Over the last 5 or 6 years …Papaya Global Uae… roles on the service provider side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently simply 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 certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very gloomy and I want I was elsewhere 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 taking a look at the obstacle years of handling Global payroll why business preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic property uh we’ll also go over a wrap-up which ought to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of common and managing them ends up being more and more intricate Worldwide companies are aiming to discover Solutions and brand-new methods to enhance procedures particularly from a payroll and cross-border payment perspective many organizations keep different checking account just for payroll while some have multiple accounts in various countries does it make good sense for companies to keep separate bank accounts often in different countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies simplify the episode complex processes of
Ensuring precise, effective, and prompt payroll payments is a complex challenge for organizations running worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how business anticipate payroll costs to optimize working capital, and find how streamlining international payroll payments can change them from a troublesome task into a strategic property.
Managing payroll worldwide is a difficult task due to different guidelines, compliance requirements, information security issues, and banking rules. The large variety of workers and companies adds to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems often lead to manual processes, data silos, and a lack of integration, leading to inconsistencies and ineffectiveness. Despite residing in an age of technological developments, 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 offer insights and solutions to simplify and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more an organization invests in worldwide payroll the less of a picture they see a lack of presence also reaches payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of global services have revealed 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 poor HCM information information entry mistakes poorly interacted hires and terminations along with absence management and system configurations and after that when you round it all off and the data is delivered to the incorrect location the typical expense of a worldwide 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 efficiently if they count on the required multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t need to be included best and what does
it need to be thought of there’s varying Bank information 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 need to pay from the customer’s own in-country account so there’s intricacy any place you look best ultimately constructing a knowledge base is absolutely critical however all over you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to sort of move on with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and financing teams work closer together than ever um I’m always surprised when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on wellness and the compensation landscape is ending up being progressively detailed. Businesses are continuously presenting brand-new advantages and payment choices, which adds to the total complexity. Big corporations frequently divide their payroll and payment processing into different groups, which can cause inadequacies and bottlenecks. In my opinion, this does not have to be the case. In today’s highly advanced era, there’s no validation for maintaining troublesome procedures. Payroll, the business’s greatest expense, should be processed properly and on time. Even minor hold-ups can negatively impact staff members’ well-being and have significant repercussions. Therefore, it’s vital to prioritize accurate and timely 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 staff members or not. Payroll is an essential cycle, and people just observe when things fail. However, when things go right, it’s seen as just a routine task. This is how it’s perceived externally as well. For that reason, it is necessary to ensure that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the first Global Payments first payroll payment option is an excellent preliminary step towards supplying a detailed payroll solution for employees worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and bank accounts essential for international payroll are key consider accomplishing business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as prepared. Eventually, we don’t do it for the thankfulness.
anyhow we know how how important a function it is and that’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 procedures and also so imagine sorry I’m just I was simply gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and sort of try to return to everybody so moving on look why do companies select to primary separate checking account there are Papaya Global Uae organizations out there doing precisely this for specific nations and I have actually operated in a company or lots of companies doing exactly that I can state it does not always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we do not need to and any person that’s managing 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 quantity that we are I think many factors one is it’s the standard I believe people have actually got so used to we require a new savings account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a process that requires looking at it requires altering however eventually people are extremely stuck to what they recognize
with ideal um modification is a hard thing we all do not like modification um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having maintaining several checking account however there’s a big quantity of complexity opts for setting up a savings account maintaining it ensuring it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is huge however I believe the honest response is change um people have not had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century approximately there is a lot to track and this method does position a number of challenges 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 Worldwide workers you deserve a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Uae