Over the last five or six years …Payroll Onboarding Papaya Global… functions on the provider side and likewise on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody 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 sunlight is it it’s not no it’s it’s raining here it’s really extremely bleak and I wish I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical possession uh we’ll also discuss a wrap-up and that needs to leave his time at the extremely 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 International workforces become a growing number of typical and handling them ends up being more and more complicated Global organizations are looking to discover Solutions and new methods to improve processes especially from a payroll and cross-border payment perspective many companies maintain different savings account just for payroll while some have multiple accounts in various nations does it make sense for companies to maintain separate savings account in some cases in various nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies enhance the episode complex procedures of
Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for services operating internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, find out how companies forecast payroll costs to enhance working capital, and find how simplifying international payroll payments can transform them from a difficult job into a strategic asset.
Managing payroll internationally is an overwhelming job due to various policies, compliance requirements, data security issues, and banking rules. The sheer number of staff members and services contributes to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems frequently result in manual procedures, data silos, and an absence of integration, leading to disparities and inefficiencies. In spite of living in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to provide insights and services 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 Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service spends on worldwide payroll the less of a picture they see an absence of presence likewise reaches payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide organizations have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes badly interacted hires and terminations in addition to lack management and system setups and then when you round everything off and the data is shipped to the incorrect location the typical expense of a worldwide 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 do not run efficiently if they rely on the needed 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 obstacles service face when they’re making payments to employees or otherwise that’s an excellent concern I always toss this back and say what is it what does not require to be included right 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 country 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 consumer’s own in-country account so there’s intricacy wherever you look ideal eventually building a knowledge base is absolutely critical 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 look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is permitting us to sort of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work better together than ever um I’m always astonished when individuals say 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 a market 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 people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high value on wellness and the compensation landscape is ending up being increasingly intricate. Services are continually introducing brand-new benefits and payment options, which adds to the overall complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can cause inefficiencies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s highly innovative age, there’s no justification for keeping cumbersome procedures. Payroll, the company’s greatest cost, need to be processed correctly and on time. Even small hold-ups can adversely impact staff members’ well-being and have significant consequences. For that reason, it’s critical to prioritize accurate and prompt payments.
payroll team get um so I’m not exactly sure anybody on this kind of webinar has been informed 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 but ultimately payroll is such an important cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done properly so leveraging the first International Payments first payroll payment solution is an excellent initial step um supplying an end-to-end payroll solution for your staff members internationally once again I believe is another substantial um procedure once again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of companies and decreasing the variety of tools platforms and checking account they require for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of 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 have not gone rather where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand how how crucial 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 simple as possible for everyone that’s involved in those processes and also so imagine sorry I’m simply I was simply gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and in fact see what was going on and sort of shot to get back to everybody so proceeding look why do business choose to main different checking account there are Payroll Onboarding Papaya Global businesses out there doing exactly this for particular nations and I have actually operated in a service or lots of businesses doing precisely that I can state it does not constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we don’t need to and any person that’s dealing with 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 believe many factors one is it’s the standard I think people have actually got so used to we require a new checking account we open an entity and appropriately so you need 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 requirement and the norm the people have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I think this is a procedure that requires taking a look at it requires changing however eventually people are extremely stuck with what they recognize
with best um change is a hard thing we all don’t like change um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining several checking account but there’s a huge amount of complexity opts for setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for individual people so the intricacy is big however I believe the sincere answer is modification um people have not been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might almost be determined to be the next Century or two there is a lot to monitor and this approach does pose several challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you should have a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Payroll Onboarding Papaya Global