Over the last five or six years …Papaya Global Timesheets… roles on the provider side and likewise on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody comes 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 extremely really uninspiring and I wish I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business keep separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya International payroll payments as a tactical property uh we’ll likewise review a wrap-up which ought to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more typical and handling them becomes increasingly more complex Worldwide organizations are wanting to find Solutions and new methods to enhance procedures specifically from a payroll and cross-border payment standpoint numerous companies preserve different bank account just for payroll while some have multiple accounts in various countries does it make sense for business to keep different savings account sometimes in various nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies streamline the episode complex procedures of
Ensuring precise, efficient, and prompt payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, learn how business anticipate payroll costs to optimize working capital, and find how simplifying global payroll payments can transform them from a challenging job into a strategic property.
Handling payroll worldwide is an overwhelming task due to various regulations, compliance requirements, data security concerns, and banking guidelines. The sheer variety of employees and services adds to the complexity, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Conventional payroll systems typically result in manual procedures, information silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. Despite living in a period of technological advancements, payroll management has been sluggish 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 global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that offers me sleepless nights and rather honestly the more a business spends on international payroll the less of a photo they see a lack of exposure also encompasses payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of global organizations have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors inadequately interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the data is shipped to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they depend on the required numerous procedures 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 obstacles business face when they’re making payments to employees or otherwise that’s a great question I always toss this back and state what is it what doesn’t need to be included right and what does
it need to be thought of there’s differing Bank information 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 have to pay from the customer’s own in-country account so there’s complexity wherever you look best eventually building a knowledge base is definitely critical however all over you look with payroll payment they resemble incredibly payments no if however some children 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 permitting us to sort of move on with that it also as well to add to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely crucial that payroll and financing teams work more detailed together than ever um I’m constantly amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world places a high value on well-being and the settlement landscape is ending up being progressively detailed. Organizations are continuously presenting new benefits and payment options, which contributes to the total complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can cause ineffectiveness and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s highly advanced period, there’s no justification for preserving troublesome procedures. Payroll, the company’s most significant expenditure, need to be processed properly and on time. Even slight delays can negatively affect workers’ wellness and have far-reaching consequences. Therefore, it’s crucial to prioritize accurate and timely payments.
payroll group get um so I’m uncertain anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this things is done correctly so leveraging the first Global Payments very first payroll payment service is a fantastic primary step um supplying an end-to-end payroll option for your staff members globally again I think is another big um procedure again aligning and ensuring you have standardization International procedures all of those things are definitely key to success success of businesses and reducing the number of tools platforms and savings account they need 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 thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I do not believe any of us are really doing that for for the thanks
anyway we understand how how essential a function 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 everybody that’s associated with those procedures and likewise so picture sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions picture getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of try to return to everyone so moving on appearance why do business select to main different bank accounts there are Papaya Global Timesheets businesses out there doing exactly this for particular countries and I have actually operated in a business or numerous services doing exactly that I can say it does not always feel effective and it does develop more work I know we’re not purposely doing that we’re not creating additional work for any person where we don’t have to and any person that’s managing that procedure 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 numerous reasons one is it’s the requirement I think 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 functions but 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 looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I believe this is a process that needs looking at it requires altering but ultimately people are extremely stuck with what they’re familiar
with best um modification is a challenging thing all of us don’t like change um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having keeping several checking account but there’s a big quantity of intricacy goes with establishing a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for specific people so the complexity is substantial but I believe the sincere answer is modification um individuals haven’t been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century or two there is a lot to keep an eye on and this technique does pose several obstacles um so Johnny might you tell us about those challenges yeah naturally 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 International workers you should have a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Timesheets