Over the last five or 6 years …Papaya Global Payroll Capterra… roles on the service provider side and also on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very bleak and I want I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we’ll likewise go over a recap which should leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more typical and managing them ends up being a growing number of complicated Global organizations are wanting to discover Solutions and new ways to improve processes especially from a payroll and cross-border payment viewpoint lots of companies preserve different savings account just for payroll while some have several accounts in different nations does it make sense for business to preserve different checking account in some cases in different nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international companies enhance the episode complex processes of
Ensuring precise, efficient, and timely payroll payments is a complex difficulty for organizations running worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, learn how business forecast payroll costs to enhance working capital, and discover how streamlining international payroll payments can transform them from a challenging task into a tactical asset.
Managing payroll worldwide is a complicated task due to various policies, compliance requirements, information security concerns, and banking rules. The large number of employees and services 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.
Standard payroll systems often result in manual processes, information silos, and a lack of integration, resulting in disparities and inefficiencies. Regardless of residing in an age of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to provide insights and options to streamline and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a business invests in international payroll the less of a photo they see an absence of presence likewise reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of international organizations have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes poorly interacted hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is delivered to the wrong place the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they count on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s a good question I constantly throw this back and state what is it what does not require to be included right and what does
it need 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 timespan 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 client’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is definitely critical however everywhere 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to type of move on with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely necessary that payroll and financing groups work more detailed together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market 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 individuals any place they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on wellness and the settlement landscape is ending up being increasingly detailed. Services are continuously presenting brand-new advantages and payment choices, which contributes to the general complexity. Large corporations frequently divide their payroll and payment processing into different groups, which can lead to inefficiencies and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s technically sophisticated era, there’s no justification for preserving cumbersome procedures. Payroll, the company’s most significant expense, should be processed properly and on time. Even slight hold-ups can adversely affect staff members’ well-being and have significant repercussions. Therefore, it’s critical to prioritize precise and prompt payments.
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only observe when things fail. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s perceived externally also. For that reason, it is important to guarantee that tasks like Wi-Fi International and other essential matters are done properly. Using the first International Payments very first payroll payment option is an excellent preliminary step towards supplying a comprehensive payroll solution for staff members worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and checking account needed for global payroll are crucial factors in achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things do not go as planned. Ultimately, we do not do it for the gratitude.
anyhow we know how how important 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 associated with those procedures and also so picture sorry I’m simply I was simply gon na say envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task trying to clean all those up for sure oh definitely I can’t picture 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 shot to return to everybody so moving on appearance why do business pick to main different savings account there are Papaya Global Payroll Capterra organizations out there doing precisely this for particular nations and I have actually operated in an organization or lots of businesses doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for anybody where we don’t need to and any person that’s managing 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 believe many factors one is it’s the standard I think individuals have actually got so used to we require a brand-new checking account we open an entity and rightly so you need 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 standard and the standard the people have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I believe this is a process that requires looking at it needs changing but eventually people are extremely stuck with what they recognize
with best um change is a hard thing we all don’t like modification um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having keeping numerous checking account however there’s a big amount of intricacy opts for establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for individual individuals so the complexity is big but I think the truthful answer is change um people have not had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be determined to be the next Century or two there is a lot to keep track of and this technique does posture a number of obstacles um so Johnny might you tell us about those challenges 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 gotten another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Payroll Capterra