Over the last five or six years …Papaya Global V23.00… functions on the supplier side and also on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely really uninspiring and I wish 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 challenge years of handling International payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we’ll likewise review a wrap-up which should leave his time at the really very 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 International workforces become a growing number of common and managing them becomes a growing number of complex Worldwide organizations are aiming to discover Solutions and brand-new methods to enhance processes particularly from a payroll and cross-border payment viewpoint many companies preserve separate savings account just for payroll while some have multiple accounts in different countries does it make good sense for business to maintain different bank accounts in some cases in different countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business simplify the episode complex processes of
Guaranteeing precise, effective, and prompt payroll payments is a complex obstacle for services operating globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to enhance working capital, and find how streamlining global payroll payments can change them from a difficult job into a tactical possession.
Managing payroll globally is a complicated task due to various policies, compliance requirements, information security issues, and banking guidelines. The large variety of workers and companies contributes to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically result in manual processes, information silos, and a lack of combination, causing inconsistencies and inadequacies. Regardless of living in an era of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to offer insights and services to streamline and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service spends on international payroll the less of a photo they see a lack of visibility also reaches payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide organizations have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes poorly interacted hires and terminations along with lack management and system setups and after that when you round all of it off and the data is shipped to the incorrect location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they rely on the required numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges service face when they’re making payments to workers or otherwise that’s a good question I always throw this back and state what is it what doesn’t need to be consisted of best and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 customer’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is definitely vital however everywhere 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 take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to kind of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely important that payroll and financing teams work closer together than ever um I’m constantly surprised when individuals state I’ve split payroll and payment um if you walk 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 a market 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 individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on well-being and the compensation landscape is ending up being increasingly complex. Companies are continually presenting new advantages and payment alternatives, which adds to the overall intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can lead to inefficiencies and traffic jams. In my opinion, this does not need to hold true. In today’s highly sophisticated era, there’s no reason for maintaining cumbersome treatments. Payroll, the company’s biggest expense, should be processed correctly and on time. Even small delays can negatively affect workers’ wellness and have far-reaching effects. For that reason, it’s vital to focus on accurate and prompt payments.
payroll team get um so I’m uncertain anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong but 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 things is absolutely vital that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment service is an excellent first step um offering an end-to-end payroll option for your staff members globally once again I think is another huge um process once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of organizations and minimizing the variety 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 anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyway we know 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 simple as possible for everybody that’s involved in those processes and also so think of sorry I’m just I was simply gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions imagine getting that numerous 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 a fascinating task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and actually see what was going on and sort of shot to return to everybody so proceeding appearance why do companies pick to primary separate savings account there are Papaya Global V23.00 organizations out there doing exactly this for particular nations and I have actually operated in a company or numerous services doing precisely that I can state it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we do not need to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the requirement I believe people have actually got so utilized to we require a brand-new savings 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 add 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 believe this is a process that needs taking a look at it needs altering however ultimately individuals are really stuck to what they recognize
with ideal um change is a challenging thing we all do not like modification um so I think it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having keeping several savings account but there’s a big quantity of complexity opts for setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is big but I think the sincere response is modification um individuals haven’t had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think 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 however we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century or two there is a lot to track and this method does position a number of obstacles um so Johnny might you tell us about those obstacles 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 jobs on one platform. It seems like our CFO has actually gained another CFO, and with this improved capability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Papaya Global V23.00