Over the last 5 or 6 years …Eps Submission Papaya Global Manager 250… functions on the company side and likewise on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it remains 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 uninspiring and I wish I was somewhere else at this moment in time okay 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 International payroll why companies preserve 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 International payroll payments as a strategic property uh we’ll likewise review a recap and that should leave his time at the really 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 Worldwide workforces end up being more and more typical and managing them becomes increasingly more complex Worldwide companies are looking to find Solutions and brand-new methods to streamline processes particularly from a payroll and cross-border payment perspective numerous companies maintain different savings account just for payroll while some have numerous accounts in various countries does it make good sense for business to preserve separate bank accounts in some cases in various countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational business streamline the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex difficulty for organizations operating globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to optimize working capital, and discover how simplifying global payroll payments can transform them from a difficult task into a tactical possession.
Handling payroll worldwide is an overwhelming task due to various regulations, compliance requirements, data security issues, and banking guidelines. The sheer variety of workers and companies contributes to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems typically result in manual processes, data silos, and a lack of integration, causing disparities and inadequacies. In spite of living in an age of technological improvements, payroll management has actually been sluggish 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 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 organizations say they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more an organization spends on global payroll the less of an image they see a lack of presence also reaches payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of worldwide companies have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes improperly interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the information is shipped to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they count on the required several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s a good question 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 thought of there’s varying 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 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 intricacy anywhere you look best ultimately building a knowledge base is absolutely vital however all over you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 enabling us to sort of progress with that it also also to add to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely essential that payroll and financing groups work more detailed together than ever um I’m constantly astonished when people state I’ve divided 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 procedure it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on wellness and the payment landscape is becoming increasingly elaborate. Organizations are constantly introducing brand-new benefits and payment alternatives, which adds to the total intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can result in inadequacies and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s technically advanced era, there’s no reason for maintaining cumbersome treatments. Payroll, the company’s biggest cost, need to be processed properly and on time. Even minor hold-ups can negatively impact staff members’ wellness and have far-reaching repercussions. Therefore, it’s vital to prioritize precise and prompt payments.
The payroll group may not have been thanked for correctly processing payroll during a webinar. If anyone 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 people just observe when things go wrong. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally as well. For that reason, it is vital to guarantee that tasks like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the very first Global Payments very first payroll payment option is a terrific initial action towards providing a comprehensive payroll service for employees worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and checking account required for international payroll are crucial consider accomplishing organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
anyway we know how how important 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 easy as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of 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 definitely be a fascinating job trying 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 browse them and in fact see what was going on and type of shot to return to everybody so proceeding look why do business choose to main different bank accounts there are Eps Submission Papaya Global Manager 250 organizations out there doing exactly this for specific nations and I’ve worked in an organization or lots of businesses doing exactly that I can say it doesn’t always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we do not need to and anybody that’s managing that process 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 believe numerous factors one is it’s the standard I think people have actually got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs looking at it needs changing but eventually individuals are really stuck with what they recognize
with ideal um modification is a challenging thing we all do not like modification um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having maintaining numerous savings account however there’s a big amount of complexity chooses setting up a bank account preserving it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the intricacy is substantial however I think the honest response is modification um people haven’t had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change but we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century or two there is a lot to keep an eye on and this approach does pose numerous challenges um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your achievements. Eps Submission Papaya Global Manager 250