Over the last 5 or six years …Papaya Global P11… functions on the company side and also on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very dreary and I want I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a strategic 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 recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more common and managing them ends up being a growing number of complicated International companies are wanting to find Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment viewpoint lots of organizations preserve different checking account just for payroll while some have numerous accounts in various countries does it make sense for companies to preserve separate checking account often in various countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international business enhance the episode complex processes of
Making sure precise, effective, and prompt payroll payments is a complex obstacle for companies running globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, find out how companies anticipate payroll costs to enhance working capital, and discover how streamlining worldwide payroll payments can change them from a challenging task into a strategic possession.
Handling payroll worldwide is a challenging job due to various policies, compliance requirements, data security issues, and banking guidelines. The sheer variety of workers and organizations contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual processes, data silos, and a lack of integration, causing inconsistencies and ineffectiveness. Despite residing in an era of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to supply insights and services to simplify and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a business spends on international payroll the less of an image they see an absence of exposure likewise encompasses payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of global organizations have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes inadequately 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 shipped to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they rely on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s an excellent concern I always throw this back and state what is it what does not require to be consisted of right and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities 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 complexity wherever you look right ultimately developing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like incredibly payments no if however some babies 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 absolutely fundamental and innovation is enabling us to sort of move forward with that it likewise too to add to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely important that payroll and financing teams work more detailed together than ever um I’m constantly astonished when people state I’ve split 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 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 frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on wellness and the payment landscape is becoming significantly detailed. Services are continually presenting brand-new advantages and payment alternatives, which adds to the overall complexity. Big corporations typically divide their payroll and payment processing into separate groups, which can result in inadequacies and traffic jams. In my opinion, this doesn’t need to be the case. In today’s technologically sophisticated period, there’s no reason for maintaining cumbersome procedures. Payroll, the business’s most significant cost, need to be processed correctly and on time. Even small delays can negatively affect staff members’ well-being and have far-reaching consequences. Therefore, it’s important to prioritize accurate and prompt payments.
payroll team get um so I’m unsure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong 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 things is done properly so leveraging the first Global Payments first payroll payment option is a terrific initial step um supplying an end-to-end payroll service for your employees globally once again I think is another big um process once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of companies and decreasing the number of tools platforms and checking account they need 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 have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyway we know how how crucial 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 everybody that’s involved in those procedures and likewise so think of sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions think of getting that lots of thank you notes um I mean 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 definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and sort of shot to get back to everybody so carrying on look why do business pick to main separate bank accounts there are Papaya Global P11 companies out there doing exactly this for specific countries and I’ve operated in a company or many services doing precisely that I can say it does not always feel effective and it does create more work I understand we’re not purposely doing that we’re not creating extra work for anybody where we don’t need 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 think lots of factors one is it’s the standard I think people have actually got so used to we need a brand-new bank 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 individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs altering but eventually people are very stuck with what they recognize
with best um change is a hard thing we all do not like change um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having keeping multiple bank accounts however there’s a big amount of complexity goes with establishing a savings account preserving it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the complexity is substantial however I think the truthful answer is change um individuals have not been able to alter or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think 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 benefits and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century or two there is a lot to track and this technique does pose a number of difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles 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 International payroll and payments with Papaya payroll OS did you Papaya Global P11