Over the last five or 6 years …Papaya Global Careers… roles on the company side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everybody 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 just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very uninspiring and I want I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies keep different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we’ll likewise go over a wrap-up and that must leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more typical and handling them becomes more and more complicated Global companies are looking to discover Solutions and brand-new methods to enhance processes particularly from a payroll and cross-border payment standpoint many companies maintain different bank account just for payroll while some have numerous accounts in different nations does it make good sense for companies to maintain different checking account in some cases in various nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies simplify the episode complex procedures of
Ensuring accurate, effective, and prompt payroll payments is a complex challenge for companies running worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, discover how business anticipate payroll costs to optimize working capital, and find how enhancing international payroll payments can transform them from a challenging task into a tactical possession.
Handling payroll worldwide is a challenging job due to various regulations, compliance requirements, information security issues, and banking guidelines. The large number of workers and services adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently result in manual processes, information silos, and a lack of combination, causing inconsistencies and inadequacies. Regardless of residing in a period of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to supply insights and options to simplify 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 services state they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization invests in international payroll the less of an image they see an absence of exposure likewise extends to payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of international services have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors inadequately interacted hires and terminations along with lack management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they rely on the needed several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s a good concern 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 of 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 need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy wherever you look ideal eventually constructing a knowledge base is definitely crucial however 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 in 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 permitting us to sort of progress with that it also as well to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely crucial that payroll and finance groups work closer together than ever um I’m always astonished when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high value on wellness and the settlement landscape is ending up being increasingly elaborate. Companies are continuously introducing brand-new advantages and payment alternatives, which adds to the overall intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can cause ineffectiveness and bottlenecks. In my opinion, this does not need to be the case. In today’s technologically innovative era, there’s no reason for maintaining cumbersome procedures. Payroll, the business’s biggest expenditure, need to be processed correctly and on time. Even slight hold-ups can negatively affect staff members’ well-being and have far-reaching repercussions. For that reason, it’s critical to focus on accurate and timely 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 terrific to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong however 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 also like why WI-Fi Global why all of this things is definitely vital that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a great first step um providing an end-to-end payroll service for your workers globally again I believe is another substantial um procedure again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of companies and lowering the variety of tools platforms and checking account they require for their Worldwide 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 countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re meant to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand how how essential a role 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 think of sorry I’m just I was just gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions picture getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and really see what was going on and type of shot to return to everyone so moving on look why do business pick to main different bank accounts there are Papaya Global Careers organizations out there doing precisely this for specific nations and I’ve worked in a service or many companies doing precisely that I can say it doesn’t always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we do not need to and anyone 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 amount that we are I think numerous reasons one is it’s the requirement I think people have got so utilized to we need 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 individuals have embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I believe this is a process that needs looking at it needs changing but ultimately individuals are very stuck to what they recognize
with best um modification is a difficult thing all of us do not like change um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having maintaining numerous checking account however there’s a substantial quantity of complexity goes with establishing a checking account keeping it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for individual people so the intricacy is big however I think the sincere answer is change um people haven’t been able to change or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change but we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to keep track of and this method does present numerous obstacles 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 jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya Global Careers