Over the last five or six years …Papaya Global Zoho… roles on the provider side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I really do hope it’s much sunnier than it is 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 really very gloomy and I want I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business preserve different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we’ll also review a wrap-up which should leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of typical and managing them becomes a growing number of complex International companies are looking to find Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment viewpoint lots of companies preserve separate savings account just for payroll while some have several accounts in different countries does it make sense for business to preserve separate savings account sometimes in various countries it does but 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 companies streamline the episode complex processes of
Making sure accurate, effective, and prompt payroll payments is a complex difficulty for organizations running worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, find out how business forecast payroll costs to optimize working capital, and find how streamlining worldwide payroll payments can transform them from a troublesome task into a tactical possession.
Handling payroll internationally is a difficult task due to different regulations, compliance requirements, information security issues, and banking rules. The large variety of staff members and organizations contributes to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems often lead to manual processes, information silos, and a lack of combination, causing disparities and inadequacies. Despite living in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to offer insights and options to streamline and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a service spends on worldwide payroll the less of a picture they see a lack of visibility also encompasses payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide services have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes improperly communicated hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is delivered to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they depend on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re making payments to staff members 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 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 country there’s payment time frames there’s payment abilities 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 consumer’s own in-country account so there’s complexity any place you look right ultimately developing a knowledge base is definitely important but everywhere you look with payroll payment they resemble extremely payments no if but some babies 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 believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to sort of progress with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely imperative that payroll and financing groups work better together than ever um I’m always impressed when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody 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 a market 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on well-being and the compensation landscape is ending up being increasingly detailed. Companies are continually introducing brand-new advantages and payment alternatives, which adds to the general intricacy. Large corporations often divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my opinion, this does not have to hold true. In today’s technically advanced era, there’s no reason for keeping cumbersome procedures. Payroll, the company’s greatest expense, need to be processed properly and on time. Even minor delays can negatively impact staff members’ well-being and have significant consequences. Therefore, it’s important to prioritize accurate and prompt payments.
payroll group get um so I’m uncertain anyone on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the very first International Payments first payroll payment solution is a terrific first step um supplying an end-to-end payroll option for your workers worldwide again I think is another huge um procedure again lining up and guaranteeing you have standardization International processes all of those things are definitely essential to success success of organizations and minimizing the number of tools platforms and checking account they require for their International 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 have actually never ever had a hundred countless 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 grievances where things have not gone quite where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyway we understand how how essential 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 associated with those processes and also so envision sorry I’m just I was just gon na state envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and really see what was going on and kind of try to get back to everyone so moving on appearance why do business choose to primary separate bank accounts there are Papaya Global Zoho companies out there doing precisely this for specific nations and I’ve worked in an organization or numerous companies doing exactly that I can say it does not constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we do not need to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I think people have actually got so used to we require a new checking account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people 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 lots of other ways um to to sort of do it so I think there’s a variety I believe this is a process that needs looking at it needs altering however eventually people are extremely stuck to what they’re familiar
with right um change is a difficult thing we all do not like change um so I think it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having preserving multiple savings account however there’s a substantial amount of complexity opts for setting up a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for specific people so the complexity is huge however I believe the truthful answer is change um individuals haven’t had the ability to change or have not had always the understanding to truly make that change into alternate Solutions besides 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 a component of resistance to alter but we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century or two there is a lot to keep an eye on and this technique does pose numerous obstacles um so Johnny could you inform us about those obstacles yeah obviously 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 Worldwide employees you should have a corner workplace with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Zoho