Over the last 5 or six years …Papaya Global Year End Guide… functions on the supplier side and likewise on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it is 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 elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we’ll also discuss a wrap-up and that ought to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of typical and managing them becomes more and more complex Global organizations are aiming to discover Solutions and new ways to enhance procedures especially from a payroll and cross-border payment viewpoint lots of companies preserve different bank account just for payroll while some have numerous accounts in various nations does it make good sense for companies to maintain different bank accounts in some cases in different countries it does however just for payroll is there a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business enhance the episode complex procedures of
Guaranteeing accurate, effective, and timely payroll payments is a complex difficulty for businesses running worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, learn how companies anticipate payroll costs to enhance working capital, and find how enhancing worldwide payroll payments can change them from a difficult task into a tactical property.
Managing payroll globally is a daunting job due to numerous policies, compliance requirements, information security concerns, and banking rules. The sheer number of staff members and companies adds to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems often lead to manual processes, data silos, and a lack of integration, causing disparities and inefficiencies. Regardless of living in an age of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to provide insights and options to streamline and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business spends on international payroll the less of an image they see a lack of presence likewise encompasses payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of international services 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 bad HCM information information entry mistakes improperly interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the information is shipped to the incorrect location the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they rely on the essential several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s a great question I always throw this back and state what is it what does not need to be included right and what does
it need to be considered 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity wherever you look best eventually building a knowledge base is definitely critical but everywhere you look with payroll payment they are like extremely payments no if however some infants 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 think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to sort of move on with that it likewise too to add to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and financing groups work better together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high value on well-being and the compensation landscape is becoming progressively elaborate. Companies are constantly presenting brand-new benefits and payment choices, which adds to the total complexity. Large corporations often divide their payroll and payment processing into different teams, which can cause ineffectiveness and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s highly advanced era, there’s no reason for preserving cumbersome treatments. Payroll, the business’s most significant cost, should be processed properly and on time. Even small hold-ups can negatively affect workers’ well-being and have far-reaching effects. For that reason, it’s important to focus on precise and prompt payments.
payroll team get um so I’m unsure anyone on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle we all hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment option is a terrific first step um supplying an end-to-end payroll option for your workers globally once again I believe is another big um procedure again lining up and ensuring you have standardization Global processes all of those things are definitely crucial to success success of services and reducing 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’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyhow we understand how how crucial 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 everybody that’s associated with those processes and also so imagine sorry I’m simply I was simply gon na state envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions think of getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job attempting to clean up all those up for sure oh definitely I can’t envision 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 really see what was going on and type of shot to return to everyone so proceeding look why do companies pick to main different bank accounts there are Papaya Global Year End Guide organizations out there doing exactly this for particular countries and I have actually operated in a company or lots of services doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not creating extra work for any person where we don’t have to and any person that’s dealing with 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 think lots of factors one is it’s the standard I believe individuals have actually got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a procedure that requires looking at it needs changing however ultimately people are extremely stuck to what they recognize
with right um change is a difficult thing all of us do not like change um so I think it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having maintaining several checking account but there’s a big quantity of complexity goes with establishing a savings account preserving it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is huge however I think the truthful answer is change um people haven’t been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we have actually always done it that way is no real reason 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 keep an eye on and this technique does present several obstacles um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so
I recently made a modification to our Business 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 actually gotten another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing 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 Year End Guide