Over the last five or six years …Papaya Global Earlier Year Update… functions on the supplier side and also on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely really dreary and I want I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a tactical possession uh we’ll also review a wrap-up and that needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of common and managing them becomes increasingly more complex Worldwide organizations are seeking to discover Solutions and brand-new ways to improve processes specifically from a payroll and cross-border payment perspective numerous organizations maintain different bank account just for payroll while some have multiple accounts in various nations does it make sense for companies to keep separate bank accounts often in different nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies improve the episode complex procedures of
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for businesses operating internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how companies forecast payroll costs to enhance working capital, and discover how improving international payroll payments can transform them from a difficult task into a strategic possession.
Handling payroll internationally is a difficult job due to various guidelines, compliance requirements, information security issues, and banking guidelines. The large number of workers and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Traditional payroll systems frequently result in manual processes, data silos, and a lack of integration, leading to inconsistencies and inadequacies. In spite of living in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to offer insights and services to simplify and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more a service invests in global payroll the less of a picture they see an absence of exposure also encompasses payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international services have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors poorly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is shipped to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they rely on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s a good concern I always throw this back and say what is it what doesn’t require to be consisted of right and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 client’s own in-country account so there’s complexity anywhere you look right ultimately building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is allowing us to sort of move on with that it likewise as well to add to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely important that payroll and financing teams work better together than ever um I’m always surprised when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work 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 procedure it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on well-being and the payment landscape is ending up being significantly intricate. Companies are continually presenting brand-new advantages and payment alternatives, which adds to the general complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can result in inefficiencies and traffic jams. In my viewpoint, this does not have to hold true. In today’s technologically advanced era, there’s no reason for preserving troublesome treatments. Payroll, the business’s most significant expenditure, need to be processed properly and on time. Even small hold-ups can negatively impact staff members’ wellness and have far-reaching effects. Therefore, it’s vital to prioritize accurate and timely payments.
payroll group get um so I’m not sure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle all of us hear about it when it fails everyone jumps up and down when it fails 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 likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is a fantastic primary step um providing an end-to-end payroll service for your staff members worldwide once again I believe is another huge um process again aligning and guaranteeing you have standardization Global processes all of those things are definitely key to success success of companies and reducing the variety of tools platforms and savings account they need for their International 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 ever had a hundred thousand of them within a payroll cycle don’t 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 meant to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand how how crucial 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 easy as possible for everyone that’s involved in those procedures and likewise so think of sorry I’m simply I was just 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 certain we’re discussing numerous thousands potentially Millions envision getting that lots of thank you keeps in mind um I indicate 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 envision 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 really see what was going on and sort of shot to return to everyone so carrying on look why do companies pick to primary different bank accounts there are Papaya Global Earlier Year Update businesses out there doing exactly this for particular countries and I have actually worked in a business or lots of organizations doing precisely that I can state it doesn’t always feel effective and it does develop more work I know we’re not intentionally doing that we’re not developing additional work for any person where we don’t have to and anybody that’s dealing with 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 believe many factors one is it’s the standard I believe individuals have got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes 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 adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I think this is a procedure that needs taking a look at it requires changing but eventually people are very stuck with what they’re familiar
with right um change is a tough thing we all do not like modification um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having maintaining several checking account but there’s a huge amount of complexity goes with establishing a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for private people so the complexity is big however I think the sincere response is change um people haven’t had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could nearly be identified to be the next Century or two there is a lot to keep an eye on and this approach does position several challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety 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 tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Earlier Year Update