Over the last five or 6 years …Papaya Global Smp… roles on the provider side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everybody 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 rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I actually do hope it’s much sunnier than it remains 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 really very bleak and I want I was elsewhere at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a tactical property uh we’ll likewise discuss a wrap-up and that ought to leave his time at the really 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 Global labor forces end up being increasingly more typical and handling them becomes increasingly more complex Worldwide organizations are looking to find Solutions and new ways to enhance processes especially from a payroll and cross-border payment viewpoint numerous companies preserve separate bank account just for payroll while some have numerous accounts in various nations does it make sense for companies to preserve different checking account often in different countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business enhance the episode complex procedures of
Ensuring precise, efficient, and prompt payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to enhance working capital, and discover how simplifying international payroll payments can change them from a challenging task into a tactical asset.
Handling payroll internationally is a daunting task due to different policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of staff members and organizations contributes to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual processes, data silos, and a lack of combination, leading to inconsistencies and inefficiencies. Despite living in an era of technological advancements, payroll management has actually been sluggish 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 streamline and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company invests in worldwide payroll the less of an image they see an absence of presence likewise reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of international businesses 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 errors are due to time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations as well as lack management and system setups and after that when you round it all off and the data is delivered to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they rely on the needed numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re making payments to workers or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t need to be included ideal and what does
it need to be thought about there’s differing Bank details 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 have 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 eventually constructing a knowledge base is definitely critical however all over you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to sort of progress with that it also also to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely vital that payroll and finance teams work closer together than ever um I’m always impressed when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern world positions a high value on wellness and the settlement landscape is ending up being progressively detailed. Businesses are continuously presenting new advantages and payment options, which adds to the general intricacy. Large corporations typically divide their payroll and payment processing into separate groups, which can cause inadequacies and traffic jams. In my opinion, this does not need to hold true. In today’s highly sophisticated age, there’s no reason for maintaining cumbersome procedures. Payroll, the company’s greatest cost, must be processed correctly and on time. Even small hold-ups can adversely impact staff members’ well-being and have far-reaching consequences. Therefore, it’s important to prioritize precise and timely payments.
payroll group get um so I’m uncertain anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle we all find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment option is an excellent first step um offering an end-to-end payroll service for your workers globally again I believe is another big um procedure again aligning and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of services and minimizing the variety of tools platforms and checking account they need for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I do not think any of us are actually doing that for for the thanks
anyhow we know how how essential a role 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 associated with those processes and likewise so think of sorry I’m simply I was just gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and type of shot to return to everybody so carrying on appearance why do business select to primary different bank accounts there are Papaya Global Smp services out there doing exactly this for specific nations and I’ve worked in a company or many organizations doing precisely that I can say it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we don’t need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the requirement I believe people have actually got so used to we need a brand-new savings account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I believe this is a process that requires looking at it requires changing but eventually individuals are really stuck with what they’re familiar
with ideal um change is a hard thing we all do not like modification um so I believe it’s just type 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 undoubtedly the benefits of having keeping numerous savings account however there’s a huge amount of complexity opts for setting up a checking account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual people so the intricacy is substantial however I think the truthful answer is change um people have not had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century approximately there is a lot to keep an eye on and this approach does posture several obstacles um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I recently made a change to our Enterprise 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 gotten another CFO, and with this improved ability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Smp