Over the last 5 or six years …Papaya Global Zenpayroll… functions on the company side and also on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or so 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 currently simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I actually 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 raining here it’s really really gloomy and I want I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business preserve different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical possession uh we’ll also discuss a wrap-up which ought to leave his time at the really 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 become a growing number of common and managing them becomes a growing number of intricate Global organizations are seeking to discover Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment perspective lots of companies keep different bank account just for payroll while some have several accounts in different countries does it make good sense for business to preserve different bank accounts in some cases in different countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business streamline the episode complex procedures of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex difficulty for organizations operating internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to optimize working capital, and discover how streamlining global payroll payments can change them from a burdensome task into a tactical property.
Managing payroll worldwide is a difficult job due to numerous regulations, compliance requirements, information security issues, and banking guidelines. The large variety of workers and organizations contributes to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently result in manual procedures, data silos, and a lack of integration, resulting in disparities and inefficiencies. Regardless of living in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to supply insights and services to simplify and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in international payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal almost half of global businesses have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes inadequately communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the information is delivered to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they rely on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re paying to employees or otherwise that’s a good question I always throw this back and say what is it what doesn’t need to be included ideal and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 customer’s own in-country account so there’s complexity anywhere you look ideal eventually constructing a knowledge base is absolutely critical but all over you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 absolutely fundamental and innovation is permitting us to sort of move on with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and financing groups work better together than ever um I’m always astonished 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 computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high worth on well-being and the payment landscape is ending up being progressively elaborate. Companies are continually presenting brand-new benefits and payment options, which contributes to the overall intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can lead to ineffectiveness and traffic jams. In my opinion, this does not have to hold true. In today’s technically sophisticated period, there’s no reason for keeping cumbersome procedures. Payroll, the business’s biggest expenditure, need to be processed correctly and on time. Even small delays can negatively impact workers’ wellness and have far-reaching consequences. Therefore, it’s critical to prioritize accurate and timely payments.
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only discover when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally as well. Therefore, it is essential to make sure that jobs like Wi-Fi International and other essential matters are done correctly. Using the first Worldwide Payments very first payroll payment option is an excellent initial step towards providing a detailed payroll option for workers worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and bank accounts needed for international payroll are essential factors in attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things don’t go as planned. Ultimately, we do not do it for the gratitude.
anyhow we know how how essential 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 simple as possible for everybody that’s associated with those processes and also so imagine sorry I’m simply I was simply gon na state think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and sort of try to return to everybody so moving on appearance why do companies select to main different savings account there are Papaya Global Zenpayroll companies out there doing exactly this for particular nations and I have actually worked in a company or lots of companies doing precisely that I can say it does not always feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for any person where we do not have to and anybody 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 believe many factors one is it’s the standard I think people have actually got so utilized to we need a new checking account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a process that requires looking at it requires altering but ultimately people are really stuck with what they’re familiar
with right um modification is a challenging thing all of us don’t like change um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining numerous savings account but there’s a big amount of intricacy chooses establishing a checking account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for individual people so the intricacy is huge but I believe the honest response is change um individuals haven’t been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century or two there is a lot to track and this approach does posture numerous difficulties um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Zenpayroll