Over the last five or 6 years …Papaya Global Year End 2019 Checklist… roles on the company side and likewise on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely really gloomy and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business keep separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical possession uh we’ll likewise discuss a recap and that must leave his time at the extremely really 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 workforces become more and more common and handling them becomes a growing number of complex Worldwide organizations are aiming to find Solutions and new ways to improve processes specifically from a payroll and cross-border payment standpoint lots of companies maintain different checking account just for payroll while some have multiple accounts in various nations does it make good sense for companies to preserve separate checking account in some cases in various nations it does however 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 enhance the episode complex procedures of
Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for companies operating internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, find out how business forecast payroll expenses to enhance working capital, and discover how enhancing global payroll payments can transform them from a difficult job into a strategic possession.
Managing payroll internationally is a challenging job due to various regulations, compliance requirements, information security issues, and banking rules. The sheer number of staff members and businesses adds to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems typically lead to manual procedures, data silos, and an absence of combination, leading to inconsistencies and ineffectiveness. In spite of living in a period of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to provide insights and solutions to simplify and optimize international payroll payments.
about it to provide you an idea 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 rather honestly the more an organization invests in international payroll the less of an image they see an absence of visibility likewise encompasses payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of global companies have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors badly interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is shipped to the incorrect location the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they rely on the required numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re paying to employees or otherwise that’s a great question I constantly throw this back and say what is it what does not need to be included 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 nation there’s payment amount of time there’s payment abilities 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 consumer’s own in-country account so there’s complexity anywhere you look ideal ultimately building a knowledge base is absolutely crucial but all over you look with payroll payment they are like super payments no if but 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 believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to type of move on with that it likewise as well to add to that payroll and finance need to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely vital that payroll and finance groups work better together than ever um I’m always surprised 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 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 procedure it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high value on well-being and the payment landscape is ending up being significantly complex. Businesses are continuously introducing brand-new benefits and payment options, which adds to the overall intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to inadequacies and traffic jams. In my opinion, this doesn’t need to be the case. In today’s technologically innovative age, there’s no reason for maintaining cumbersome procedures. Payroll, the business’s most significant cost, should be processed properly and on time. Even small hold-ups can adversely affect employees’ wellness and have significant consequences. Therefore, it’s crucial to focus on accurate and timely payments.
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just see when things fail. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally also. For that reason, it is important to ensure that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Using the first International Payments first payroll payment option is a terrific preliminary step towards providing a comprehensive payroll option for staff members worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and savings account necessary for international payroll are crucial factors in accomplishing business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things do not go as prepared. Eventually, we don’t do it for the gratitude.
anyhow we know how how crucial 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 easy as possible for everyone that’s involved in those procedures and also so picture sorry I’m just I was simply gon na say think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of shot to return to everyone so proceeding look why do companies pick to main separate bank accounts there are Papaya Global Year End 2019 Checklist services out there doing exactly this for specific countries and I’ve worked in a service or many businesses doing exactly that I can say it does not constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we don’t need to and anyone that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the requirement I believe people have actually got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I think this is a process that requires looking at it needs changing however ultimately people are extremely stuck to what they’re familiar
with right um modification is a challenging thing we all don’t like change um so I think it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having preserving multiple bank accounts however there’s a big amount of complexity goes with establishing a savings account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for private people so the complexity is substantial but I believe the sincere answer is change um individuals have not been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to alter however we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might nearly be determined to be the next Century approximately there is a lot to monitor and this approach does present a number of obstacles um so Johnny could you inform us about those difficulties 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Year End 2019 Checklist