Over the last 5 or 6 years …Papaya Global Costa Rica… roles on the service provider side and likewise on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just offer everybody another couple 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 just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it remains 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 extremely very uninspiring and I wish I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies preserve separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we’ll likewise review a wrap-up which ought to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more common and managing them becomes a growing number of intricate Worldwide organizations are seeking to find Solutions and new ways to enhance procedures particularly from a payroll and cross-border payment perspective lots of companies maintain separate savings account just for payroll while some have multiple accounts in various countries does it make good sense for companies to preserve separate bank accounts in some cases in various countries it does but just for payroll exists a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business enhance the episode complex processes of
Ensuring precise, effective, and prompt payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, learn how companies anticipate payroll costs to enhance working capital, and find how simplifying global payroll payments can change them from a troublesome task into a strategic possession.
Managing payroll internationally is an overwhelming job due to different policies, compliance requirements, data security issues, and banking rules. The sheer variety of staff members and companies adds to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems often lead to manual procedures, data silos, and a lack of combination, leading to inconsistencies and inefficiencies. Despite residing in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to provide insights and services to streamline and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a service spends on international payroll the less of a picture they see an absence of presence also extends to payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of international companies have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors inadequately interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they rely on the needed several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a good concern I constantly throw this back and say what is it what does not require to be included right and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity wherever you look ideal ultimately building a knowledge base is definitely vital but 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 think there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to sort of progress with that it likewise too to add to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely vital that payroll and finance groups work closer together than ever um I’m always surprised when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not 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 often split and cut up um eventually it’s payroll is an end-to-end process 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 third parties so with the
The modern-day world places a high worth on well-being and the compensation landscape is becoming increasingly elaborate. Services are constantly presenting new advantages and payment alternatives, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into different groups, which can result in inadequacies and traffic jams. In my opinion, this does not have to be the case. In today’s technically innovative period, there’s no reason for keeping troublesome procedures. Payroll, the business’s greatest cost, must be processed properly and on time. Even slight hold-ups can negatively affect workers’ well-being and have far-reaching repercussions. Therefore, it’s vital to focus on precise and timely payments.
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just notice when things go wrong. However, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally also. Therefore, it is necessary to guarantee that tasks like Wi-Fi International and other important matters are done correctly. Utilizing the first Global Payments very first payroll payment option is a great preliminary step towards providing an extensive payroll option for staff members worldwide. Standardization, international processes, and reducing the number of tools, platforms, and bank accounts necessary for global payroll are crucial factors in achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things do not go as prepared. Ultimately, we do not do it for the gratitude.
anyhow we know how how crucial a function 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 involved in those procedures and also so picture sorry I’m just I was simply gon na say 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 discussing numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing 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 held true um you ‘d require days of the week to try to browse them and really see what was going on and type of shot to get back to everyone so proceeding look why do companies select to primary different checking account there are Papaya Global Costa Rica businesses out there doing precisely this for specific countries and I’ve operated in a company or many businesses doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for any person where we do not have to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the standard I think individuals have actually got so used to we need a new bank account we open an entity and appropriately 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 just been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it requires changing but eventually people are really stuck with what they recognize
with right um change is a hard thing we all don’t like change um so I believe it’s just kind 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 benefits of having keeping several bank accounts but there’s a substantial quantity of complexity chooses establishing a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is substantial however I believe the sincere response is change um individuals haven’t been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be identified to be the next Century approximately there is a lot to keep track of and this approach does pose several obstacles um so Johnny might you tell us about those difficulties yeah of course 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 tasks on one platform. It feels like our CFO has actually gained another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Costa Rica