Over the last 5 or six years …Papaya Global Solutions Inc… roles on the service provider side and also on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very really bleak and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies maintain different
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of keeping different savings account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for companies operating 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 find how improving international payroll payments can transform them from a challenging task into a strategic asset.
Managing payroll internationally is a daunting job due to different regulations, compliance requirements, information security concerns, and banking guidelines. The sheer variety of workers and businesses contributes to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently result in manual procedures, information silos, and a lack of combination, resulting in inconsistencies and inefficiencies. In spite of living in an era of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to offer insights and services to simplify and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more an organization spends on worldwide payroll the less of an image they see an absence of visibility also encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of international organizations have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors poorly interacted hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the data is delivered to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they depend on the necessary several 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 making payments to staff members or otherwise that’s a good concern I constantly throw this back and state what is it what doesn’t require to be consisted of right and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 need to pay from the customer’s own in-country account so there’s complexity any place you look best eventually constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to sort of move on with that it also too to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely vital that payroll and financing teams work more detailed together than ever um I’m constantly impressed when people say I’ve divided 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 divide 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 process it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high worth on wellness and the payment landscape is becoming progressively complex. Companies are constantly introducing brand-new advantages and payment choices, which adds to the total intricacy. Large corporations often divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s technologically sophisticated age, there’s no validation for keeping cumbersome procedures. Payroll, the company’s most significant expenditure, need to be processed properly and on time. Even minor hold-ups can adversely impact workers’ well-being and have far-reaching consequences. For that reason, it’s important to prioritize accurate and timely payments.
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only see when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s viewed externally as well. Therefore, it is vital to guarantee that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Using the very first Worldwide Payments very first payroll payment service is a fantastic preliminary step towards providing a detailed payroll option for workers worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and checking account necessary for international payroll are essential factors in accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as prepared. Ultimately, we don’t do it for the appreciation.
anyway we understand how how crucial 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 everybody that’s associated with those processes and likewise so think of sorry I’m just I was simply gon na state picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions envision getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and kind of try to return to everybody so moving on appearance why do business choose to main different checking account there are Papaya Global Solutions Inc services out there doing exactly this for specific countries and I’ve worked in a business or many companies doing exactly that I can say it doesn’t always feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we do not need to and anybody that’s dealing with that process 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 factors one is it’s the standard I think people have got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I believe this is a process that requires looking at it needs altering however eventually people are very stuck to what they recognize
with best um change is a tough thing all of us do not like modification um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having preserving several bank accounts but there’s a big quantity of complexity opts for setting up a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private people so the intricacy is big however I think the sincere response is change um individuals haven’t had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be figured out to be the next Century approximately there is a lot to monitor and this technique does pose a number of challenges um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you should have a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Solutions Inc