Over the last 5 or 6 years …Papaya Global Step By Step Manual Smp Setup… roles on the company side and likewise on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing 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 everybody originates from and I actually do hope it’s much sunnier than it remains 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 very very uninspiring and I want I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies maintain different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya International payroll payments as a tactical property uh we’ll also go over a recap which should leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating 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 increasingly more complicated Global companies are looking to find Solutions and brand-new methods to enhance processes specifically from a payroll and cross-border payment viewpoint lots of organizations preserve separate savings account just for payroll while some have several accounts in different countries does it make sense for business to keep separate bank accounts sometimes in various nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business simplify the episode complex processes of
Guaranteeing accurate, efficient, and timely payroll payments is a complex difficulty for businesses running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, learn how companies forecast payroll expenses to optimize working capital, and find how enhancing worldwide payroll payments can transform them from a troublesome job into a tactical property.
Managing payroll globally is an overwhelming job due to different guidelines, compliance requirements, data security concerns, and banking rules. The sheer number of workers and businesses contributes to the complexity, with an estimated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems typically lead to manual procedures, data silos, and a lack of combination, resulting in inconsistencies and ineffectiveness. Regardless of residing in a period of technological advancements, payroll management has actually been slow to adjust, 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 streamline and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information 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 an image they see an absence of exposure also extends to payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the deal nearly half of global companies have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes improperly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the data is delivered to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they count on the essential multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re paying to workers or otherwise that’s a good concern I constantly throw this back and state what is it what does not need to be consisted of ideal and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities 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 complexity anywhere you look right ultimately constructing a knowledge base is definitely vital however all over you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a 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 absolutely fundamental and innovation is allowing us to kind of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely essential that payroll and finance groups work better together than ever um I’m constantly surprised when people say 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 profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high worth on well-being and the compensation landscape is ending up being increasingly complex. Companies are continuously introducing new advantages and payment options, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into different teams, which can cause inefficiencies and traffic jams. In my opinion, this does not need to hold true. In today’s technologically advanced era, there’s no justification for maintaining cumbersome treatments. Payroll, the company’s most significant expense, need to be processed properly and on time. Even slight delays can adversely impact workers’ well-being and have far-reaching repercussions. For that reason, it’s vital to focus on accurate and timely payments.
payroll group get um so I’m unsure anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just 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 stuff is absolutely important that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment solution is a fantastic first step um offering an end-to-end payroll service for your staff members internationally once again I believe is another substantial um process once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely key to success success of services and reducing the variety of tools platforms and checking account they need for their Global 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 have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances 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
anyhow we know how how crucial 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 easy as possible for everybody that’s associated with those processes and likewise so picture sorry I’m just I was simply gon na state imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t picture 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 in fact see what was going on and kind of try to return to everyone so proceeding appearance why do companies pick to main separate savings account there are Papaya Global Step By Step Manual Smp Setup organizations out there doing exactly this for specific nations and I have actually operated in a business or numerous companies doing exactly that I can say it does not always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for anyone where we do not need to and anybody that’s handling that process 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 believe many factors one is it’s the requirement I think individuals have got so used to we need a new bank 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 just been the standard 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 numerous other ways um to to sort of do it so I think there’s a range I believe this is a procedure that needs taking a look at it needs altering however eventually individuals are really stuck to what they recognize
with best um modification is a tough thing all of us do not like modification um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having maintaining numerous bank accounts however there’s a substantial quantity of intricacy goes with setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for individual people so the complexity is huge however I believe the truthful response is modification um people have not been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might almost be identified to be the next Century approximately there is a lot to keep an eye on and this approach does present several difficulties um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I 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 gotten another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global Step By Step Manual Smp Setup