Over the last five or 6 years …Fast Track Papaya Global Courses… roles on the company side and also on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely uninspiring and I want I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical possession uh we’ll also go over a recap which should leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and managing them ends up being a growing number of complex Worldwide companies are seeking to discover Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment viewpoint many organizations keep separate savings account just for payroll while some have numerous accounts in different countries does it make good sense for business to preserve separate bank accounts in some cases in different countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping international companies streamline the episode complex procedures of
Ensuring precise, effective, and timely payroll payments is a complex challenge for services running globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, learn how business forecast payroll costs to enhance working capital, and discover how enhancing international payroll payments can transform them from a troublesome task into a strategic asset.
Managing payroll worldwide is a challenging job due to different policies, compliance requirements, data security issues, and banking guidelines. The sheer number of workers and services contributes to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically lead to manual processes, information silos, and a lack of integration, leading to disparities and inefficiencies. In spite of living in a period of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to supply insights and services to streamline and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization spends on global payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction almost half of international organizations have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors poorly interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is delivered to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run smoothly if they count on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re making payments to employees or otherwise that’s an excellent question I constantly toss this back and say what is it what does not require 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 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 customer’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is definitely vital but all over you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to type of move on with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely essential that payroll and finance teams work more detailed together than ever um I’m constantly astonished when people state I have actually 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 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 wherever they are however also paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on well-being and the compensation landscape is becoming significantly complex. Companies are continuously introducing new benefits and payment options, which contributes to the general intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technically advanced age, there’s no justification for keeping troublesome treatments. Payroll, the company’s biggest expenditure, need to be processed properly and on time. Even small delays can adversely affect staff members’ wellness and have far-reaching effects. Therefore, it’s crucial to focus on accurate and timely payments.
payroll group get um so I’m unsure anybody on this sort of webinar has been told 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 we all find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as 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 properly so leveraging the very first International Payments first payroll payment solution is a fantastic first step um supplying an end-to-end payroll solution for your workers worldwide once again I think is another substantial um procedure again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of companies and decreasing the variety of tools platforms and checking account they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks
anyhow we understand how how essential a function 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 associated with those procedures and also so think of sorry I’m just I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions think of 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 a fascinating task attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and in fact see what was going on and sort of shot to return to everybody so proceeding look why do business pick to primary different savings account there are Fast Track Papaya Global Courses businesses out there doing precisely this for specific countries and I’ve operated in an organization or numerous businesses doing precisely that I can state it does not constantly 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 do not have to and anyone that’s handling 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 think many factors one is it’s the requirement I believe individuals have got so utilized to we need a new checking account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I think this is a procedure that requires taking a look at it requires changing but ultimately people are extremely stuck with what they recognize
with right um modification is a hard thing all of us do not like change um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having keeping numerous checking account however there’s a big quantity of complexity goes with setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is huge but I think the sincere response is change um people haven’t been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be determined to be the next Century or so there is a lot to monitor and this technique does present several challenges um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety 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 tasks on one platform. It feels like our CFO has actually gained another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Fast Track Papaya Global Courses