Over the last 5 or six years …Email Payslips From Papaya Global… roles on the supplier side and also on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely dreary and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we’ll also discuss a recap which ought 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 transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more common and managing them becomes increasingly more complex International companies are seeking to find Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment viewpoint numerous companies keep separate savings account just for payroll while some have several accounts in various countries does it make good sense for business to preserve separate checking account often in various nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business streamline the episode complex processes of
Making sure precise, effective, and timely payroll payments is a complex difficulty for businesses running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll expenses to enhance working capital, and find how streamlining worldwide payroll payments can transform them from a challenging task into a strategic asset.
Managing payroll globally is a complicated job due to numerous regulations, compliance requirements, data security concerns, and banking rules. The sheer number of staff members and organizations adds to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically lead to manual procedures, information silos, and an absence of integration, leading to disparities and ineffectiveness. Despite residing in an era of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to supply insights and services to streamline and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce 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 a photo they see an absence of exposure likewise extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of international organizations have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors poorly communicated hires and terminations along with lack management and system setups and then when you round all of it off and the data is shipped to the wrong place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they rely on the required numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t require to be included ideal and what does
it require 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look best eventually building a knowledge base is definitely vital but everywhere you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to type of move forward with that it also too to add to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is definitely imperative that payroll and financing groups work more detailed together than ever um I’m always astonished when individuals state I’ve split payroll and payment um if you stroll 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 frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on wellness and the payment landscape is becoming progressively detailed. Businesses are constantly presenting new benefits and payment alternatives, which contributes to the total complexity. Big corporations often divide their payroll and payment processing into separate teams, which can result in ineffectiveness and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s highly innovative age, there’s no reason for preserving troublesome treatments. Payroll, the company’s biggest expenditure, need to be processed correctly and on time. Even small hold-ups can negatively affect employees’ wellness and have significant repercussions. Therefore, it’s crucial to prioritize accurate and timely payments.
payroll team get um so I’m not exactly sure anyone on this sort of webinar has been told 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 employees or not um but ultimately payroll is such an essential cycle all of us find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done properly so leveraging the very first Global Payments very first payroll payment option is an excellent primary step um offering an end-to-end payroll solution for your employees internationally once again I think is another substantial um process once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely key to success success of organizations and reducing the variety of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 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 in fact doing that for for the thanks
anyhow we understand 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 everybody that’s associated with those processes and likewise so picture sorry I’m simply I was just gon na say imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and in fact see what was going on and sort of try to return to everybody so proceeding look why do companies select to primary separate savings account there are Email Payslips From Papaya Global companies out there doing exactly this for particular nations and I have actually operated in a company or many organizations doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we do not have to and any person that’s dealing with 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 amount that we are I think numerous reasons one is it’s the requirement I think individuals have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions 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 individuals have actually embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a variety I think this is a process that needs taking a look at it requires altering but eventually people are really stuck with what they’re familiar
with best um change is a challenging thing we all do not like modification um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having preserving numerous savings account but there’s a huge amount of complexity opts for establishing a bank account maintaining it ensuring it can send International transfers ensuring it’s set up with the best user accesses for specific people so the complexity is substantial but I believe the sincere answer is modification um individuals have not been able to change 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 think it is understanding you understand and there is an element of resistance to alter however we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century approximately there is a lot to track and this technique 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 simply 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 Global employees you deserve a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Email Payslips From Papaya Global