements, information security concerns, and banking guidelines. The large variety of employees and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems often result in manual procedures, data silos, and an absence of combination, leading to disparities and inefficiencies. Despite residing in an era of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to provide insights and services to streamline and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization invests in global payroll the less of a picture they see an absence of exposure also reaches payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global companies have actually expressed 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 poor HCM data information entry errors improperly interacted hires and terminations along with absence management and system configurations and then when you round it all off and the data is delivered to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they count on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re making payments to workers or otherwise that’s a good concern I always toss this back and say what is it what doesn’t need to be consisted of best and what does
it require to be considered there’s differing Bank details 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 need to pay from the customer’s own in-country account so there’s intricacy any place you look right ultimately building a knowledge base is absolutely critical but all over you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you 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 fundamental and innovation is allowing us to type of progress with that it also also to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely essential that payroll and finance teams work better together than ever um I’m always surprised when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from computation 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 individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more important to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being provided by companies throughout the world so once again you’re simply looking to add a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine difficulties or real tough type of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of years I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to create extra handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason that we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any company has from a cost viewpoint from an impact point of view on workers it is absolutely critical that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the greatest detrimental result on individuals’s well-being and many other factors if people aren’t paid uh I have actually constantly been amazed entering into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just see when things go wrong. However, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally also. For that reason, it is important to ensure that tasks like Wi-Fi International and other crucial matters are done correctly. Utilizing the first Global Payments first payroll payment service is a terrific preliminary step towards providing an extensive payroll option for workers worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and bank accounts necessary for global payroll are essential consider accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things do not go as planned. Ultimately, 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 likewise so picture sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and sort of try to get back to everyone so moving on look why do business select to primary separate checking account there are Papaya Global Year End Processing Date services out there doing exactly this for particular countries and I’ve worked in a business or lots of services doing exactly that I can say it doesn’t always feel effective 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 need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I believe individuals have actually got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires altering but eventually people are extremely stuck to what they’re familiar
with right um change is a tough thing all of us don’t like modification um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having preserving several checking account but there’s a huge quantity of complexity chooses establishing a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for private people so the complexity is big however I believe the sincere response is modification um individuals have not been able to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to change however we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be determined to be the next Century or two there is a lot to track and this technique does position a number of difficulties um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Year End Processing Date