Over the last five or 6 years …Papaya Global Box 7 W4… functions on the service provider side and also on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing 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 really do hope it’s much sunnier than it remains in the UK today certainly 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 wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies preserve different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical property uh we’ll likewise discuss a recap and that should leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on moving 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 increasingly more complex Global organizations are aiming to discover Solutions and brand-new ways to simplify procedures especially from a payroll and cross-border payment standpoint lots of organizations keep separate bank account just for payroll while some have multiple accounts in different countries does it make sense for companies to preserve separate bank accounts often in different countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international companies enhance the episode complex processes of
Guaranteeing precise, effective, and timely payroll payments is a complex obstacle for services running internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, learn how companies anticipate payroll expenses to optimize working capital, and discover how streamlining international payroll payments can transform them from a troublesome job into a tactical possession.
Managing payroll worldwide is a complicated job due to numerous policies, compliance requirements, information security concerns, and banking guidelines. The sheer variety of workers and businesses contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically result in manual procedures, information silos, and a lack of combination, resulting in disparities and ineffectiveness. Despite living in an era of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to offer insights and options to streamline and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more an organization spends on global payroll the less of an image they see a lack of presence also reaches payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of international services have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes inadequately communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the data is delivered to the wrong place the typical expense of a worldwide 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 do not run smoothly if they rely on the necessary several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s a great concern I constantly throw this back and state what is it what does not need to be included right and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 best eventually building a knowledge base is definitely critical however everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link 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 allowing us to sort of move on with that it also also to add to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely imperative that payroll and financing groups work more detailed together than ever um I’m constantly impressed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from computation 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 procedure it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high value on wellness and the payment landscape is becoming significantly complex. Companies are constantly introducing new advantages and payment choices, which contributes to the overall complexity. Big corporations often divide their payroll and payment processing into separate groups, which can cause ineffectiveness and traffic jams. In my viewpoint, this doesn’t need to hold true. In today’s technically sophisticated period, there’s no reason for keeping cumbersome treatments. Payroll, the business’s greatest expenditure, must be processed correctly and on time. Even small hold-ups can negatively affect workers’ wellness and have far-reaching consequences. Therefore, it’s vital to prioritize precise and timely payments.
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals just observe when things go wrong. However, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally also. For that reason, it is essential to make sure that tasks like Wi-Fi International and other crucial matters are done correctly. Using the first Global Payments very first payroll payment option is an excellent initial step towards offering a comprehensive payroll service for staff members worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and savings account needed for global payroll are key factors in achieving business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things do not go as planned. Ultimately, we don’t do it for the thankfulness.
anyhow we understand how how important 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 likewise so think of sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task trying 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 shot to get back to everyone so carrying on look why do companies choose to primary separate checking account there are Papaya Global Box 7 W4 services out there doing precisely this for particular countries and I have actually worked in a service or many businesses doing precisely that I can say it does not always feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for any person where we don’t need to and any person that’s dealing with that procedure 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 believe numerous factors one is it’s the requirement I think people have actually got so utilized to we need a new savings account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I believe this is a process that needs taking a look at it needs changing however ultimately people are very stuck to what they’re familiar
with right um change is a tough thing all of us do not like modification um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having maintaining numerous bank accounts however there’s a huge amount of intricacy goes with setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the intricacy is huge but I think the truthful answer is change um individuals have not been able to change or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century or so there is a lot to track and this approach does posture numerous obstacles um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Box 7 W4