Over the last 5 or 6 years …Papaya Global Tutorial… roles on the supplier side and also on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone originates 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 raining here it’s very extremely dreary and I wish I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical possession uh we’ll also go over a recap and that needs to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more typical and managing them ends up being increasingly more complicated Global companies are seeking to discover Solutions and new ways to enhance procedures specifically from a payroll and cross-border payment standpoint many organizations preserve separate checking account just for payroll while some have several accounts in various nations does it make good sense for companies to preserve separate bank accounts often in various nations it does however just for payroll exists a better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies streamline the episode complex procedures of
Guaranteeing accurate, efficient, and timely payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, find out how business anticipate payroll expenses to enhance working capital, and find how enhancing global payroll payments can transform them from a burdensome job into a tactical possession.
Managing payroll globally is a difficult task due to various policies, compliance requirements, data security concerns, and banking guidelines. The large variety of workers and organizations adds to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems frequently lead to manual procedures, information silos, and an absence of integration, leading to inconsistencies and inefficiencies. Regardless of living in an age of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to supply insights and options to streamline and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more a service spends on worldwide payroll the less of a photo they see an absence of presence likewise extends to payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the deal almost half of international organizations have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors inadequately communicated hires and terminations as well as absence management and system setups and then when you round everything off and the data is delivered to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they depend on the essential 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 service face when they’re making payments to staff members or otherwise that’s an excellent concern I always toss this back and say what is it what does not need to be included ideal and what does
it require 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 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 right ultimately constructing a knowledge base is definitely crucial but all over you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in 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 permitting us to sort of move forward with that it also too to add to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and finance groups work better together than ever um I’m always surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on wellness and the settlement landscape is becoming increasingly intricate. Organizations are continuously introducing new benefits and payment alternatives, which adds to the overall intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can result in inadequacies and bottlenecks. In my opinion, this does not need to be the case. In today’s highly sophisticated era, there’s no justification for maintaining troublesome treatments. Payroll, the business’s greatest expense, need to be processed correctly and on time. Even small hold-ups can negatively impact workers’ wellness and have far-reaching consequences. Therefore, it’s crucial to prioritize precise and timely payments.
payroll team get um so I’m not exactly sure anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately 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 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 essential that all of this stuff is done properly so leveraging the very first International Payments first payroll payment solution is a terrific first step um providing an end-to-end payroll solution for your staff members globally again I believe is another substantial um procedure again aligning and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of businesses and lowering the number of tools platforms and checking account they require for their International 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’ve never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyway we understand how how essential 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 processes and likewise so envision sorry I’m simply I was just gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and sort of shot to get back to everyone so proceeding look why do companies select to main different savings account there are Papaya Global Tutorial organizations out there doing precisely this for specific nations and I have actually operated in a company or lots of services doing exactly that I can state it does not always feel effective and it does develop more work I know we’re not purposely doing that we’re not creating additional work for any person 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 believe lots of factors one is it’s the standard I believe people have actually got so used to we require 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 the people have adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it needs changing but eventually individuals are really stuck with what they recognize
with right um change is a hard thing all of us do not like change um so I believe it’s simply kind 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 advantages of having preserving numerous savings account but there’s a substantial quantity of complexity goes with setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the intricacy is substantial but I believe the sincere response is modification um people have not had the ability to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we have actually always done it that way is no real excuse 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 method does present numerous obstacles um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Tutorial