Over the last five or six years …Papaya Global Côte D’ivoire… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I actually 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 very dreary and I want I was elsewhere 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 business keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic possession uh we’ll likewise discuss a wrap-up 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 execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more common and managing them becomes increasingly more complicated Global organizations are looking to find Solutions and new ways to simplify procedures especially from a payroll and cross-border payment perspective lots of companies maintain separate bank account just for payroll while some have multiple accounts in various nations does it make good sense for business to preserve different checking account sometimes in different countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business simplify the episode complex procedures of
Guaranteeing precise, efficient, and prompt payroll payments is a complex obstacle for businesses running worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, learn how companies forecast payroll costs to optimize working capital, and discover how streamlining international payroll payments can transform them from a difficult task into a strategic asset.
Handling payroll globally is a challenging job due to numerous guidelines, compliance requirements, information security issues, and banking rules. The sheer number of staff members and services adds to the complexity, with an approximated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Standard payroll systems typically lead to manual processes, information silos, and an absence of integration, leading to disparities and inadequacies. In spite of residing in an age of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to provide insights and solutions to simplify and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a service invests in global payroll the less of a picture they see an absence of exposure also extends to payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of international organizations have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes improperly interacted hires and terminations in addition to lack management and system setups and then when you round everything off and the information is shipped to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they count on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re paying to staff members or otherwise that’s a good concern I constantly throw this back and state what is it what doesn’t require to be included right and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity wherever you look best ultimately developing a knowledge base is absolutely vital however all over you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is allowing us to type of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely imperative that payroll and finance groups work better together than ever um I’m constantly amazed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry 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 any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on wellness and the payment landscape is ending up being increasingly elaborate. Services are continuously introducing new benefits and payment options, which adds to the overall intricacy. Large corporations often divide their payroll and payment processing into different teams, which can lead to inefficiencies and traffic jams. In my viewpoint, this does not need to hold true. In today’s highly advanced era, there’s no validation for preserving cumbersome treatments. Payroll, the business’s greatest cost, need to be processed correctly and on time. Even slight delays can negatively affect workers’ wellness and have far-reaching effects. For that reason, it’s important to prioritize accurate and prompt payments.
payroll team get um so I’m not exactly sure anybody on this kind 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 staff members or not um however ultimately payroll is such an essential cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise 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 very first payroll payment option is a great first step um offering an end-to-end payroll solution for your workers worldwide again I believe is another huge um procedure again lining up and ensuring you have standardization Global processes all of those things are definitely key to success success of companies 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 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 have not gone rather where they’re implied to be um I do not believe any of us are really doing that for for the thanks
anyhow 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 simple as possible for everyone that’s associated with those procedures and likewise so picture sorry I’m just I was just gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case 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 shot to return to everyone so carrying on look why do business pick to primary separate savings account there are Papaya Global Côte D’ivoire companies out there doing exactly this for specific countries and I’ve operated in a company or lots of services doing exactly that I can state it does not constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we do not need to and any person that’s managing that process 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 many factors one is it’s the standard I think people have actually got so utilized to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have embraced and continue to do over years and years passed by to add to that people 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 think this is a procedure that needs looking at it requires altering but ultimately individuals are extremely stuck with what they recognize
with ideal um change is a hard thing all of us don’t like change um so I believe it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having maintaining numerous bank accounts however there’s a big quantity of complexity goes with setting up a bank account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual people so the intricacy is substantial but I believe the truthful answer is modification um individuals haven’t been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to track and this method does position numerous difficulties um so Johnny could you inform us about those difficulties yeah naturally 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 acquired another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya Global Côte D’ivoire