Over the last five or six years …Undo Leaver On Papaya Global… roles on the service provider side and likewise on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already 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 is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very dreary and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical possession uh we’ll also discuss a wrap-up which ought to leave his time at the very extremely 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 International workforces become increasingly more typical and handling them becomes a growing number of complex Global companies are wanting to find Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment standpoint lots of companies maintain different savings account just for payroll while some have several accounts in different countries does it make sense for business to preserve different bank accounts in some cases in various countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies simplify the episode complex processes of
Making sure precise, efficient, and timely payroll payments is a complex obstacle for organizations operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to enhance working capital, and discover how improving international payroll payments can change them from a challenging task into a strategic property.
Managing payroll worldwide is an overwhelming task due to different policies, compliance requirements, data security concerns, and banking rules. The large number of workers and companies contributes to the complexity, with an estimated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems typically lead to manual processes, information silos, and an absence of integration, causing disparities and inadequacies. In spite of residing in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to offer insights and options 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 only 11 of organizations say they have Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more a service spends on international payroll the less of an image they see a lack of presence likewise encompasses payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide businesses have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors poorly communicated hires and terminations as well as absence management and system setups and after that when you round all of it off and the information is delivered to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they depend on the necessary several processes 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 challenges service face when they’re paying to workers or otherwise that’s a good concern I always toss this back and state what is it what doesn’t need to be included ideal and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities 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 consumer’s own in-country account so there’s complexity wherever you look best eventually developing a knowledge base is definitely important however everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to kind of move on with that it also as well to contribute to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely imperative that payroll and finance teams work more detailed together than ever um I’m constantly surprised when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation 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 process it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on wellness and the payment landscape is becoming increasingly elaborate. Businesses are continually introducing brand-new advantages and payment alternatives, which contributes to the overall intricacy. Large corporations often divide their payroll and payment processing into different groups, which can lead to inadequacies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s technologically innovative era, there’s no reason for preserving troublesome procedures. Payroll, the company’s greatest cost, need to be processed correctly and on time. Even slight delays can adversely impact staff members’ well-being and have significant consequences. For that reason, it’s important to focus on precise and prompt payments.
payroll team get um so I’m not exactly sure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle all of us hear about it when it fails everybody 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 deem well um so yeah it’s likewise 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 very first payroll payment option is a great initial step um offering an end-to-end payroll option for your staff members worldwide once again I think is another big um process again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of businesses and decreasing the variety of tools platforms and checking 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 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 problems where things haven’t gone rather where they’re implied to be um I don’t think 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 everyone that’s involved in those procedures and also so picture sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and really see what was going on and kind of try to return to everybody so proceeding look why do companies choose to main separate savings account there are Undo Leaver On Papaya Global companies out there doing exactly this for particular countries and I’ve worked in a company or numerous businesses doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for any person where we do not have to and any person that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the requirement I believe people have got so utilized to we need a brand-new checking account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm 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 many other methods um to to type of do it so I think there’s a variety I think this is a procedure that needs looking at it needs changing however ultimately people are really stuck with what they recognize
with right um modification is a hard thing we all do not like change um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having keeping multiple bank accounts however there’s a big quantity of intricacy opts for setting up a savings account preserving it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for private individuals so the intricacy is big however I think the sincere answer is change um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to change however we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could nearly be determined to be the next Century or so there is a lot to keep an eye on and this approach does present numerous obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this improved ability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your achievements. Undo Leaver On Papaya Global