Over the last 5 or six years …Loss Of Papaya Global Software… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone 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 is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really dreary and I want I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic asset 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 relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more typical and managing them becomes more and more intricate Global organizations are wanting to find Solutions and brand-new ways to streamline procedures specifically from a payroll and cross-border payment perspective lots of organizations keep different savings account just for payroll while some have several accounts in different nations does it make good sense for business to keep separate savings account in some cases in different countries it does however just for payroll exists a better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies enhance the episode complex processes of
Making sure accurate, effective, and prompt payroll payments is a complex difficulty for businesses operating worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how companies forecast payroll expenses to optimize working capital, and discover how enhancing international payroll payments can change them from a challenging task into a tactical asset.
Handling payroll worldwide is a complicated task due to different regulations, compliance requirements, information security issues, and banking rules. The sheer variety of workers and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems typically result in manual processes, data silos, and an absence of combination, leading to disparities and ineffectiveness. In spite of living in an age of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to provide insights and solutions to simplify 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 services say they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a company invests in international payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international businesses have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes improperly interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the information is shipped to the incorrect location the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they rely on the required several procedures 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 difficulties business face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t need to be consisted of 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 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 client’s own in-country account so there’s intricacy any place you look right ultimately building a knowledge base is absolutely vital however everywhere you look with payroll payment they are like super payments no if however some children 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 recognition that payroll payments are absolutely essential and technology is allowing us to type of progress with that it also as well to add to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely imperative that payroll and finance teams work more detailed together than ever um I’m constantly astonished when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split 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 procedure it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on wellness and the settlement landscape is becoming increasingly elaborate. Companies are constantly introducing new advantages and payment choices, which contributes to the overall intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can lead to inadequacies and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s technologically innovative era, there’s no reason for maintaining troublesome treatments. Payroll, the business’s most significant cost, must be processed properly and on time. Even slight delays can adversely impact staff members’ well-being and have significant repercussions. Therefore, it’s important to prioritize precise and prompt 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 properly if you have it ‘d be fantastic 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 find out about it when it goes wrong 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done correctly so leveraging the first International Payments very first payroll payment option is a fantastic primary step um offering an end-to-end payroll option for your staff members internationally again I think is another substantial um process once again aligning and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of businesses and decreasing the number 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 regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I don’t believe any of us are really doing that for for the thanks
anyway we know how how important 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 easy as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m just I was just gon na state envision 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 numerous thousands possibly Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and sort of try to return to everybody so carrying on look why do companies pick to main different savings account there are Loss Of Papaya Global Software companies out there doing precisely this for particular countries and I’ve operated in a business or numerous businesses doing precisely that I can say it does not always feel effective and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and anyone that’s managing 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 amount that we are I believe numerous factors one is it’s the standard I think people have got so utilized to we require a new savings account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I believe this is a process that needs taking a look at it needs changing however ultimately individuals are really stuck to what they’re familiar
with best um modification is a tough thing all of us do not like modification um so I think it’s just type 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 certainly the advantages of having keeping numerous bank accounts however there’s a substantial quantity of complexity chooses setting up a bank account keeping it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for specific people so the intricacy is substantial but I think the honest answer is change um people have not had the ability to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is a component 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 know what could nearly be figured out to be the next Century approximately there is a lot to track and this method does pose a number of obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I simply did you switched 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 Global workers you should have a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Loss Of Papaya Global Software