Over the last five or 6 years …Papaya Global Meaning… functions on the provider side and likewise on the vendor side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everybody another number of uh well one of 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 rather intriguing 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 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 dreary and I want 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 taking a look 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 Worldwide payroll payments as a tactical property uh we’ll likewise go over a recap which ought 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 relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of typical and managing them ends up being a growing number of intricate Global organizations are wanting to find Solutions and new methods to improve processes especially from a payroll and cross-border payment standpoint numerous organizations maintain different savings account just for payroll while some have multiple accounts in different nations does it make good sense for business to maintain separate bank accounts in some cases in various nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies improve the episode complex processes of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex obstacle for services running worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, learn how business anticipate payroll expenses to enhance working capital, and find how improving worldwide payroll payments can transform them from a difficult job into a strategic property.
Handling payroll globally is a challenging task due to numerous regulations, compliance requirements, information security concerns, and banking guidelines. The large number of staff members and organizations adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems often lead to manual procedures, data silos, and a lack of integration, leading to inconsistencies and inefficiencies. In spite of living in an era of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to offer insights and options to streamline and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more a business invests in worldwide payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of global 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 errors are due to time reporting bad HCM data information entry mistakes inadequately communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the information is delivered to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they count on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re paying to employees or otherwise that’s an excellent question I always throw this back and say what is it what does not need to be consisted of ideal 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 time frames 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 client’s own in-country account so there’s intricacy wherever you look best eventually developing a knowledge base is definitely critical however all over you look with payroll payment they are like super payments no if but 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 recognition that payroll payments are definitely essential and technology is enabling us to sort of move on with that it also too to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work better together than ever um I’m always impressed when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation 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 information 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 puts a high worth on wellness and the payment landscape is becoming increasingly intricate. Organizations are constantly introducing new advantages and payment choices, which adds to the overall intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s highly innovative period, there’s no validation for maintaining cumbersome treatments. Payroll, the company’s greatest expense, should be processed properly and on time. Even minor hold-ups can adversely impact workers’ well-being and have far-reaching effects. For that reason, it’s important to focus on accurate and timely payments.
payroll team get um so I’m not exactly sure anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial 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 absolutely important that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment solution is an excellent initial step um supplying an end-to-end payroll solution for your staff members internationally once again I believe is another big um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of companies and reducing the number of tools platforms and bank accounts they require for their Worldwide 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 have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyway we understand how how crucial a role 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 everybody that’s associated with those procedures and also so think of sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions envision getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and actually see what was going on and kind of shot to return to everybody so carrying on appearance why do companies pick to main separate savings account there are Papaya Global Meaning companies out there doing exactly this for particular countries and I’ve operated in a business or numerous organizations doing precisely that I can state it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we don’t need to and anyone that’s handling 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 think many factors one is it’s the standard I believe individuals have actually got so utilized to we need a brand-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 believe it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs altering but eventually people are extremely stuck to what they recognize
with right um modification is a challenging thing all of us don’t like modification um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having keeping numerous bank accounts but there’s a big amount of complexity opts for establishing a savings account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for private people so the complexity is big but I think the sincere response is change um people haven’t been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century or two there is a lot to keep track of and this approach does present numerous obstacles um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you are worthy of a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Meaning