Over the last 5 or 6 years …Online Papaya Global Course… roles on the company side and also on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just offer 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 type of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody originates 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 drizzling here it’s extremely very dreary and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we’ll also review a wrap-up which should leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more common and handling them ends up being increasingly more complicated Global companies are wanting to find Solutions and brand-new ways to enhance procedures particularly from a payroll and cross-border payment viewpoint lots of companies maintain different bank account just for payroll while some have multiple accounts in different countries does it make good sense for business to preserve different savings account in some cases in different nations it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business simplify the episode complex processes of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex difficulty for companies running globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, discover how business forecast payroll expenses to enhance working capital, and find how simplifying international payroll payments can change them from a difficult job into a strategic possession.
Managing payroll globally is a complicated job due to different regulations, compliance requirements, information security issues, and banking guidelines. The large number of employees and companies adds to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems often lead to manual procedures, information silos, and a lack of integration, leading to inconsistencies and inefficiencies. Despite residing in an era of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to provide insights and options to simplify and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization invests in international payroll the less of a picture they see a lack of visibility also extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of global organizations have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors poorly communicated hires and terminations in addition to absence management and system setups and after that when you round it all off and the data is shipped to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they count on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s an excellent question I constantly toss this back and say what is it what doesn’t need to be consisted of ideal and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 client’s own in-country account so there’s complexity anywhere you look right ultimately constructing a knowledge base is absolutely important but everywhere you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind 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 permitting us to kind of move forward with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely vital that payroll and finance groups work closer together than ever um I’m always amazed when individuals 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 profession would they divide the payroll payment from computation 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 data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on wellness and the settlement landscape is ending up being significantly detailed. Services are continually introducing new benefits and payment options, which adds to the total intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s technologically sophisticated age, there’s no reason for keeping troublesome treatments. Payroll, the company’s most significant expenditure, must be processed properly and on time. Even small delays can negatively affect staff members’ well-being and have significant repercussions. Therefore, it’s critical to focus on accurate and prompt payments.
payroll group get um so I’m not sure anyone on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important 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 simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment option is a fantastic first step um providing an end-to-end payroll option for your workers internationally again I think is another substantial um procedure again aligning and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of services and lowering the number of tools platforms and bank accounts they require for their Worldwide 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’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand how how crucial 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 envision sorry I’m simply I was just gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions imagine getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task attempting to clean up all those up for sure oh definitely I can’t envision 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 type of try to return to everyone so carrying on look why do companies pick to main separate savings account there are Online Papaya Global Course businesses out there doing precisely this for specific countries and I’ve operated in a company or many businesses doing exactly that I can state it does not constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anybody where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of factors 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 require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs altering however eventually people are really stuck to what they recognize
with best um change is a challenging thing we all don’t like change um so I think it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving numerous savings account however there’s a huge amount of intricacy chooses setting up a savings account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual individuals so the intricacy is substantial however I believe the sincere response is modification um individuals haven’t been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is understanding you understand and there is an element of resistance to change however we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to keep an eye on and this method does posture numerous obstacles um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I recently made a change to our Enterprise 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 acquired another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Online Papaya Global Course