Over the last 5 or six years …How Papaya Global Payroll Works… functions on the company side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody 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 raining here it’s very very bleak and I wish I was somewhere else at this moment in time fine 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
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a tactical possession uh we’ll also discuss a wrap-up and that must leave his time at the very 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 Global labor forces become a growing number of typical and handling them ends up being a growing number of intricate Global companies are seeking to find Solutions and new methods to improve procedures particularly from a payroll and cross-border payment viewpoint lots of companies keep different bank account just for payroll while some have several accounts in various nations does it make good sense for companies to maintain different bank accounts often in different countries it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies streamline the episode complex procedures of
Making sure accurate, effective, and timely payroll payments is a complex challenge for organizations operating worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, discover how companies anticipate payroll costs to optimize working capital, and discover how enhancing worldwide payroll payments can transform them from a challenging task into a strategic property.
Managing payroll globally is an overwhelming job due to numerous guidelines, compliance requirements, information security concerns, and banking rules. The large number of staff members and companies contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently lead to manual procedures, information silos, and a lack of integration, causing disparities and inadequacies. In spite of living in an era of technological improvements, 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 options to simplify and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a business spends on international payroll the less of a picture they see a lack of exposure also extends to payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of global services have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes badly communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the data is shipped to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world 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 perspective and in your experience what else needs to be factored into the challenges company face when they’re making payments to workers or otherwise that’s a good concern I constantly toss this back and state what is it what doesn’t need to be consisted of best and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 complexity anywhere you look best ultimately developing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to kind of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and financing teams work better together than ever um I’m always surprised when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high worth on well-being and the settlement landscape is becoming significantly complex. Businesses are constantly presenting new advantages and payment alternatives, which adds to the general intricacy. Large corporations often divide their payroll and payment processing into different teams, which can result in inadequacies and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s technologically sophisticated age, there’s no validation for keeping cumbersome procedures. Payroll, the business’s most significant expense, should be processed properly and on time. Even small delays can adversely affect employees’ well-being and have far-reaching effects. Therefore, it’s crucial to prioritize precise and prompt payments.
payroll team get um so I’m uncertain anybody on this type 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 staff members or not um but eventually payroll is such an essential cycle we all become aware of it when it goes wrong everyone 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done properly so leveraging the very first International Payments first payroll payment service is a fantastic primary step um supplying an end-to-end payroll service for your employees internationally again I think is another huge um process once again aligning and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of organizations and minimizing the number of tools platforms and savings account they need 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 had a hundred thousand of 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 grievances where things haven’t gone rather where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand how how important 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 involved in those procedures and also so think of sorry I’m just I was simply gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and type of shot to return to everybody so proceeding appearance why do business choose to primary different savings account there are How Papaya Global Payroll Works organizations out there doing precisely this for specific countries and I have actually operated in an organization or many services doing exactly that I can say it does not always feel efficient and it does develop more work I know we’re not purposely doing that we’re not developing additional work for anybody where we don’t need to and any person that’s handling that process 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 numerous factors one is it’s the standard I believe people have got so utilized to we need a brand-new bank 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 believe it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals 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 process that needs looking at it requires changing however eventually people are very stuck with what they recognize
with best um change is a tough thing we all don’t like change um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having preserving numerous checking account but there’s a huge quantity of complexity goes with setting up a checking account preserving it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for specific individuals so the complexity is substantial however I believe the honest 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 aside from opening a bank account I think you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be identified to be the next Century or so there is a lot to monitor and this technique does present several difficulties 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 jobs on one platform. It seems like our CFO has actually gained another CFO, and with this improved ability, I have successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements. How Papaya Global Payroll Works