Over the last five or 6 years …Papaya Global Payroll Company… roles on the provider side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everybody another number 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 sort of like see where everybody comes from and I really 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 drizzling here it’s very very dreary and I want I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business preserve different
savings account 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 strategic asset uh we’ll likewise go over a recap and that should leave his time at the really really 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 Global workforces end up being a growing number of common and handling them becomes more and more intricate Worldwide companies are aiming to find Solutions and new ways to simplify processes specifically from a payroll and cross-border payment standpoint numerous companies maintain separate savings account just for payroll while some have several accounts in different nations does it make sense for companies to keep separate savings account often in different countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies simplify the episode complex processes of
Guaranteeing precise, efficient, and timely payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, discover how business anticipate payroll costs to optimize working capital, and discover how enhancing worldwide payroll payments can transform them from a difficult job into a strategic property.
Managing payroll worldwide is a complicated task due to different regulations, compliance requirements, information security concerns, and banking rules. The large variety of staff members and companies contributes to the complexity, with an estimated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically result in manual processes, data silos, and an absence of integration, leading to disparities and ineffectiveness. Regardless of residing in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to supply insights and services to streamline and enhance international payroll payments.
about it to provide you an idea 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 offers me sleepless nights and rather frankly the more a service invests in worldwide payroll the less of a photo they see a lack of exposure also encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of global services have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes badly interacted hires and terminations as well as lack management and system setups and then when you round it all off and the data is shipped to the wrong place the average expense of a worldwide 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 globe payroll and payments don’t run efficiently if they depend on the essential multiple 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 obstacles company face when they’re making payments to employees or otherwise that’s a good question I always throw this back and state what is it what doesn’t need to be consisted of right and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 have to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal eventually developing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like very payments no if but some babies 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 recognition that payroll payments are absolutely basic and innovation is enabling us to sort of move forward with that it likewise as well to add to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and financing groups work better together than ever um I’m constantly impressed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process 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 third parties so with the
The modern world positions a high worth on well-being and the payment landscape is becoming significantly elaborate. Organizations are continually introducing new advantages and payment options, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into separate groups, which can lead to inadequacies and bottlenecks. In my opinion, this does not have to be the case. In today’s highly advanced era, there’s no reason for keeping troublesome procedures. Payroll, the company’s biggest cost, must be processed correctly and on time. Even minor delays can adversely impact employees’ well-being and have far-reaching effects. For that reason, it’s critical to focus on accurate and timely payments.
payroll team get um so I’m not exactly sure anybody on this kind of webinar has 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 but eventually payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done properly so leveraging the first International Payments very first payroll payment solution is a fantastic primary step um supplying an end-to-end payroll option for your employees internationally again I think is another substantial um process once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely crucial to success success of organizations and lowering the number of tools platforms and checking account they need for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless 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 complaints where things have not gone quite 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 essential a role 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 associated with those processes and likewise so think of sorry I’m simply I was simply gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and type of try to return to everyone so proceeding appearance why do companies choose to main separate checking account there are Papaya Global Payroll Company companies out there doing precisely this for specific countries and I have actually worked in an organization or numerous companies doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not developing additional work for any person where we do not have to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the standard I think people have got so used to we require a brand-new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I think this is a process that needs looking at it needs changing however ultimately individuals are extremely stuck to what they’re familiar
with best um change is a hard thing we all do not like change um so I think 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 clearly the benefits of having maintaining multiple bank accounts however there’s a substantial amount of complexity chooses establishing a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the intricacy is huge however I think the honest answer is modification um individuals have not been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century or so there is a lot to track and this approach does present a number of difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you are worthy of a corner office with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Company