Over the last five or 6 years …Papaya Global Payroll Tax Holiday… functions on the provider side and also on the vendor side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply 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 sort of let them do that so it ‘d be rather fascinating 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 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 drizzling here it’s extremely very gloomy and I want I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll likewise review a wrap-up and that must leave his time at the extremely really 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 Global workforces become a growing number of common and managing them ends up being increasingly more complex Worldwide companies are looking to discover Solutions and brand-new methods to enhance processes specifically from a payroll and cross-border payment perspective numerous organizations keep different checking account just for payroll while some have multiple accounts in different nations does it make sense for business to keep different bank accounts in some cases in various nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business simplify the episode complex procedures of
Ensuring precise, effective, and prompt payroll payments is a complex challenge for services operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, find out how business anticipate payroll expenses to enhance working capital, and find how improving international payroll payments can transform them from a challenging job into a strategic property.
Managing payroll worldwide is a challenging task due to various guidelines, compliance requirements, data security issues, and banking guidelines. The sheer variety of workers and services contributes to the complexity, with an approximated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems frequently result in manual procedures, information silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. Regardless of residing in an era of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to supply insights and services to simplify and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more a business invests in worldwide payroll the less of an image they see a lack of presence likewise extends to payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of international services have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors improperly interacted hires and terminations along with absence management and system setups and then when you round everything off and the information is shipped to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they rely on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re making payments to workers or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t need to be consisted of ideal and what does
it need to be thought of there’s differing 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 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 anywhere you look best ultimately building a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 essential and innovation is permitting us to kind of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely essential that payroll and financing teams work better together than ever um I’m constantly amazed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high value on wellness and the compensation landscape is ending up being progressively elaborate. Companies are constantly presenting brand-new benefits and payment options, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into different teams, which can result in inefficiencies and traffic jams. In my viewpoint, this does not have to hold true. In today’s highly sophisticated era, there’s no justification for maintaining troublesome procedures. Payroll, the company’s most significant expense, should be processed properly and on time. Even slight delays can negatively impact employees’ well-being and have significant effects. For that reason, it’s crucial to prioritize accurate and timely payments.
payroll group get um so I’m uncertain anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done correctly so leveraging the first International Payments very first payroll payment option is a terrific first step um providing an end-to-end payroll service for your staff members globally once again I think is another substantial um process again aligning and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of services and lowering the variety of tools platforms and bank accounts 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 have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow 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 everyone that’s involved in those processes and likewise so picture sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I mean 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 absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and sort of shot to return to everybody so carrying on appearance why do business choose to primary different bank accounts there are Papaya Global Payroll Tax Holiday organizations out there doing precisely this for particular countries and I’ve operated in a company or many companies doing precisely that I can state it does not constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not creating extra work for anybody where we do not have to and anyone that’s dealing with 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 amount that we are I believe lots of reasons one is it’s the standard I believe people have actually got so used to we need a new checking account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I think this is a procedure that needs taking a look at it requires changing however ultimately individuals are very stuck with what they recognize
with right um modification is a tough thing all of us do not like modification um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having maintaining multiple checking account but there’s a substantial quantity of complexity chooses establishing a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private people so the complexity is substantial but I think the honest response is modification um people haven’t had the ability to change or have not had always the understanding to truly make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to alter but we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might practically be figured out to be the next Century or two there is a lot to monitor and this approach does position numerous challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya Global Payroll Tax Holiday