Over the last five or 6 years …Papaya Global System Specs… functions on the service provider side and likewise on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it remains 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 really really dreary and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll likewise review a recap and that should leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and handling them becomes increasingly more complex Worldwide companies are wanting to find Solutions and brand-new methods to enhance procedures specifically from a payroll and cross-border payment perspective many companies keep different savings account just for payroll while some have numerous accounts in various nations does it make sense for companies to maintain different checking account sometimes in different nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies improve the episode complex processes of
Guaranteeing precise, efficient, and prompt payroll payments is a complex obstacle for companies operating internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, discover how business forecast payroll costs to optimize working capital, and discover how enhancing international payroll payments can transform them from a burdensome task into a strategic property.
Handling payroll globally is a complicated task due to various regulations, compliance requirements, data security concerns, and banking guidelines. The large number of employees and services contributes to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically lead to manual procedures, information silos, and an absence of integration, causing inconsistencies and inefficiencies. Despite living in a period of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to supply insights and solutions to simplify and enhance international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company invests in global payroll the less of an image they see an absence of exposure also extends to payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of international companies have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors inadequately interacted hires and terminations along with lack management and system configurations and then when you round everything off and the data is shipped to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they depend on the necessary several processes systems and partners it is just 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 making payments to employees or otherwise that’s a good question I constantly throw this back and say what is it what does not need to be consisted of right and what does
it require 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 have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look ideal ultimately developing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 fundamental and innovation is permitting us to sort of progress with that it also as well to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely necessary that payroll and finance groups work more detailed together than ever um I’m always impressed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation 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 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 any place they are however also paying statutory authorities and on statutory third parties so with the
The modern world positions a high value on well-being and the settlement landscape is ending up being significantly complex. Services are continually introducing brand-new benefits and payment alternatives, which adds to the total intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can cause ineffectiveness and traffic jams. In my viewpoint, this does not need to hold true. In today’s highly innovative period, there’s no validation for keeping troublesome treatments. Payroll, the company’s most significant expenditure, should be processed properly and on time. Even small delays can adversely impact employees’ well-being and have far-reaching consequences. Therefore, it’s important to prioritize accurate and timely payments.
payroll team get um so I’m uncertain anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think 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 definitely crucial that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment service is a fantastic initial step um providing an end-to-end payroll option for your staff members worldwide once again I believe is another substantial um process again lining up and ensuring you have standardization Global processes all of those things are absolutely essential to success success of businesses and decreasing the number of tools platforms and savings account they require for their Worldwide 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 ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 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 do not think any of us are actually doing that for for the thanks
anyhow we understand 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 everybody that’s associated with those procedures and likewise so envision sorry I’m just I was just gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and sort of shot to return to everybody so proceeding look why do companies choose to main separate checking account there are Papaya Global System Specs organizations out there doing precisely this for specific nations and I have actually operated in a service or many businesses doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the standard I think individuals have actually got so utilized to we require a brand-new bank 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 requirement and the norm individuals have embraced and continue to do over years and years passed by 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 believe there’s a range I think this is a procedure that needs looking at it needs changing however eventually individuals are really stuck to what they’re familiar
with right um change is a difficult thing we all don’t like change um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having preserving several savings account but there’s a substantial amount of complexity chooses setting up a bank account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for specific people so the intricacy is substantial but I believe the truthful answer is change um people haven’t had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we have actually constantly 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 practically be determined to be the next Century or two there is a lot to monitor and this method does position several obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I recently made a modification 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 actually acquired another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global System Specs