Over the last five or six years …Papaya Global Payroll Commercial… roles on the company side and also on the supplier side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everyone another number 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 quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really bleak and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies keep different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we’ll also go over a wrap-up which must leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of common and managing them becomes more and more complicated International companies are aiming to discover Solutions and brand-new ways to simplify procedures especially from a payroll and cross-border payment viewpoint many companies keep different checking account just for payroll while some have multiple accounts in different nations does it make sense for business to maintain different bank accounts in some cases in various nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets also called virtual wallets play in helping international companies streamline the episode complex processes of
Ensuring accurate, effective, and prompt payroll payments is a complex obstacle for organizations operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, find out how companies forecast payroll expenses to optimize working capital, and discover how streamlining international payroll payments can transform them from a troublesome task into a strategic possession.
Handling payroll globally is a complicated job due to numerous guidelines, compliance requirements, data security concerns, and banking rules. The sheer number of staff members and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems often lead to manual processes, information silos, and a lack of combination, causing inconsistencies and inefficiencies. Despite residing in an age of technological improvements, 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 aims to provide insights and solutions to simplify and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization invests in global payroll the less of an image they see a lack of exposure likewise reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of international organizations have actually expressed that they do not 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 poor HCM data information entry errors badly communicated hires and terminations as well as lack management and system configurations and then when you round it all off and the information is delivered to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they rely on the required numerous processes systems and partners it is just 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 paying to workers or otherwise that’s a great concern I always throw this back and say what is it what doesn’t need to be included best 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 timespan there’s payment capabilities so can you pay it from International or do you have 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 absolutely critical however everywhere 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to kind of progress with that it likewise too to add to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely necessary that payroll and finance groups work more detailed together than ever um I’m always impressed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from computation 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 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 world puts a high value on well-being and the settlement landscape is ending up being progressively intricate. Organizations are constantly presenting brand-new benefits and payment choices, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into separate groups, which can cause ineffectiveness and traffic jams. In my viewpoint, this does not have to hold true. In today’s technically sophisticated period, there’s no justification for maintaining troublesome treatments. Payroll, the company’s most significant expenditure, should be processed properly and on time. Even minor delays can negatively affect staff members’ wellness and have far-reaching repercussions. For that reason, it’s crucial to focus on accurate and timely payments.
payroll group get um so I’m unsure anyone on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle we all hear about it when it goes wrong 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 deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a great initial step um offering an end-to-end payroll service for your staff members worldwide once again I think is another substantial um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely key to success success of organizations and minimizing the number 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 countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know how how important 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 easy as possible for everybody that’s associated with those processes and also so envision sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job trying to clean up 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 try to browse them and in fact see what was going on and kind of shot to return to everyone so moving on look why do business select to main different bank accounts there are Papaya Global Payroll Commercial services out there doing exactly this for specific countries and I have actually worked in a service or numerous organizations doing precisely that I can say it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we don’t need to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the requirement I think people have actually got so used to we require a new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have embraced and continue to do over years and years gone past to contribute to that individuals have looked 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 looking at it requires changing however ultimately individuals are really stuck to what they’re familiar
with ideal um modification is a difficult thing all of us do not like modification um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining numerous bank accounts but there’s a big amount of complexity goes with setting up a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is substantial however I think the honest answer is modification um individuals have not had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be determined to be the next Century or so there is a lot to track and this technique does pose several obstacles um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so
I simply did you changed our Business 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 employees you deserve a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Commercial