Over the last five or 6 years …Papaya Global Payroll Free Trial… roles on the supplier side and likewise on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everybody another couple of uh well among 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 fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very bleak and I wish I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business preserve different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll likewise review a recap which needs to leave his time at the really 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 International labor forces end up being a growing number of common and handling them becomes a growing number of complicated International companies are aiming to discover Solutions and new ways to improve procedures specifically from a payroll and cross-border payment perspective many companies preserve different savings account just for payroll while some have several accounts in different countries does it make good sense for business to maintain different bank accounts in some cases in various countries it does however just for payroll is there a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies streamline the episode complex processes of
Ensuring precise, effective, and timely payroll payments is a complex obstacle for organizations running internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, find out how companies forecast payroll costs to enhance working capital, and discover how enhancing international payroll payments can transform them from a troublesome task into a tactical possession.
Handling payroll internationally is a complicated task due to different regulations, compliance requirements, information security concerns, and banking guidelines. The large number of workers and companies contributes to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently lead to manual procedures, information silos, and an absence of integration, leading to disparities and ineffectiveness. Despite living in an age of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to supply insights and solutions to streamline and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business invests in global payroll the less of an image they see an absence of visibility also encompasses payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide companies have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors improperly interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the data is delivered to the wrong place the typical expense of an international 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 don’t run smoothly if they count on the essential multiple processes 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 service face when they’re making payments to staff members or otherwise that’s an excellent question I constantly toss this back and say what is it what doesn’t need to be consisted of best and what does
it need 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 amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity any place you look ideal ultimately constructing a knowledge base is definitely vital however everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is allowing us to type of move on with that it likewise as well to add to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is definitely important that payroll and finance groups work closer together than ever um I’m always astonished when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 people wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to add to sort of the level of complexity there’s a growing number of benefits being organ or being used by companies throughout the world so again you’re simply aiming to add more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real obstacles or genuine difficult kind of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of years I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and an age that you know that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any organization has from a cost perspective from an effect viewpoint on employees it is definitely critical that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging impact on individuals’s wellness and many other elements if people aren’t paid uh I’ve always been impressed entering into this Market sort of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only see when things fail. However, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally too. For that reason, it is essential to make sure that jobs like Wi-Fi International and other vital matters are done correctly. Using the first International Payments first payroll payment service is an excellent initial step towards supplying a detailed payroll service for staff members worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and bank accounts necessary for global payroll are essential factors in attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as planned. Eventually, we don’t do it for the gratitude.
anyway we know how how crucial a function it is and that’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 think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and actually see what was going on and kind of shot to get back to everybody so proceeding appearance why do business pick to primary different bank accounts there are Papaya Global Payroll Free Trial organizations out there doing precisely this for particular nations and I have actually operated in a service or numerous services doing precisely that I can state it doesn’t always feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating additional work for anyone where we do not need to and any person that’s managing that process I ‘d be interested to hear your thoughts 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 requirement I believe people have got so utilized to we need 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 think it’s simply been the requirement and the standard 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 range I think this is a procedure that requires taking a look at it needs changing but ultimately individuals are very stuck to what they recognize
with best um change is a difficult thing all of us do not like modification um so I think it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having keeping several savings account however there’s a substantial amount of complexity opts for setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for individual individuals so the intricacy is big but I believe the sincere answer is modification um people have not had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change but we have actually 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 might practically be determined to be the next Century or so there is a lot to keep track of and this method does present several obstacles um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Payroll Free Trial