Over the last five or 6 years …Papaya Global Hr System… functions on the service provider side and also on the vendor side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone originates 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 drizzling here it’s very extremely bleak and I want I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic possession uh we’ll also discuss a recap which should leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and managing them becomes a growing number of intricate Global organizations are aiming to find Solutions and new methods to streamline procedures specifically from a payroll and cross-border payment viewpoint lots of organizations keep separate savings account just for payroll while some have numerous accounts in various countries does it make good sense for business to preserve different checking account sometimes in different nations it does however just for payroll exists a better method what function 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 businesses running worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, find out how companies anticipate payroll costs to enhance working capital, and discover how simplifying international payroll payments can transform them from a troublesome job into a strategic property.
Handling payroll globally is a challenging job due to numerous guidelines, compliance requirements, information security issues, and banking rules. The large number of workers and services contributes to the complexity, with an estimated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems typically result in manual procedures, data silos, and an absence of integration, causing disparities and inadequacies. Despite living in an era of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to supply insights and services to streamline and enhance worldwide payroll payments.
about it to provide you an idea 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 honestly the more a business invests in international payroll the less of a picture they see an absence of presence likewise reaches payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of global businesses have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes badly communicated hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is shipped to the incorrect location the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they rely on the required 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 organization face when they’re paying to workers or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t require to be consisted of right and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities 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 client’s own in-country account so there’s complexity wherever you look ideal ultimately building a knowledge base is absolutely crucial but 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 think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is permitting us to sort of move on with that it also too to add to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely necessary that payroll and financing groups work closer together than ever um I’m constantly astonished when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often 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 also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high worth on well-being and the compensation landscape is becoming significantly intricate. Services are continually presenting new advantages and payment options, which contributes to the general complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can cause ineffectiveness and bottlenecks. In my opinion, this does not have to hold true. In today’s highly sophisticated age, there’s no reason for preserving troublesome procedures. Payroll, the business’s most significant expenditure, need to be processed properly and on time. Even small hold-ups can adversely impact workers’ wellness and have significant effects. For that reason, it’s critical to prioritize precise and timely payments.
The payroll group may not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just observe when things go wrong. However, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally also. For that reason, it is essential to make sure that jobs like Wi-Fi Global and other vital matters are done properly. Utilizing the first International Payments first payroll payment solution is a terrific initial action towards providing a detailed payroll option for employees worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and checking account essential for international payroll are essential factors in achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things do not go as prepared. Eventually, we don’t do it for the thankfulness.
anyhow we know how how important 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 everybody that’s involved in those procedures and also so imagine sorry I’m simply I was just gon na say think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task trying 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 require days of the week to try to check out them and in fact see what was going on and sort of try to get back to everybody so moving on appearance why do business choose to primary separate bank accounts there are Papaya Global Hr System organizations out there doing exactly this for particular countries and I have actually worked in a company or numerous businesses doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we don’t need to and anybody that’s dealing with that process 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 think numerous factors one is it’s the requirement I think people have actually got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I believe this is a procedure that needs looking at it needs changing but eventually individuals are extremely stuck with what they recognize
with best um change is a difficult thing all of us don’t like modification um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having keeping several bank accounts however there’s a big quantity of complexity opts for setting up a bank account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is big but I think the truthful answer is change um individuals haven’t been able to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could practically be identified to be the next Century or so there is a lot to keep track of and this method does pose numerous obstacles um so Johnny might you inform us about those obstacles 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 handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 workers 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 more detailed, considering your achievements. Papaya Global Hr System