Over the last 5 or six years …Papaya Global Panama… functions on the company side and also on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type 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 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 sunlight is it it’s not no it’s it’s raining here it’s very very uninspiring and I want I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business keep different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll likewise review a recap which must leave his time at the really extremely 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 Global labor forces become increasingly more typical and managing them becomes more and more intricate Worldwide organizations are looking to discover Solutions and new ways to enhance processes specifically from a payroll and cross-border payment standpoint numerous companies maintain separate checking account just for payroll while some have numerous accounts in different countries does it make good sense for business to maintain different bank accounts in some cases in various countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business simplify the episode complex procedures of
Making sure accurate, effective, and prompt payroll payments is a complex challenge for services running globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, discover how companies anticipate payroll costs to enhance working capital, and discover how enhancing global payroll payments can change them from a challenging job into a strategic property.
Handling payroll worldwide is an overwhelming task due to different guidelines, compliance requirements, information security issues, and banking rules. The large variety of workers and companies adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently result in manual processes, information silos, and an absence of integration, causing disparities and ineffectiveness. Despite living in an era of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to offer insights and options to simplify and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company spends on global payroll the less of an image they see a lack of visibility likewise reaches payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of global companies have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors inadequately interacted hires and terminations as well as lack management and system setups and then when you round it all off and the data is delivered to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they rely on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s a good concern I always throw this back and state what is it what doesn’t require to be consisted of ideal and what does
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it require to be considered 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look ideal eventually building a knowledge base is definitely critical 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 type 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 basic and innovation is allowing us to type of move on with that it also too to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and finance teams work more detailed together than ever um I’m always amazed when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on wellness and the compensation landscape is becoming progressively intricate. Organizations are constantly introducing brand-new benefits and payment choices, which contributes to the total complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can result in inadequacies and bottlenecks. In my opinion, this does not need to be the case. In today’s technically innovative era, there’s no reason for keeping cumbersome treatments. Payroll, the business’s biggest cost, should be processed correctly and on time. Even slight hold-ups can adversely impact employees’ well-being and have significant effects. For that reason, it’s important to focus on precise and timely payments.
payroll team get um so I’m not exactly sure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done properly so leveraging the very first Global Payments very first payroll payment service is a fantastic initial step um offering an end-to-end payroll option for your employees globally once again I believe is another huge um procedure again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely key to success success of companies and minimizing the number of tools platforms and savings account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand how how essential 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 procedures and also so think of sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and sort of try to return to everyone so moving on look why do companies choose to main different checking account there are Papaya Global Panama organizations out there doing exactly this for particular countries and I have actually operated in a company or many businesses doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we don’t need to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe many reasons 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 appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs altering but eventually individuals are very stuck to what they recognize
with right um change is a challenging thing all of us don’t like change um so I think it’s just sort 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 obviously the benefits of having maintaining multiple checking account however there’s a substantial quantity of complexity opts for setting up a savings account keeping it ensuring it can send International transfers ensuring it’s established with the right user accesses for individual people so the intricacy is huge but I think the honest answer is change um people haven’t had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you have actually hit 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 real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or so there is a lot to keep track of and this approach does present several obstacles um so Johnny could you inform us about those difficulties yeah of course 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 manage our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Panama