Over the last five or 6 years …Papaya Global Leavers… functions on the provider side and also on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everyone another number of uh well among 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 everyone is um it’s nice to to sort of like see where everyone 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 drizzling here it’s really extremely gloomy and I want I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical possession uh we’ll likewise go over a recap and that ought to leave his time at the very very 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 International workforces end up being more and more common and handling them ends up being increasingly more intricate Global organizations are wanting to discover Solutions and new methods to simplify procedures specifically from a payroll and cross-border payment standpoint numerous organizations maintain separate savings account just for payroll while some have multiple accounts in various countries does it make good sense for companies to maintain different bank accounts sometimes in different countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies enhance the episode complex procedures 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 advantages and disadvantages of payroll wallets versus payroll checking account, discover how companies anticipate payroll costs to optimize working capital, and find how simplifying global payroll payments can transform them from a difficult job into a tactical asset.
Handling payroll worldwide is a difficult task due to numerous regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of employees and organizations adds to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems often lead to manual procedures, data silos, and an absence of integration, causing disparities and inefficiencies. Despite residing in an age of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to provide insights and solutions 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 information in real time that’s another number that offers me sleepless nights and quite honestly the more a service invests in global payroll the less of a photo they see an absence of visibility likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of international organizations have actually revealed 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 data entry mistakes inadequately communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the information is shipped to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they depend on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s a great question I constantly throw this back and state what is it what does not require to be consisted of ideal and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities 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 right ultimately constructing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble very payments no if however some infants 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 believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to type of progress with that it likewise as well to add to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely imperative that payroll and financing teams work closer together than ever um I’m constantly impressed when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on wellness and the settlement landscape is becoming progressively intricate. Organizations are continuously introducing new benefits and payment options, which adds to the total intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can cause inadequacies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s highly sophisticated age, there’s no validation for maintaining troublesome procedures. Payroll, the business’s greatest cost, should be processed properly and on time. Even slight hold-ups can adversely affect employees’ well-being and have far-reaching effects. Therefore, it’s important to prioritize accurate and prompt payments.
payroll team get um so I’m unsure anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle all of us hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s just 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 things is definitely important that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a terrific initial step um providing an end-to-end payroll service for your staff members worldwide once again I believe is another huge um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of services and reducing the number of tools platforms and savings account they need for their International 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 have actually never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand 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 involved in those processes and also so imagine sorry I’m simply I was just gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task trying to clean all those up for sure oh absolutely 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 attempt to check out them and in fact see what was going on and sort of try to return to everybody so carrying on appearance why do companies pick to primary separate checking account there are Papaya Global Leavers businesses out there doing precisely this for specific nations and I have actually worked in a business or many businesses doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not producing extra work for anybody where we do not have to and any person that’s handling 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 standard I believe people have actually got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look 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 procedure that needs looking at it needs altering however eventually individuals are extremely stuck with what they recognize
with right um change is a hard thing all of us don’t like modification um so I believe it’s just sort 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 clearly the advantages of having keeping numerous savings account however there’s a big amount of intricacy goes with setting up a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is substantial however I think the sincere response is modification um individuals haven’t had the ability to change or have not 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 think it is knowledge you understand and there is an aspect of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might nearly be determined to be the next Century approximately there is a lot to keep an eye on and this technique does pose numerous obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Leavers