Over the last five or six years …Payroll Papaya Global Inc… functions on the service provider side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone 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 extremely bleak and I wish I was somewhere else at this moment in time alright so let’s begin 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 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 enhancing papaya International payroll payments as a strategic possession uh we’ll also go over a wrap-up and that ought to leave his time at the extremely extremely 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 labor forces become a growing number of typical and handling them becomes more and more complicated Global organizations are wanting to find Solutions and new methods to simplify processes particularly from a payroll and cross-border payment perspective many companies preserve different checking account just for payroll while some have multiple accounts in various nations does it make sense for business to maintain different checking account often in various countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies streamline the episode complex procedures of
Making sure accurate, efficient, and timely payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, discover how business forecast payroll expenses to enhance working capital, and find how simplifying worldwide payroll payments can transform them from a burdensome task into a strategic asset.
Managing payroll worldwide is a daunting task due to numerous policies, compliance requirements, information security issues, and banking guidelines. The large variety of staff members and businesses contributes to the complexity, with an estimated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems typically result in manual processes, information silos, and a lack of combination, leading to disparities and ineffectiveness. Regardless of living in a period of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to provide insights and options to simplify and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization invests in international payroll the less of a photo they see an absence of presence also reaches payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international companies 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 mistakes are due to time reporting bad HCM data information entry mistakes poorly interacted hires and terminations as well as lack management and system configurations and then when you round everything off and the information is delivered to the wrong place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they depend on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a great question I constantly toss this back and state what is it what does not require to be included right and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 client’s own in-country account so there’s complexity any place you look ideal eventually constructing a knowledge base is definitely critical but all over you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 technology is allowing us to type of move on with that it likewise too to add to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and financing teams work closer together than ever um I’m constantly amazed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation 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 process it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on well-being and the settlement landscape is becoming significantly detailed. Organizations are constantly introducing brand-new benefits and payment choices, which adds to the overall complexity. Large corporations often divide their payroll and payment processing into separate teams, which can cause inadequacies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s technologically sophisticated period, there’s no validation for preserving troublesome procedures. Payroll, the company’s biggest expenditure, must be processed correctly and on time. Even small hold-ups can negatively impact employees’ well-being and have significant consequences. Therefore, it’s critical to focus on precise and timely payments.
payroll group get um so I’m uncertain anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle all of us hear about it when it fails 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment option is a great initial step um supplying an end-to-end payroll solution for your employees internationally again I believe is another substantial um process again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of companies and reducing the number of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand how how essential a role 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 processes and also so envision sorry I’m just I was just gon na state picture the amount 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 numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task attempting to clean up 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 require days of the week to try to check out them and actually see what was going on and sort of shot to get back to everyone so carrying on look why do business pick to main separate savings account there are Payroll Papaya Global Inc organizations out there doing exactly this for particular nations and I’ve worked in a company or many businesses doing precisely that I can state it doesn’t always feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing extra work for anyone where we don’t need to and anyone 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 quantity that we are I think lots of reasons one is it’s the standard I believe individuals have actually got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I think this is a process that requires looking at it requires changing but eventually individuals are very stuck to what they’re familiar
with ideal um modification is a hard thing we all do not like modification um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having preserving multiple checking account but there’s a huge amount of complexity chooses setting up a bank account preserving it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the intricacy is big however I believe the sincere response is change um individuals have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century or so there is a lot to track and this method does posture a number of obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so
I just 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 acquired another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Payroll Papaya Global Inc