Over the last 5 or 6 years …Papaya Global 001 Files… functions on the company side and likewise on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating 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 everybody comes from and I truly 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 drizzling here it’s extremely extremely gloomy and I want I was somewhere else at this moment in time alright 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 Global payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll also go over a recap and that ought to leave his time at the really really 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 International labor forces end up being increasingly more common and handling them ends up being a growing number of intricate Global organizations are looking to discover Solutions and new methods to improve procedures particularly from a payroll and cross-border payment viewpoint lots of companies keep separate checking account just for payroll while some have numerous accounts in various nations does it make sense for companies to preserve separate 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 international business streamline the episode complex procedures of
Ensuring precise, efficient, and timely payroll payments is a complex challenge for businesses running internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, learn how companies forecast payroll costs to optimize working capital, and find how simplifying international payroll payments can transform them from a burdensome job into a strategic possession.
Managing payroll globally is a challenging task due to various regulations, compliance requirements, data security issues, and banking guidelines. The sheer variety of staff members and services contributes to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically result in manual processes, data silos, and an absence of integration, leading to disparities and inadequacies. Despite residing in an era of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to offer insights and solutions to simplify and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a company invests in international payroll the less of an image they see a lack of presence also encompasses payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide companies have expressed 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 bad HCM data information entry mistakes inadequately communicated hires and terminations along with lack management and system configurations and then when you round all of it off and the data is delivered to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they rely on the required numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s a great question I always toss this back and say what is it what does not need to be consisted of best 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 country there’s payment time frames there’s payment abilities 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 consumer’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is absolutely crucial but all over you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is permitting us to sort of progress with that it also as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance teams work closer together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high worth on well-being and the payment landscape is ending up being increasingly intricate. Organizations are continuously introducing brand-new advantages and payment alternatives, which adds to the general complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can result in inefficiencies and traffic jams. In my viewpoint, this does not have to hold true. In today’s highly innovative era, there’s no justification for maintaining cumbersome treatments. Payroll, the company’s biggest expenditure, need to be processed correctly and on time. Even slight hold-ups can negatively affect staff members’ well-being and have far-reaching repercussions. For that reason, it’s crucial to prioritize accurate and prompt payments.
payroll group get um so I’m uncertain anybody on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential 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 workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment solution is a fantastic first step um providing an end-to-end payroll service for your employees globally once again I think is another huge um procedure again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely crucial to success success of companies and minimizing the variety of tools platforms and checking account they require for their Worldwide payroll too couldn’t 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 thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we know how how crucial 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 everybody that’s associated with those processes and also so imagine sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and sort of shot to return to everyone so carrying on appearance why do business select to main different checking account there are Papaya Global 001 Files companies out there doing exactly this for specific countries and I have actually operated in a business or numerous organizations doing exactly that I can state it does not constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we do not have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I believe people have got so used 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 variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I think this is a process that needs taking a look at it needs changing but eventually individuals are extremely stuck with what they’re familiar
with best um change is a hard thing we all don’t like modification um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having maintaining multiple savings account but there’s a huge amount of complexity opts for setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific people so the intricacy is big but I believe the honest answer is change um people have not had the ability to change or have not had always the understanding 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 believe it is knowledge you understand and there is an element of resistance to change but 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 determined to be the next Century approximately there is a lot to monitor and this technique does position several challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a variety 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 feels like our CFO has actually gained another CFO, and with this improved capability, I have effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide 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 achievements. Papaya Global 001 Files