Over the last five or six years …Papaya Global Expensify… functions on the company side and also on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I actually 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 extremely really bleak and I wish I was somewhere else at this moment in time fine 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 managing Worldwide payroll why business preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we’ll likewise discuss a recap which needs to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and managing them becomes a growing number of complex Global organizations are looking to discover Solutions and brand-new methods to simplify procedures especially from a payroll and cross-border payment standpoint many companies keep separate checking account just for payroll while some have several accounts in different countries does it make good sense for companies to maintain separate bank accounts sometimes in different nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies enhance the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for businesses running worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to enhance working capital, and find how improving global payroll payments can change them from a difficult job into a tactical asset.
Managing payroll worldwide is a daunting task due to numerous regulations, compliance requirements, information security concerns, and banking guidelines. The sheer number of workers and companies contributes to the complexity, with an estimated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently result in manual procedures, information silos, and a lack of integration, leading to inconsistencies and inadequacies. Regardless of living in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to provide insights and solutions to simplify and optimize worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization spends on worldwide payroll the less of a photo they see an absence of exposure also encompasses payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of international businesses have 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 because of time reporting bad HCM data information entry mistakes badly communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is shipped to the incorrect place the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they count on the required multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t need to be consisted of right and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look best eventually constructing a knowledge base is absolutely crucial however all over you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to kind of progress with that it also as well to add to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and finance groups work more detailed together than ever um I’m always amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high worth on well-being and the settlement landscape is becoming increasingly intricate. Businesses are continuously introducing brand-new benefits and payment alternatives, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my opinion, this does not need to be the case. In today’s technically innovative period, there’s no reason for keeping cumbersome procedures. Payroll, the company’s biggest expenditure, should be processed properly and on time. Even slight delays can adversely impact staff members’ wellness and have significant repercussions. For that reason, it’s critical to prioritize accurate and prompt payments.
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals only notice when things go wrong. However, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally also. For that reason, it is vital to make sure that jobs like Wi-Fi International and other vital matters are done correctly. Using the very first Global Payments first payroll payment service is an excellent initial action towards supplying an extensive payroll option for staff members worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and checking account essential for global payroll are key consider attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things do not go as prepared. Eventually, we don’t do it for the thankfulness.
anyway we understand how how important 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 easy as possible for everyone that’s associated with those processes and likewise so imagine sorry I’m just I was simply gon na say picture the amount 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 numerous thousands possibly Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and in fact see what was going on and kind of shot to return to everyone so moving on look why do business choose to main different savings account there are Papaya Global Expensify services out there doing precisely this for specific countries and I have actually operated in a company or many businesses doing exactly that I can say it doesn’t always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not producing additional work for anybody where we don’t have to and anybody that’s handling that procedure 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 think numerous factors one is it’s the standard I believe individuals have actually got so used to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I think this is a process that requires taking a look at it requires changing but ultimately people are really stuck with what they’re familiar
with right um change is a difficult thing all of us don’t like modification um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having maintaining numerous checking account but there’s a big quantity of intricacy chooses setting up a bank account preserving it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the complexity is huge but I believe the honest response is change um individuals haven’t been able to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century approximately there is a lot to keep track of and this approach does posture a number of obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a change 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 gained another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Expensify