Over the last five or six years …Restore Papaya Global Backup… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or two to join all of us 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 simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it is 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 extremely gloomy 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 looking at the challenge years of handling Global payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a tactical property uh we’ll likewise review a recap which should leave his time at the really really 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 Global workforces end up being increasingly more typical and managing them ends up being more and more complicated Global companies are aiming to discover Solutions and brand-new methods to improve processes specifically from a payroll and cross-border payment standpoint numerous organizations maintain different savings account just for payroll while some have numerous accounts in different nations does it make sense for companies to maintain separate savings account often in different nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business simplify the episode complex procedures of
Ensuring accurate, efficient, and timely payroll payments is a complex obstacle for businesses running internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to optimize working capital, and find how improving global payroll payments can transform them from a challenging job into a strategic property.
Handling payroll internationally is a complicated task due to various regulations, compliance requirements, information security issues, and banking rules. The large variety of employees and services adds to the complexity, with an approximated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems often lead to manual procedures, data silos, and a lack of combination, leading to inconsistencies and inadequacies. Regardless of living in an age of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to offer insights and services to streamline and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in global payroll the less of a picture they see an absence of visibility also extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of international companies have expressed that they do not 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 information entry errors badly interacted hires and terminations as well as lack management and system setups and then when you round all of it off and the information is delivered to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they depend on the necessary numerous 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 challenges business face when they’re making payments to employees or otherwise that’s a good concern I always toss this back and say what is it what doesn’t need to be included ideal and what does
it need 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 timespan there’s payment abilities 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 consumer’s own in-country account so there’s complexity any place you look right eventually developing a knowledge base is absolutely critical however all over you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to kind of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely important that payroll and finance teams work better together than ever um I’m always astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 wherever they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high worth on well-being and the compensation landscape is becoming progressively complex. Services are continually introducing brand-new advantages and payment options, which contributes to the overall intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can cause inadequacies and bottlenecks. In my opinion, this does not need to hold true. In today’s technologically sophisticated period, there’s no justification for keeping troublesome procedures. Payroll, the company’s greatest expense, should be processed properly and on time. Even slight hold-ups can negatively affect employees’ wellness and have far-reaching consequences. For that reason, it’s vital to prioritize accurate and timely payments.
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just observe when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s viewed externally too. For that reason, it is essential to ensure that jobs like Wi-Fi International and other important matters are done correctly. Utilizing the very first International Payments very first payroll payment service is a terrific preliminary step towards offering a detailed payroll option for staff members worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and bank accounts required for global payroll are crucial factors in accomplishing company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things do not go as planned. Ultimately, we do not do it for the appreciation.
anyhow we know how how important 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 simple as possible for everyone that’s associated with those processes and also so picture sorry I’m just I was just gon na state think of 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 speaking about hundreds of thousands potentially Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job 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 was the case um you ‘d need days of the week to try to check out them and really see what was going on and kind of shot to return to everybody so carrying on look why do companies select to main different savings account there are Restore Papaya Global Backup companies out there doing exactly this for particular countries and I’ve worked in a service or numerous organizations doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we don’t have to and anybody that’s handling 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 amount that we are I believe many factors one is it’s the requirement I believe people have actually got so utilized to we require a new bank account we open an entity and appropriately so you require 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 requirement and the norm the people have adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that requires looking at it requires changing however eventually people are extremely stuck with what they recognize
with ideal um change is a challenging thing we all don’t like change um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having keeping numerous bank accounts however there’s a huge quantity of intricacy opts for establishing a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for individual individuals so the complexity is huge but I think the truthful response is change um individuals haven’t been able to alter or have not had always the knowledge to really make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century or so there is a lot to monitor and this approach does present several difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements. Restore Papaya Global Backup