Over the last five or six years …Payroll Company Papaya Global… roles on the supplier side and likewise on the vendor side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays 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 everyone is um it’s nice to to type of like see where everyone originates from and I really 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 uninspiring and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic property uh we’ll likewise review a wrap-up which ought to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more typical and handling them becomes a growing number of complicated International organizations are wanting to discover Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment viewpoint lots of organizations preserve separate bank account just for payroll while some have multiple accounts in different countries does it make good sense for business to maintain different savings account in some cases in different countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies improve the episode complex processes of
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for organizations operating globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how business anticipate payroll costs to enhance working capital, and find how simplifying global payroll payments can transform them from a challenging job into a tactical possession.
Handling payroll globally is a difficult job due to various guidelines, compliance requirements, data security issues, and banking rules. The sheer number of staff members and services contributes to the complexity, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual processes, data silos, and a lack of integration, resulting in disparities and ineffectiveness. In spite of living in an era of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to provide insights and services to simplify and enhance worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more an organization spends on global payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of international organizations have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes badly communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the data is shipped to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they rely on the required multiple procedures 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 organization face when they’re making payments to workers or otherwise that’s a good concern I always throw this back and say what is it what doesn’t require to be included ideal and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 consumer’s own in-country account so there’s intricacy anywhere you look right eventually constructing a knowledge base is definitely important however everywhere you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 essential and technology is enabling us to type of move on with that it also as well to add to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely necessary that payroll and financing teams work more detailed together than ever um I’m always astonished when people say I have actually split payroll and payment um if you walk 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 an industry 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 anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on wellness and the settlement landscape is becoming progressively intricate. Services are constantly presenting new advantages and payment choices, which contributes to the total complexity. Big corporations often divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and traffic jams. In my opinion, this does not have to hold true. In today’s technically sophisticated era, there’s no justification for maintaining troublesome treatments. Payroll, the business’s most significant cost, must be processed properly and on time. Even small hold-ups can negatively affect employees’ wellness and have far-reaching repercussions. For that reason, it’s important to prioritize accurate and prompt payments.
payroll team get um so I’m not exactly sure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment service is an excellent initial step um providing an end-to-end payroll option for your staff members globally once again I believe is another huge um process again lining up and ensuring you have standardization Global processes all of those things are absolutely key to success success of companies and minimizing 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 regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks
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 everyone that’s involved in those processes and likewise so envision sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job 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 need days of the week to try to browse them and actually see what was going on and type of shot to return to everybody so moving on look why do companies choose to primary separate bank accounts there are Payroll Company Papaya Global organizations out there doing exactly this for particular nations and I’ve worked in a business or numerous businesses doing precisely that I can say it doesn’t always feel efficient and it does develop more work I know we’re not purposely doing that we’re not developing extra work for anybody where we do not need to and anyone that’s handling 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 think numerous factors one is it’s the standard I think individuals have got so used to we need a new bank account we open an entity and appropriately so you require 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 standard and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I think this is a process that requires taking a look at it requires changing but eventually people are really stuck to what they’re familiar
with ideal um modification is a difficult thing we all do not like change um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having preserving several bank accounts but there’s a huge quantity of complexity chooses establishing a bank account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is huge however I believe the honest response is modification um people haven’t had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions besides 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 change but we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century or so there is a lot to keep an eye on and this technique does present numerous challenges um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Payroll Company Papaya Global