Over the last five or six years …Papaya Global Curaçao… roles on the provider side and likewise on the supplier side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather 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 everyone originates from and I actually do hope it’s much sunnier than it is 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 extremely extremely uninspiring and I want I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business maintain different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical possession uh we’ll likewise review a recap and that ought to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of typical and managing them becomes more and more complicated Worldwide companies are seeking to discover Solutions and brand-new ways to improve processes specifically from a payroll and cross-border payment viewpoint many companies maintain separate bank account just for payroll while some have multiple accounts in different countries does it make sense for business to keep separate savings account sometimes in different nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational business enhance the episode complex procedures of
Making sure precise, effective, and timely payroll payments is a complex difficulty for businesses operating worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to enhance working capital, and find how enhancing international payroll payments can change them from a burdensome job into a strategic asset.
Handling payroll internationally is a complicated task due to different policies, compliance requirements, information security concerns, and banking guidelines. The sheer variety of staff members and organizations adds to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems often result in manual processes, information silos, and a lack of integration, causing disparities and ineffectiveness. Regardless of living in an age of technological developments, 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 aims to offer insights and solutions to simplify and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data 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 a picture they see an absence of visibility likewise extends to payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global services have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is delivered to the wrong location the average cost of a global 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 world payroll and payments do not run efficiently if they rely on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s a good question I always throw this back and say what is it what does not need to be included best and what does
it require to be thought of there’s differing Bank information 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 need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy any place you look ideal ultimately building a knowledge base is definitely important however all over you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a 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 fundamental and innovation is allowing us to type of progress with that it likewise also to add to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is absolutely necessary that payroll and financing teams work more detailed together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high value on wellness and the compensation landscape is becoming progressively elaborate. Services are continuously presenting new advantages and payment options, which contributes to the general intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can lead to inadequacies and traffic jams. In my opinion, this does not have to be the case. In today’s technically sophisticated age, there’s no justification for maintaining troublesome treatments. Payroll, the company’s biggest expense, must be processed properly and on time. Even minor delays can adversely impact staff members’ well-being and have far-reaching effects. Therefore, it’s important to focus on accurate and timely payments.
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anybody has 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 individuals only see when things fail. However, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally as well. For that reason, it is important to guarantee that jobs like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the first International Payments first payroll payment service is a great initial step towards offering a comprehensive payroll solution for employees worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and bank accounts necessary for worldwide payroll are essential factors in attaining company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things don’t go as prepared. Eventually, we don’t do it for the thankfulness.
anyhow we know 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 easy as possible for everyone that’s associated with those processes and likewise so envision sorry I’m just I was simply gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions envision getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and really see what was going on and sort of shot to return to everybody so carrying on appearance why do companies pick to main different bank accounts there are Papaya Global Curaçao companies out there doing precisely this for specific nations and I have actually operated in a company or many services doing precisely that I can state it doesn’t always feel effective and it does create more work I know we’re not deliberately doing that we’re not developing additional work for anyone where we don’t need to and anyone 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 numerous reasons one is it’s the standard I believe people have got so used to we need a new checking account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a process that needs taking a look at it requires altering but eventually people are really stuck to what they recognize
with best um modification is a challenging thing we all don’t like change um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having preserving numerous bank accounts but there’s a big quantity of complexity opts for establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the intricacy is big however I think the honest response is modification um individuals haven’t been able to change or have not had always the understanding to really make that change into alternate Solutions other than 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 but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century or two there is a lot to keep track of and this method does present a number of obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this improved ability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Curaçao