Over the last five or 6 years …Payroll With Papaya Global… functions on the service provider side and likewise on the vendor side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone originates 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 raining here it’s very really uninspiring and I want I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we’ll also review a wrap-up and that must leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more typical and handling them ends up being increasingly more complicated International organizations are aiming to find Solutions and new ways to streamline procedures specifically from a payroll and cross-border payment viewpoint many companies keep separate savings account just for payroll while some have several accounts in different countries does it make good sense for companies to preserve different savings account sometimes in various countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business improve the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex difficulty for organizations operating worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, find out how companies anticipate payroll expenses to optimize working capital, and find how streamlining worldwide payroll payments can transform them from a troublesome job into a tactical asset.
Managing payroll internationally is a difficult job due to different policies, compliance requirements, information security issues, and banking rules. The large variety of employees and services adds to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems typically lead to manual procedures, data silos, and a lack of combination, resulting in inconsistencies and inefficiencies. Regardless of living in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to offer insights and options to streamline and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more a company spends on worldwide payroll the less of a picture they see a lack of presence likewise extends to payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide organizations have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes badly interacted hires and terminations along with absence management and system setups and then when you round all of it off and the information is delivered to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they depend on the required several 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 service face when they’re paying to workers or otherwise that’s a great concern I always throw this back and state what is it what does not need to be included right and what does
it need to be considered there’s differing 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 customer’s own in-country account so there’s intricacy any place you look ideal eventually building a knowledge base is absolutely important however all over you look with payroll payment they resemble extremely payments no if however some infants 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 acknowledgment that payroll payments are absolutely basic and technology is permitting us to kind of move on with that it also also to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely vital that payroll and finance groups work better together than ever um I’m constantly amazed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on well-being and the settlement landscape is ending up being progressively detailed. Services are continuously presenting new benefits and payment choices, which contributes to the general complexity. Big corporations frequently divide their payroll and payment processing into different groups, which can lead to inefficiencies and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s technically advanced period, there’s no justification for maintaining troublesome procedures. Payroll, the company’s biggest cost, should be processed properly and on time. Even small delays can negatively affect employees’ wellness and have far-reaching effects. For that reason, it’s vital to focus on accurate and timely payments.
payroll team get um so I’m not sure anyone on this kind of webinar has actually been informed 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 workers or not um but ultimately payroll is such an essential cycle we all find out about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a great primary step um offering an end-to-end payroll service for your staff members worldwide once again I believe is another big um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of companies and decreasing the number of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyway 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 simple as possible for everybody that’s associated with those processes and also so imagine sorry I’m simply I was just gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job trying to clean 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 require days of the week to attempt to look through them and actually see what was going on and sort of shot to get back to everyone so proceeding appearance why do companies pick to primary separate checking account there are Payroll With Papaya Global companies out there doing exactly this for particular countries and I’ve worked in an organization or many organizations doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we don’t need to and anybody that’s handling that procedure 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 individuals have got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have actually 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 think this is a procedure that requires taking a look at it requires altering but ultimately people are really stuck to what they recognize
with ideal um modification is a hard thing we all do not like change um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having maintaining several bank accounts but there’s a substantial amount of intricacy goes with setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for private individuals so the complexity is substantial but I think the truthful response is modification um people have not been able to change or have not had always the understanding to really make that change into alternate Solutions aside from opening a checking 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 alter however we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century approximately there is a lot to track and this approach does pose a number of difficulties um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Payroll With Papaya Global