Over the last 5 or 6 years …Papaya Global Second Company… roles on the service provider side and likewise on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone 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 drizzling here it’s very really gloomy and I wish I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies preserve different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we’ll also go over a recap and that should leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more typical and handling them becomes increasingly more complex International companies are seeking to find Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment standpoint lots of organizations maintain different bank account just for payroll while some have multiple accounts in various nations does it make good sense for business to keep separate checking account in some cases in various countries it does but just for payroll exists a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies improve the episode complex procedures of
Making sure precise, efficient, and prompt payroll payments is a complex obstacle for businesses running internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, find out how companies forecast payroll costs to enhance working capital, and discover how simplifying worldwide payroll payments can transform them from a troublesome job into a tactical asset.
Managing payroll worldwide is an overwhelming task due to different regulations, compliance requirements, information security issues, and banking guidelines. The large variety of employees and businesses contributes to the complexity, with an approximated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual processes, information silos, and a lack of integration, resulting in disparities and inefficiencies. Despite residing in an era of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and options to streamline and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business invests in worldwide payroll the less of a picture they see a lack of visibility also extends to payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of global companies have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes poorly interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the data is delivered to the incorrect location the average expense 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 globe payroll and payments do not run efficiently if they depend on the necessary multiple processes 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 challenges company face when they’re paying to employees or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t require to be consisted of best and what does
it need to be thought of there’s differing 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 have to pay from the client’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is absolutely crucial however all over you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind 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 absolutely basic and technology is permitting us to type of move on with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely important that payroll and financing teams work closer together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often 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 people anywhere they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high value on wellness and the settlement landscape is becoming progressively complex. Organizations are continuously introducing brand-new advantages and payment choices, which adds to the general intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can cause inadequacies and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s technologically advanced era, there’s no reason for preserving troublesome procedures. Payroll, the business’s most significant expenditure, need to be processed properly and on time. Even slight hold-ups can negatively affect workers’ well-being and have significant effects. For that reason, it’s critical to prioritize accurate and timely payments.
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people just observe when things go wrong. However, when things go right, it’s seen as just a regular task. This is how it’s perceived externally also. Therefore, it is essential to make sure that jobs like Wi-Fi International and other important matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment solution is an excellent preliminary step towards supplying an extensive payroll service for employees worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and checking account needed for international payroll are essential consider attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things don’t go as prepared. Ultimately, we do not do it for the appreciation.
anyhow 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 simple as possible for everybody that’s involved in those processes and likewise so think of sorry I’m just I was just gon na state imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions picture 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 absolutely be a fascinating job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and actually see what was going on and kind of try to return to everybody so moving on appearance why do business select to primary separate bank accounts there are Papaya Global Second Company organizations out there doing exactly this for specific countries and I’ve worked in a service or many organizations doing exactly that I can state it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for any person where we do not need to and any person 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 quantity that we are I believe many factors one is it’s the standard I believe people have actually got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs changing but eventually individuals are extremely stuck with what they recognize
with best um modification is a hard thing we all don’t like modification um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having maintaining multiple savings account however there’s a substantial quantity of complexity goes with establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for private individuals so the intricacy is big but I think the sincere answer is modification um people haven’t been able to change or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might practically be determined to be the next Century or so there is a lot to monitor and this method does posture a number of difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Second Company