Over the last 5 or 6 years …Papaya Global Cloud Login… roles on the company side and also on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody originates 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 very extremely gloomy and I want 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 looking at the obstacle years of handling Worldwide payroll why business maintain different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic possession uh we’ll likewise discuss a recap and that ought to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and managing them becomes increasingly more complicated Global companies are aiming to discover Solutions and new ways to improve procedures especially from a payroll and cross-border payment viewpoint lots of companies preserve different checking account just for payroll while some have multiple accounts in different nations does it make good sense for business to preserve separate checking account sometimes in various nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies improve the episode complex processes of
Ensuring precise, effective, and prompt payroll payments is a complex obstacle for businesses operating globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, learn how business forecast payroll expenses to optimize working capital, and find how simplifying worldwide payroll payments can transform them from a challenging job into a strategic asset.
Handling payroll worldwide is a challenging task due to different policies, compliance requirements, information security issues, and banking rules. The sheer variety of staff members and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems often lead to manual processes, information silos, and an absence of integration, leading to inconsistencies and inefficiencies. Despite living in an era of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to provide insights and solutions to simplify and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a company invests in international payroll the less of an image they see an absence of presence also extends to payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide companies have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information information 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 incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they count on the required numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re making payments to employees or otherwise that’s a good question I always toss this back and state what is it what doesn’t require to be included ideal and what does
it require to be thought of there’s differing 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 consumer’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is absolutely important however everywhere you look with payroll payment they are like incredibly 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 recognition that payroll payments are definitely fundamental and technology is permitting us to kind of progress with that it also also to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is definitely important that payroll and financing teams work more detailed together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often 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 however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high worth on wellness and the compensation landscape is becoming progressively elaborate. Services are continuously presenting new advantages and payment options, which adds to the total complexity. Big corporations often divide their payroll and payment processing into different groups, which can result in inadequacies and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s technically sophisticated period, there’s no validation for preserving cumbersome procedures. Payroll, the company’s biggest expense, must be processed properly and on time. Even slight hold-ups can adversely impact workers’ wellness and have significant consequences. Therefore, it’s important to focus on accurate and timely payments.
The payroll team may not have been thanked for properly processing payroll during a webinar. If anyone 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 only discover when things go wrong. However, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally too. Therefore, it is vital to ensure that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Using the first Global Payments very first payroll payment service is a fantastic preliminary step towards offering a comprehensive payroll option for staff members worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and bank accounts necessary for international payroll are key consider accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things do not go as prepared. Eventually, we do not do it for the appreciation.
anyhow we know 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 everybody that’s involved in those procedures and likewise so think of sorry I’m just I was just gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task attempting to clean all those up for sure oh definitely 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 look through them and in fact see what was going on and sort of try to return to everybody so carrying on look why do business select to main separate checking account there are Papaya Global Cloud Login companies out there doing precisely this for particular nations and I have actually worked in a business or numerous companies doing precisely that I can state it does not always feel effective and it does produce more work I know we’re not purposely doing that we’re not producing additional work for any person where we do not have to and anybody that’s managing 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 believe lots of reasons one is it’s the requirement I think individuals have got so utilized to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs altering however ultimately individuals are really stuck with what they’re familiar
with ideal um modification is a challenging thing all of us don’t like change 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 things um I understand undoubtedly the benefits of having maintaining several checking account but there’s a substantial quantity of complexity chooses setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual people so the intricacy is substantial however I believe the truthful response is modification um people haven’t been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century or so there is a lot to keep track of and this method does position several challenges um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you are worthy of a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Cloud Login