Over the last 5 or six years …Papaya Global Payroll Agent… roles on the provider side and likewise on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I truly 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 really really uninspiring and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why companies maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll also review a wrap-up which ought to leave his time at the really really 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 International workforces become more and more common and handling them becomes more and more intricate International companies are aiming to find Solutions and brand-new ways to simplify processes particularly from a payroll and cross-border payment viewpoint lots of companies keep separate bank account just for payroll while some have multiple accounts in different nations does it make sense for companies to keep separate savings account in some cases in different nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies streamline the episode complex processes of
Making sure accurate, effective, and timely payroll payments is a complex challenge for services running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, find out how companies forecast payroll expenses to optimize working capital, and find how streamlining international payroll payments can transform them from a challenging task into a strategic possession.
Handling payroll internationally is a daunting task due to different guidelines, compliance requirements, information security concerns, and banking rules. The large number of workers and services adds to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically result in manual procedures, information silos, and an absence of combination, leading to disparities and inefficiencies. In spite of residing in an age of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to provide insights and options to simplify and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of a photo they see a lack of visibility likewise 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 global organizations have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes inadequately communicated hires and terminations along with absence management and system configurations and then when you round it all off and the data is shipped to the wrong place the average cost of a worldwide information 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 don’t run smoothly if they rely on the required numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and say what is it what does not need to be consisted of right and what does
it need to be thought about there’s varying Bank details 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 abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy wherever you look best eventually constructing a knowledge base is definitely important however everywhere you look with payroll payment they are like incredibly payments no if but some children 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 think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to kind of move forward with that it also also to add to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work closer together than ever um I’m constantly surprised when individuals state I have actually split 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 divide the payroll payment from computation I would say no so why do we as a market 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 information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on well-being and the payment landscape is becoming progressively complex. Organizations are constantly presenting new advantages and payment options, which adds to the overall complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can result in inefficiencies and traffic jams. In my opinion, this does not have to hold true. In today’s technically sophisticated age, there’s no validation for preserving cumbersome procedures. Payroll, the business’s most significant expenditure, should be processed correctly and on time. Even small hold-ups can negatively impact workers’ wellness and have significant effects. Therefore, it’s important to focus on accurate and prompt payments.
payroll group get um so I’m uncertain anybody on this kind of webinar has actually been informed 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 employees or not um however eventually payroll is such a crucial cycle all of us 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 deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done properly so leveraging the first Global Payments very first payroll payment service is a great first step um offering an end-to-end payroll option for your staff members worldwide once again I think is another big um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of organizations and decreasing 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t 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
anyway we understand how how important 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 simple as possible for everybody that’s involved in those procedures and also so imagine sorry I’m just I was just gon na say imagine 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 talking about numerous thousands possibly Millions think of getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and kind of try to return to everybody so proceeding look why do business select to main different savings account there are Papaya Global Payroll Agent companies out there doing exactly this for particular countries and I’ve operated in an organization or lots of services doing precisely that I can state it does not always feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we don’t have to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the standard I believe individuals have actually got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires altering but eventually individuals are really stuck with what they’re familiar
with ideal um change is a difficult thing we all don’t like modification um so I think it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having keeping multiple checking account but there’s a big quantity of intricacy chooses setting up a checking account preserving it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the intricacy is substantial but I think the truthful answer is modification um individuals have not been able to change or have not had always the knowledge to truly 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 a component 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 proceeding and moving into you understand what might nearly be identified to be the next Century or two there is a lot to keep track of and this method does posture numerous obstacles um so Johnny could you tell 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 handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Payroll Agent