Over the last 5 or 6 years …Call Papaya Global Payroll Customer Service… functions on the provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays 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 everybody is um it’s nice to to type of like see where everyone comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really gloomy and I want I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why companies keep different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll also review a wrap-up which ought 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 Global workforces become increasingly more typical and managing them ends up being a growing number of intricate Worldwide organizations are wanting to discover Solutions and new methods to streamline processes specifically from a payroll and cross-border payment standpoint many organizations maintain separate checking account just for payroll while some have multiple accounts in various nations does it make good sense for business to keep different savings account sometimes in different nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies streamline the episode complex procedures of
Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for businesses running worldwide. 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 improving worldwide payroll payments can transform them from a troublesome task into a tactical possession.
Managing payroll internationally is a daunting job due to various guidelines, compliance requirements, data security concerns, and banking rules. The large variety of staff members and services adds to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Standard payroll systems frequently lead to manual processes, information silos, and an absence of combination, causing disparities and inefficiencies. Regardless of residing in an era of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to provide insights and options to streamline and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company invests in worldwide payroll the less of an image they see a lack of presence also encompasses payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal almost half of international businesses have actually expressed that they don’t 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 information entry errors poorly interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the information is shipped to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they depend on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a good concern I always toss this back and say what is it what does not require to be included right and what does
it require to be considered 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 best eventually constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like super payments no if but some children 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to type of move on with that it likewise too to add to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and finance groups work better together than ever um I’m constantly surprised when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation 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 procedure it’s the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high value on wellness and the settlement landscape is ending up being increasingly complex. Organizations are continually introducing new advantages and payment choices, which adds to the general intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can result in inadequacies and traffic jams. In my viewpoint, this does not need to be the case. In today’s technically innovative age, there’s no justification for maintaining cumbersome procedures. Payroll, the company’s most significant cost, must be processed correctly and on time. Even slight delays can negatively affect workers’ well-being and have far-reaching effects. For that reason, it’s vital to prioritize accurate and timely payments.
payroll team get um so I’m not exactly sure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle we all 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 workout and I believe 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 things is absolutely important that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment service is a fantastic initial step um providing an end-to-end payroll solution for your employees globally again I think is another substantial um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of organizations and decreasing the number of tools platforms and checking account they require for their Global 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’ve 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 think any of us are actually doing that for for the thanks
anyhow we know 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 everybody that’s involved in those processes 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 amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions think of getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task attempting to clean up all those up for sure oh definitely I can’t envision 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 moving on appearance why do business pick to primary different checking account there are Call Papaya Global Payroll Customer Service companies out there doing precisely this for particular nations and I have actually operated in an organization or numerous businesses doing precisely that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we do not have to and anyone that’s dealing with 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 amount that we are I think lots of factors one is it’s the requirement I believe individuals have actually got so used to we require a brand-new bank 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 the people have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a process that needs looking at it needs altering but ultimately people are extremely stuck with what they recognize
with best um modification is a difficult thing we all do not like modification um so I think it’s simply sort 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 undoubtedly the advantages of having keeping several savings account but there’s a big amount of complexity chooses setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is big however I believe the truthful response is change um individuals have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century approximately there is a lot to keep an eye on and this method does present a number of obstacles 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 modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Call Papaya Global Payroll Customer Service