Over the last 5 or six years …Papaya Global Government Gateway… roles on the supplier side and also on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I truly 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 extremely very uninspiring and I want I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business preserve different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we’ll also review a recap which needs to leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of typical and handling them becomes more and more intricate Worldwide organizations are aiming to discover Solutions and new ways to enhance processes especially from a payroll and cross-border payment viewpoint numerous organizations preserve different savings account just for payroll while some have several accounts in various countries does it make sense for companies to keep separate checking account sometimes in different countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational business improve the episode complex processes of
Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for businesses operating worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, find out how companies forecast payroll costs to optimize working capital, and discover how improving global payroll payments can transform them from a difficult job into a tactical property.
Managing payroll globally is an overwhelming job due to numerous policies, compliance requirements, data security concerns, and banking rules. The large number of workers and businesses adds to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems often result in manual procedures, information silos, and an absence of combination, leading to disparities and inefficiencies. Regardless of living in a period of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to supply insights and services to simplify and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more an organization invests in worldwide payroll the less of an image they see a lack of exposure likewise extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide businesses have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes badly communicated hires and terminations along with lack management and system setups and after that when you round it all off and the information is delivered to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they depend on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re making payments to employees or otherwise that’s a great concern I constantly toss this back and state what is it what does not need to be included best and what does
it need to be considered 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 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 any place you look right eventually constructing a knowledge base is absolutely important however all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort 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 definitely basic and technology is enabling us to type of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely important that payroll and finance teams work more detailed together than ever um I’m constantly impressed when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work 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 typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on well-being and the settlement landscape is becoming increasingly complex. Organizations are constantly presenting new benefits and payment alternatives, which adds to the total intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can result in inefficiencies and traffic jams. In my viewpoint, this doesn’t need to hold true. In today’s technologically advanced period, there’s no validation for maintaining cumbersome procedures. Payroll, the company’s biggest cost, need to be processed properly and on time. Even slight delays can negatively impact workers’ well-being and have far-reaching effects. For that reason, it’s important to prioritize accurate and prompt payments.
payroll team get um so I’m not exactly sure anyone on this sort of webinar has actually been informed 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 staff members or not um however eventually payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box workout 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 definitely important that all of this stuff is done properly so leveraging the first Global Payments first payroll payment solution is a fantastic initial step um offering an end-to-end payroll service for your workers internationally once again I think is another substantial um procedure again lining up and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of companies and reducing the number of tools platforms and savings 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 anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I do not think any of us are really doing that for for the thanks
anyway 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 simple as possible for everyone that’s associated with those processes and also so picture sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and type of shot to return to everyone so moving on look why do business choose to primary different savings account there are Papaya Global Government Gateway services out there doing precisely this for particular nations and I’ve operated in a business or lots of companies doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for anyone where we do not have to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the requirement I believe individuals have got so utilized to we need a new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a process that requires looking at it needs changing however eventually people are really stuck to what they’re familiar
with right um change is a difficult thing we all don’t like modification um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having keeping multiple checking account however there’s a big amount of complexity goes with establishing a bank account keeping it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is big however I think the honest answer is change um people haven’t had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might nearly be figured out to be the next Century or two there is a lot to keep track of and this approach does position numerous difficulties um so Johnny might you inform us about those challenges yeah naturally 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 jobs on one platform. It seems like our CFO has acquired another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Government Gateway