Over the last 5 or 6 years …Papaya Global Hr Scale Venture 45M… functions on the company side and also on the vendor side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everyone okay 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 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 simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I really 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 drizzling here it’s very extremely uninspiring and I wish I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies keep separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll also discuss a recap which ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of common and managing them becomes a growing number of intricate International companies are looking to discover Solutions and new ways to streamline procedures especially from a payroll and cross-border payment perspective lots of organizations keep separate checking account just for payroll while some have several accounts in various nations does it make good sense for companies to preserve separate savings account often in different nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business simplify the episode complex procedures of
Making sure accurate, efficient, and timely payroll payments is a complex difficulty for organizations running internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, discover how business anticipate payroll expenses to optimize working capital, and discover how simplifying international payroll payments can change them from a troublesome task into a tactical asset.
Managing payroll worldwide is a challenging job due to numerous regulations, compliance requirements, information security concerns, and banking rules. The large variety of staff members and companies adds to the intricacy, with an approximated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems typically result in manual processes, data silos, and an absence of combination, causing disparities and inefficiencies. Regardless of living in an era of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to provide insights and solutions to simplify and enhance international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization spends on global payroll the less of a picture they see a lack of exposure also encompasses payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international services have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors poorly interacted hires and terminations as well as lack management and system setups and after that when you round everything off and the information is shipped to the incorrect place the average expense of a global data 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 do not run efficiently if they rely on the needed multiple procedures 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 difficulties business face when they’re making payments to workers or otherwise that’s a good concern I always throw this back and state what is it what doesn’t require to be included best and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 have to pay from the customer’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is definitely crucial however all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to kind of move forward with that it likewise as well to add to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and financing teams work more detailed together than ever um I’m constantly amazed when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 however likewise paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on well-being and the compensation landscape is ending up being significantly intricate. Companies are continuously introducing new benefits and payment alternatives, which contributes to the total intricacy. Big corporations often divide their payroll and payment processing into different groups, which can lead to inefficiencies and traffic jams. In my viewpoint, this does not have to be the case. In today’s highly advanced era, there’s no justification for preserving troublesome procedures. Payroll, the business’s most significant cost, must be processed correctly and on time. Even minor delays can adversely impact employees’ wellness and have far-reaching effects. Therefore, it’s crucial to prioritize precise and timely payments.
The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only notice when things go wrong. However, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally as well. Therefore, it is important to guarantee that jobs like Wi-Fi Global and other essential matters are done correctly. Using the very first Worldwide Payments first payroll payment service is a terrific initial step towards providing a detailed payroll option for workers worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and bank accounts required for international payroll are essential factors in attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things don’t go as planned. Ultimately, we don’t do it for the appreciation.
anyway we understand how how important 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 everybody that’s involved in those procedures and likewise so picture sorry I’m just I was simply gon na say think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and sort of try to return to everyone so proceeding appearance why do companies choose to main different checking account there are Papaya Global Hr Scale Venture 45M businesses out there doing precisely this for particular countries and I have actually operated in a service or numerous services doing exactly that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing additional work for anyone where we do not need to and any person that’s dealing with that procedure 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 think many factors one is it’s the standard I think people have 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 believe it’s just 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 lots of other methods um to to sort of do it so I believe there’s a variety I believe this is a process that needs looking at it needs altering however eventually individuals are very stuck to what they’re familiar
with best um change is a tough thing all of us don’t like change um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having preserving multiple checking account but there’s a huge quantity of intricacy chooses setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for individual individuals so the complexity is substantial however I think the sincere answer is change um individuals have not been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to change but we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century or two there is a lot to keep an eye on and this technique does pose a number of challenges um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Hr Scale Venture 45M