Over the last 5 or 6 years …Papaya Global Menu Login… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it is 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 extremely really dreary and I wish I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies keep different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical possession uh we’ll likewise go over a recap and that ought to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and managing them becomes a growing number of complex International organizations are seeking to discover Solutions and new ways to streamline processes specifically from a payroll and cross-border payment viewpoint lots of companies maintain separate checking account just for payroll while some have numerous accounts in different nations does it make good sense for business to keep different checking account sometimes in different nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business simplify the episode complex procedures of
Guaranteeing accurate, effective, and timely payroll payments is a complex obstacle for services operating internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to enhance working capital, and find how improving worldwide payroll payments can transform them from a difficult task into a strategic asset.
Handling payroll globally is an overwhelming task due to different policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of workers and companies adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently lead to manual procedures, information silos, and an absence of combination, resulting in inconsistencies and inefficiencies. In spite of living in a period of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to offer insights and solutions to simplify and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more a service invests in international payroll the less of a picture they see a lack of presence also reaches payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the deal almost half of worldwide companies have expressed 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 because of time reporting poor HCM data information entry mistakes badly communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is shipped to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they rely on the essential several 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 difficulties organization face when they’re paying to staff members or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t need to be included right and what does
it require to be thought about there’s varying Bank details 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 consumer’s own in-country account so there’s complexity anywhere you look ideal eventually building a knowledge base is absolutely critical however everywhere you look with payroll payment they are like incredibly 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 believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is permitting us to kind of move forward with that it also as well to add to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and financing groups work closer 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 operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically 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 individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on wellness and the settlement landscape is becoming significantly elaborate. Services are continuously introducing new benefits and payment alternatives, which adds to the general complexity. Big corporations often divide their payroll and payment processing into separate groups, which can cause ineffectiveness and bottlenecks. In my opinion, this does not have to hold true. In today’s highly sophisticated age, there’s no reason for preserving cumbersome procedures. Payroll, the company’s greatest expense, must be processed properly and on time. Even slight hold-ups can negatively impact employees’ well-being and have far-reaching consequences. Therefore, it’s critical to focus on precise and prompt payments.
payroll group get um so I’m not exactly sure anybody on this type of webinar has been told 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 ultimately payroll is such a crucial cycle we all hear about 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 view 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 things is done properly so leveraging the first Global Payments first payroll payment solution is a great primary step um offering an end-to-end payroll solution for your employees internationally again I believe is another substantial um process once again lining up and ensuring you have standardization International processes all of those things are absolutely essential to success success of businesses and lowering the variety of tools platforms and checking account they require for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyway we understand how how essential 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 easy as possible for everybody that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na say think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task trying to clean up all those up for sure oh absolutely 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 attempt to check out them and actually see what was going on and sort of try to return to everyone so proceeding look why do business choose to main different savings account there are Papaya Global Menu Login businesses out there doing precisely this for particular nations and I’ve worked in an organization or lots of businesses doing precisely that I can say it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating additional work for any person where we don’t need to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the standard I think people have got so utilized to we need a new savings account we open an entity and rightly so you require it for payroll functions 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 the people have adopted and continue to do over years and years passed by 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 range I believe this is a procedure that needs taking a look at it needs changing but eventually people are extremely stuck to what they recognize
with best um modification is a tough thing all of us don’t like change um so I believe it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having maintaining several bank accounts however there’s a substantial quantity of intricacy goes with setting up a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for private individuals so the intricacy is huge however I believe the sincere response is change um individuals haven’t been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century or two there is a lot to track and this technique does pose several difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a change 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 gotten another CFO, and with this improved capability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Menu Login