Over the last five or 6 years …Papaya Global App For Payroll… functions on the service provider side and also on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating 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 everybody comes from and I truly 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 very very uninspiring and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business keep separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical property uh we’ll also review a recap and that 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 transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more common and managing them becomes more and more complicated Global organizations are wanting to discover Solutions and new ways to enhance procedures specifically from a payroll and cross-border payment viewpoint numerous organizations preserve separate bank account just for payroll while some have several accounts in various nations does it make sense for companies to keep different bank accounts in some cases in different nations it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies streamline the episode complex processes of
Guaranteeing precise, effective, and timely payroll payments is a complex obstacle for companies running internationally. 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 find how enhancing international payroll payments can transform them from a troublesome task into a tactical asset.
Handling payroll globally is a complicated job due to numerous guidelines, compliance requirements, information security issues, and banking rules. The large variety of employees and services adds to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically result in manual procedures, information silos, and an absence of combination, leading to disparities and ineffectiveness. In spite of living in an age of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to offer insights and options to simplify and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite honestly the more an organization invests in global payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide companies have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors inadequately communicated hires and terminations as well as absence management and system configurations and after that when you round it all off and the information is shipped to the wrong place the average expense of a global data 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 don’t run smoothly if they rely on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t require to be included best 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 country there’s payment amount of time 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 intricacy wherever you look best eventually developing a knowledge base is definitely vital but all over you look with payroll payment they resemble super payments no if however some children 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 acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to type of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely imperative that payroll and finance teams work more detailed together than ever um I’m constantly surprised when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate 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 often 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 also paying statutory authorities and on statutory third parties so with the
The modern world positions a high value on wellness and the payment landscape is becoming progressively intricate. Organizations are constantly presenting new advantages and payment alternatives, which contributes to the general complexity. Large corporations often divide their payroll and payment processing into different teams, which can result in ineffectiveness and traffic jams. In my opinion, this doesn’t need to hold true. In today’s highly sophisticated era, there’s no justification for maintaining cumbersome procedures. Payroll, the business’s biggest cost, need to be processed correctly and on time. Even small hold-ups can adversely affect staff members’ wellness and have significant effects. Therefore, it’s important to prioritize accurate and prompt payments.
The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just observe when things fail. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally as well. Therefore, it is necessary to ensure that tasks like Wi-Fi International and other crucial matters are done correctly. Using the first Global Payments very first payroll payment solution is a great preliminary step towards providing a comprehensive payroll option for workers worldwide. Standardization, international processes, and reducing the number of tools, platforms, and bank accounts required for international payroll are crucial factors in accomplishing company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things don’t go as prepared. Eventually, we do not do it for the appreciation.
anyway we understand how how essential a function 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 everyone that’s involved in those procedures and likewise so envision sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and actually see what was going on and type of try to get back to everyone so proceeding appearance why do business choose to main different checking account there are Papaya Global App For Payroll companies out there doing exactly this for specific nations and I’ve operated in a service or lots of businesses doing precisely that I can say it does not constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for any person where we do not 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 amount that we are I think numerous reasons one is it’s the standard I think individuals have got so used to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people 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 lots of other ways um to to sort of do it so I believe there’s a range I think this is a process that needs looking at it needs changing however ultimately individuals are really stuck with what they recognize
with right um change is a hard thing all of us don’t like modification um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having maintaining multiple bank accounts however there’s a substantial quantity of intricacy goes with setting up a checking account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific people so the complexity is substantial however I believe the truthful answer is modification um people have not been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century or so there is a lot to track and this method does position numerous obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you deserve a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global App For Payroll