Over the last five or 6 years …Redundancy Via Papaya Global… roles on the provider side and likewise on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort 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 sort of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very dreary 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 looking at the difficulty years of managing Worldwide payroll why companies maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll also go over a wrap-up and that needs to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and handling them becomes a growing number of intricate Worldwide companies are looking to find Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment perspective lots of organizations preserve different bank account just for payroll while some have multiple accounts in different countries does it make good sense for companies to preserve different checking account sometimes in various nations it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies improve the episode complex processes of
Making sure precise, effective, and timely payroll payments is a complex challenge for services operating worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, find out how companies forecast payroll costs to enhance working capital, and discover how simplifying worldwide payroll payments can change them from a burdensome job into a tactical possession.
Managing payroll worldwide is a daunting task due to different regulations, compliance requirements, data security issues, and banking guidelines. The sheer variety of staff members and companies contributes to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems often lead to manual processes, data silos, and an absence of integration, causing disparities and inefficiencies. Despite living 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 aims to offer insights and services 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 companies say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of an image they see an absence of exposure also reaches payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of global companies have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors badly interacted hires and terminations along with absence management and system configurations and then when you round it all off and the data is delivered to the incorrect location the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they depend on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they’re paying to workers or otherwise that’s an excellent question I constantly throw this back and state what is it what does not need to be consisted of best and what does
it need to be thought about there’s differing 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 have to pay from the client’s own in-country account so there’s complexity any place you look best eventually developing a knowledge base is absolutely vital however all over you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to kind of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely vital that payroll and finance groups work better together than ever um I’m constantly impressed when people say I’ve split payroll and payment um if you stroll down the street and asked anyone 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 a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world places a high worth on well-being and the compensation landscape is becoming progressively elaborate. Businesses are constantly introducing brand-new advantages and payment options, which contributes to the overall intricacy. Large corporations often divide their payroll and payment processing into different teams, which can result in inefficiencies and traffic jams. In my viewpoint, this does not have to be the case. In today’s technically innovative age, there’s no validation for maintaining troublesome procedures. Payroll, the business’s most significant cost, must be processed properly and on time. Even minor delays can negatively affect workers’ wellness and have far-reaching repercussions. Therefore, it’s crucial to focus on accurate and prompt payments.
payroll team get um so I’m uncertain anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important 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 workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment option is a great primary step um offering an end-to-end payroll option for your workers worldwide once again I think is another big um process again lining up and guaranteeing you have standardization International procedures all of those things are absolutely key to success success of services and minimizing the variety of tools platforms and savings 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’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how crucial a role 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 everyone that’s associated with those procedures and also so think of sorry I’m just I was just gon na say imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and actually see what was going on and type of shot to get back to everyone so carrying on appearance why do companies choose to main separate bank accounts there are Redundancy Via Papaya Global companies out there doing precisely this for particular countries and I have actually worked in an organization or lots of services doing precisely that I can say it does not always feel effective and it does create more work I know we’re not purposely doing that we’re not developing extra work for anybody where we do not have to and any person that’s managing that process 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 many factors one is it’s the requirement I believe people have actually got so used to we require a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to add 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 variety I think this is a procedure that needs looking at it requires altering however eventually individuals are extremely stuck with what they’re familiar
with ideal um change is a difficult thing all of us do not 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 great deal of track of things um I comprehend certainly the advantages of having maintaining multiple savings account however there’s a substantial quantity of complexity opts for setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for private individuals so the complexity is substantial however I believe the sincere response is change um individuals have not had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century or so there is a lot to keep an eye on and this approach does present numerous obstacles um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety 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 tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments. Redundancy Via Papaya Global