Over the last five or six years …Papaya Global Saint Barthelemy… functions on the supplier side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I really do hope it’s much sunnier than it remains 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 extremely very uninspiring and I want I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies maintain separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we’ll likewise discuss a wrap-up 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 transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and managing them ends up being increasingly more complicated Global organizations are wanting to discover Solutions and brand-new methods to enhance procedures specifically from a payroll and cross-border payment viewpoint numerous organizations keep separate bank account just for payroll while some have numerous accounts in different nations does it make sense for business to preserve different savings account often in various nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international business enhance the episode complex procedures of
Ensuring accurate, effective, and prompt payroll payments is a complex obstacle for services operating worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to optimize working capital, and discover how simplifying international payroll payments can transform them from a troublesome job into a tactical property.
Handling payroll globally is an overwhelming job due to different regulations, compliance requirements, information security issues, and banking rules. The sheer number of employees and organizations adds 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.
Standard payroll systems typically result in manual processes, information silos, and a lack of combination, leading to inconsistencies and inefficiencies. Despite residing in an age of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to supply insights and solutions to streamline and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on global payroll the less of a picture they see a lack of presence also reaches payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of global services 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 mistakes are due to time reporting bad HCM data data entry errors badly interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the data is delivered to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they depend on the needed several 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 obstacles business face when they’re paying to employees or otherwise that’s a good concern I constantly toss this back and say what is it what does not require to be included best and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 anywhere you look best ultimately constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble very payments no if however some babies 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 kind of move on with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and finance groups work better together than ever um I’m always impressed when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high value on wellness and the compensation landscape is becoming significantly intricate. Services are constantly introducing new benefits and payment choices, which contributes to the total complexity. Big corporations often divide their payroll and payment processing into separate teams, which can result in inadequacies and traffic jams. In my opinion, this does not have to hold true. In today’s highly advanced period, there’s no justification for maintaining cumbersome treatments. Payroll, the business’s greatest expense, must be processed correctly and on time. Even slight hold-ups can adversely affect workers’ wellness and have far-reaching effects. For that reason, it’s crucial to prioritize precise and prompt payments.
payroll team get um so I’m not sure anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong however 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 also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done correctly so leveraging the first International Payments first payroll payment solution is an excellent primary step um providing an end-to-end payroll option for your staff members globally again I believe is another huge um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of companies and lowering the number 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 have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand how how essential a role 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 associated with those procedures and likewise so envision sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and type of shot to return to everybody so carrying on appearance why do companies pick to main separate bank accounts there are Papaya Global Saint Barthelemy organizations out there doing precisely this for particular nations and I have actually worked in a business or many businesses doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not producing extra work for anybody where we do not need to and any person that’s handling 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 quantity that we are I think lots of factors one is it’s the standard I believe people have got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs changing but eventually people are very stuck with what they’re familiar
with ideal um modification is a difficult thing all of us don’t like change 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 stuff um I comprehend certainly the benefits of having maintaining multiple checking account however there’s a substantial amount of complexity opts for establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for private people so the complexity is substantial but I believe the sincere answer is modification um people have not had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or so there is a lot to keep track of and this method does position several obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so
I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you are worthy of a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Saint Barthelemy