Over the last 5 or six years …Papaya Global Update Issues… roles on the company side and likewise on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I truly 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 very very uninspiring and I want I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical property uh we’ll also review a recap which should leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more typical and handling them becomes a growing number of intricate Worldwide companies are seeking to discover Solutions and new ways to simplify processes particularly from a payroll and cross-border payment standpoint numerous companies maintain separate bank account just for payroll while some have multiple accounts in various countries does it make sense for companies to keep different bank accounts often in various nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies enhance the episode complex procedures of
Ensuring precise, efficient, and timely payroll payments is a complex challenge for services running globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, discover how business forecast payroll expenses to optimize working capital, and discover how improving international payroll payments can transform them from a difficult task into a tactical possession.
Handling payroll worldwide is a complicated job due to various policies, compliance requirements, data security issues, and banking rules. The large number of workers and services adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems typically result in manual processes, information silos, and a lack of integration, causing inconsistencies and inadequacies. Despite residing in an era of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to provide insights and services to simplify and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company spends on global 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 accidents 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 need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors poorly communicated hires and terminations in addition to lack management and system setups and after that when you round all of it off and the information is delivered to the incorrect place the average expense of an international 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 count on the needed numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re paying to workers or otherwise that’s an excellent question I constantly toss this back and state what is it what does not need to be included right and what does
it need to be thought of there’s varying Bank information 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 consumer’s own in-country account so there’s intricacy any place you look ideal eventually building a knowledge base is absolutely crucial but all over you look with payroll payment they resemble extremely payments no if however some infants 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 acknowledgment that payroll payments are absolutely basic and technology is enabling us to type of move on with that it likewise also to add to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely vital that payroll and finance teams work better together than ever um I’m constantly surprised when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not 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 typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on wellness and the payment landscape is becoming progressively elaborate. Businesses are continuously presenting new benefits and payment options, which adds to the general intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can lead to ineffectiveness and traffic jams. In my viewpoint, this doesn’t need to hold true. In today’s technologically advanced era, there’s no justification for keeping troublesome procedures. Payroll, the business’s most significant cost, should be processed properly and on time. Even slight delays can negatively impact staff members’ well-being and have far-reaching repercussions. For that reason, it’s important to focus on accurate and prompt payments.
The payroll group may not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people only see when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally also. Therefore, it is vital to ensure that tasks like Wi-Fi Global and other essential matters are done correctly. Utilizing the first International Payments very first payroll payment option is a terrific initial action towards providing an extensive payroll solution for staff members worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and bank accounts required for international payroll are essential factors in achieving company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyway we know how how essential a role 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 easy as possible for everybody that’s associated with those processes and likewise so think of sorry I’m just I was simply gon na say picture the quantity 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 hundreds of thousands potentially Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and kind of shot to get back to everybody so moving on look why do business choose to primary different checking account there are Papaya Global Update Issues services out there doing exactly this for particular countries and I’ve operated in a business or lots of organizations doing exactly that I can state it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for anybody where we do not have to and anybody that’s managing that procedure 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 believe lots of factors one is it’s the standard I believe people have actually got so used to we require a new savings account we open an entity and appropriately so you require 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 norm the people have embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs changing however eventually individuals are very stuck to what they recognize
with best um modification is a hard thing we all don’t like change um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having maintaining multiple checking account but there’s a big quantity of intricacy opts for establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is big but I believe the truthful response is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or two there is a lot to monitor and this method does posture a number of difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so
I recently made a change to our Business 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 gotten another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Update Issues