Over the last five or six years …Current Version Of Papaya Global… functions on the service provider side and also on the supplier side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I truly 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 really gloomy and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies preserve different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we’ll also go over a recap which should leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more common and handling them becomes more and more intricate Worldwide organizations are aiming to discover Solutions and brand-new ways to streamline procedures especially from a payroll and cross-border payment viewpoint many organizations maintain different bank account just for payroll while some have numerous accounts in different countries does it make good sense for companies to preserve different savings account often in different nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business simplify the episode complex procedures of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex difficulty for companies operating worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, learn how companies anticipate payroll expenses to optimize working capital, and discover how enhancing worldwide payroll payments can transform them from a troublesome task into a tactical property.
Handling payroll globally is an overwhelming job due to various policies, compliance requirements, information security issues, and banking rules. The large variety of staff members and businesses adds to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Standard payroll systems typically lead to manual processes, information silos, and an absence of integration, causing inconsistencies and inefficiencies. Despite residing in an era of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to offer insights and options to streamline and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a business invests in worldwide payroll the less of a photo they see a lack of visibility also reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal almost half of international businesses have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes badly interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the information is shipped to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they count on the required multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re paying 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 need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity any place you look right ultimately developing a knowledge base is absolutely vital 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is allowing us to sort of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely necessary that payroll and financing teams work closer together than ever um I’m always surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high value on well-being and the payment landscape is becoming progressively detailed. Businesses are continually presenting new advantages and payment choices, which adds to the overall intricacy. Large corporations often divide their payroll and payment processing into different groups, which can lead to inefficiencies and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s highly innovative period, there’s no reason for maintaining troublesome treatments. Payroll, the business’s biggest expenditure, should be processed correctly and on time. Even small hold-ups can negatively affect staff members’ wellness and have far-reaching repercussions. For that reason, it’s critical to focus on accurate and prompt payments.
payroll team get um so I’m not exactly sure anybody on this kind of webinar has 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 a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done properly so leveraging the first Global Payments first payroll payment option is a fantastic first step um offering an end-to-end payroll service for your staff members worldwide once again I believe is another big um procedure again lining up and ensuring you have standardization Global procedures all of those things are absolutely key to success success of companies and decreasing the variety of tools platforms and savings account they need for their International 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 had a hundred thousand of 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 problems where things have not gone rather where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyhow we understand how how essential 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 everyone that’s associated with those procedures and likewise so picture sorry I’m just I was simply gon na say imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions think of getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and really see what was going on and type of try to return to everybody so proceeding look why do business choose to main separate checking account there are Current Version Of Papaya Global services out there doing precisely this for particular nations and I have actually operated in a business or lots of businesses doing exactly that I can say it does not always feel effective and it does produce more work I know we’re not purposely doing that we’re not creating additional work for any person where we don’t have to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think 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 believe individuals have actually got so utilized to we need a new savings account we open an entity and appropriately 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 requirement and the norm individuals have adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I think this is a procedure that needs looking at it needs altering but ultimately people are extremely stuck with what they’re familiar
with best um change is a hard thing all of us don’t like modification um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having keeping multiple savings account but there’s a substantial quantity of complexity goes with establishing a savings account preserving it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is huge but I believe the sincere response is change um people have not been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century or so there is a lot to keep an eye on and this method does pose a number of challenges um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so
I just did you changed our Enterprise 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 International staff members you are worthy of a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Current Version Of Papaya Global