Over the last five or six years …Salary Sacrifice Pension Value Papaya Global… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody originates 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 very really gloomy and I wish 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 Worldwide payroll why business preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a tactical asset uh we’ll likewise review a recap and that ought to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of common and handling them ends up being a growing number of intricate International companies are aiming to discover Solutions and new methods to simplify processes particularly from a payroll and cross-border payment perspective lots of organizations maintain separate savings account just for payroll while some have numerous accounts in different nations does it make good sense for business to maintain different savings account often in various nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business simplify the episode complex processes of
Making sure accurate, efficient, and prompt payroll payments is a complex obstacle for services operating worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll expenses to optimize working capital, and find how improving global payroll payments can transform them from a difficult job into a strategic property.
Handling payroll worldwide is a challenging job due to numerous guidelines, compliance requirements, information security issues, and banking guidelines. The large number of staff members and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Standard payroll systems frequently result in manual procedures, data silos, and an absence of integration, resulting in inconsistencies and inefficiencies. In spite of 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 using pen and paper. This webinar objectives to offer insights and solutions to simplify and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company invests in global payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of global businesses have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors poorly communicated hires and terminations along with lack management and system setups and after that when you round everything off and the data is shipped to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they depend on the essential multiple procedures 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 company face when they’re making payments to employees or otherwise that’s a great concern I constantly throw this back and state what is it what does not need to be consisted of ideal and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 ideal ultimately constructing a knowledge base is absolutely vital but all over you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to type of move on with that it also as well to add to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely vital that payroll and finance groups work more detailed together than ever um I’m constantly amazed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split 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 people any place they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high worth on well-being and the payment landscape is ending up being increasingly detailed. Services are constantly introducing brand-new benefits and payment options, which contributes to the total intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can result in inadequacies and traffic jams. In my viewpoint, this does not have to be the case. In today’s technically innovative era, there’s no validation for keeping troublesome treatments. Payroll, the company’s most significant expenditure, must be processed properly and on time. Even slight hold-ups can negatively impact workers’ wellness and have significant effects. Therefore, it’s crucial to focus on accurate and prompt payments.
payroll group get um so I’m not exactly sure anybody on this sort of webinar has actually been told thank you for processing my payroll correctly 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 we all hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just 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 definitely important that all of this stuff is done properly so leveraging the first International Payments first payroll payment solution is a fantastic first step um providing an end-to-end payroll service for your staff members globally again I believe is another huge um process again lining up and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of services and reducing the number of tools platforms and savings account they need for their Global 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’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I do not think any of us are really doing that for for the thanks
anyway 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 easy as possible for everyone that’s involved in those processes and likewise so imagine sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions envision getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and actually see what was going on and kind of shot to return to everybody so moving on look why do business choose to main separate savings account there are Salary Sacrifice Pension Value Papaya Global businesses out there doing exactly this for particular countries 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 producing additional work for anybody where we don’t need to and any person that’s handling 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 think lots of reasons one is it’s the standard I think people have got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a process that needs looking at it needs changing but eventually people are very stuck with what they recognize
with right um change is a difficult thing all of us don’t like modification um so I believe 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 stuff um I comprehend undoubtedly the advantages of having maintaining multiple bank accounts however there’s a big quantity of intricacy goes with setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the complexity is substantial but I think the honest response is change um people haven’t been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might almost be figured out to be the next Century or two there is a lot to monitor and this approach does pose a number of obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Salary Sacrifice Pension Value Papaya Global