Over the last five or 6 years …Bonus Papaya Global Olimp Trade… 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 simply offer everyone another number 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 rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly 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 really extremely dreary and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we’ll likewise discuss a recap which needs to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of typical and handling them becomes a growing number of intricate Global companies are seeking to discover Solutions and new methods to improve procedures specifically from a payroll and cross-border payment viewpoint many companies maintain separate checking account just for payroll while some have several accounts in different countries does it make good sense for companies to maintain separate savings account sometimes in various countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international business improve the episode complex processes of
Ensuring accurate, efficient, and timely payroll payments is a complex difficulty for organizations operating internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to optimize working capital, and find how simplifying global payroll payments can transform them from a challenging task into a strategic asset.
Managing payroll worldwide is a difficult task due to different guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer variety of employees and services contributes to the complexity, with an approximated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems often result in manual processes, information silos, and a lack of combination, leading to disparities and inadequacies. Despite residing in an era of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to provide insights and solutions to simplify and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization spends on worldwide payroll the less of a picture they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of international organizations 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 errors are due to time reporting poor HCM information information entry mistakes improperly interacted hires and terminations as well as lack management and system configurations and after that when you round it all off and the data is shipped to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they rely on the required several 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 business face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and state what is it what doesn’t need to be consisted of right 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 time frames 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 wherever you look best eventually constructing a knowledge base is definitely crucial however all over 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 type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to kind of move on with that it also too to add to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and financing teams work closer together than ever um I’m always amazed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
The modern world puts a high value on well-being and the payment landscape is ending up being progressively detailed. Companies are continuously presenting new benefits and payment choices, which adds to the total complexity. Large corporations often divide their payroll and payment processing into different groups, which can result in ineffectiveness and bottlenecks. In my viewpoint, this does not have to hold true. In today’s technically advanced age, there’s no justification for preserving troublesome procedures. Payroll, the company’s most significant expense, need to be processed correctly and on time. Even slight hold-ups can negatively affect employees’ well-being and have significant consequences. Therefore, it’s important to focus on accurate and timely payments.
The payroll team might not have been thanked for properly 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 staff members or not. Payroll is a crucial cycle, and individuals only notice when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s perceived externally also. For that reason, it is necessary to make sure that jobs like Wi-Fi International and other essential matters are done properly. Utilizing the first International Payments very first payroll payment solution is a terrific initial action towards providing a thorough payroll solution for staff members worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and checking account necessary for international payroll are crucial consider accomplishing business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyhow we understand how how crucial a function 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 involved in those processes and likewise so envision sorry I’m just I was just gon na say envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of 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 but it would certainly be an intriguing task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and actually see what was going on and sort of try to get back to everybody so moving on look why do business choose to primary separate bank accounts there are Bonus Papaya Global Olimp Trade organizations out there doing exactly this for particular nations and I’ve worked in a business or numerous services doing exactly that I can say it doesn’t always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for any person where we do not need to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I believe individuals have actually got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually 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 numerous other ways um to to kind of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs changing but eventually people are very stuck with what they’re familiar
with ideal um modification is a tough thing we all do not like change um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having keeping several checking account however there’s a substantial amount of complexity goes with establishing a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for private individuals so the complexity is substantial but I believe the honest answer is modification um people have not had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you have actually 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 excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or two there is a lot to track and this method does position numerous obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Bonus Papaya Global Olimp Trade