Over the last five or six years …Papaya Global 941… roles on the provider side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely dreary and I wish I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why business keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we’ll also go over a recap and that must 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 Global labor forces become more and more typical and handling them becomes increasingly more complex Worldwide companies are aiming to discover Solutions and new ways to streamline processes particularly from a payroll and cross-border payment perspective numerous companies preserve different bank account just for payroll while some have numerous accounts in various nations does it make good sense for business to keep different savings account sometimes in different nations it does but just for payroll is there a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business streamline the episode complex processes of
Making sure precise, effective, and timely payroll payments is a complex challenge for organizations operating internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, find out how companies anticipate payroll expenses to optimize working capital, and discover how enhancing international payroll payments can change them from a challenging task into a tactical property.
Handling payroll internationally is a difficult task due to various guidelines, compliance requirements, data security issues, and banking rules. The sheer number of employees and organizations adds to the complexity, with an approximated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems typically lead to manual procedures, data silos, and an absence of integration, causing disparities and ineffectiveness. Despite residing in a period of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to provide insights and solutions to streamline 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 businesses say they have Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more an organization invests in global payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of international organizations have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors inadequately communicated hires and terminations along with absence management and system setups and then when you round it all off and the data is shipped to the incorrect location the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they count on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re paying to workers or otherwise that’s a good concern I always toss this back and say what is it what doesn’t require to be consisted of ideal and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need 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 right ultimately constructing a knowledge base is definitely critical however all over you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you 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 basic and technology is allowing us to sort of move forward with that it also also to add to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely important that payroll and financing teams work better together than ever um I’m always surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern world puts a high value on wellness and the payment landscape is ending up being progressively detailed. Services are constantly introducing new advantages and payment options, which contributes to the general complexity. Big corporations typically divide their payroll and payment processing into separate groups, which can result in ineffectiveness and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s highly sophisticated era, there’s no reason for preserving cumbersome treatments. Payroll, the company’s biggest cost, need to be processed correctly and on time. Even small hold-ups can negatively affect employees’ well-being and have far-reaching repercussions. For that reason, it’s crucial to focus on precise and timely payments.
payroll group get um so I’m not sure anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle we all find out about it when it fails everybody 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this things is done correctly so leveraging the very first International Payments first payroll payment service is a terrific first step um providing an end-to-end payroll service for your staff members internationally once again I think is another substantial um process once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely key to success success of businesses and lowering the number of tools platforms and savings account 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 have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five 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 do not believe any of us are in fact doing that for for the thanks
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 everyone that’s involved in those processes and also so picture sorry I’m just I was simply gon na state think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions imagine getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and actually see what was going on and sort of shot to return to everybody so carrying on look why do companies select to main different checking account there are Papaya Global 941 organizations out there doing precisely this for specific countries and I have actually operated in a company or lots of organizations doing exactly that I can state it does not always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not developing additional work for anyone where we do not need to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement I think people have actually got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I believe this is a process that requires taking a look at it requires changing however ultimately individuals are very stuck to what they recognize
with ideal um modification is a hard thing we all don’t like change um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having keeping numerous savings account but there’s a huge amount of complexity goes with establishing a savings account keeping it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for individual people so the intricacy is substantial however I think the truthful response is modification um individuals have not had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century or so there is a lot to monitor and this method does pose numerous difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so
I just did you changed our Business 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 workers you should have a corner office with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global 941