Over the last five or 6 years …Does Papaya Global Have An App… functions on the company side and also on the supplier side from a payroll point of view so truly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting 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 remains 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 uninspiring and I want I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business preserve different
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for organizations running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to optimize working capital, and discover how improving international payroll payments can transform them from a difficult job into a strategic asset.
Handling payroll worldwide is a complicated job due to numerous policies, compliance requirements, information security concerns, and banking rules. The large variety of workers and companies adds to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems frequently lead to manual procedures, data silos, and an absence of integration, leading to disparities and ineffectiveness. Despite living in a period of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to supply insights and services to simplify and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more a business invests in worldwide payroll the less of a picture they see a lack of presence also reaches payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of global businesses have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes poorly interacted hires and terminations as well as absence management and system setups and then when you round it all off and the information is delivered to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they rely on the required numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re making payments to staff members or otherwise that’s a great concern I always throw this back and say what is it what doesn’t require to be consisted of 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy wherever you look best ultimately building a knowledge base is definitely vital but everywhere you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you 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 absolutely basic and technology is enabling us to sort of progress with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely important that payroll and finance groups work better together than ever um I’m constantly astonished when individuals 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 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 eventually 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 but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more essential to add to sort of the level of intricacy there’s increasingly more benefits being organ or being used by businesses across the world so once again you’re simply looking to add more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine challenges or real difficult type of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would certainly state that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to produce extra handoffs at the same times that we run in they just make them more timely they make them less effective and they don’t make them what they require to be in in an age of tech and an age that you know that we are operating in today there is no reason that we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any business has from an expense point of view from an impact point of view on workers it is definitely important that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive result on individuals’s wellness and many other factors if individuals aren’t paid uh I have actually constantly been amazed entering into this Market sort of the last 5 to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals just see when things fail. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s perceived externally too. For that reason, it is necessary to ensure that tasks like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the very first Worldwide Payments first payroll payment service is a terrific initial action towards offering a comprehensive payroll service for staff members worldwide. Standardization, worldwide processes, and lowering the variety of tools, platforms, and savings account necessary for international payroll are key consider achieving organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things don’t go as planned. Eventually, we do not do it for the appreciation.
anyway we know how how crucial 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 everyone that’s involved in those processes and also so think of sorry I’m just I was simply gon na state envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and in fact see what was going on and kind of try to return to everybody so moving on appearance why do business choose to primary different bank accounts there are Does Papaya Global Have An App services out there doing exactly this for particular countries and I have actually operated in an organization or many businesses doing exactly that I can say it does not always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we don’t need to and anyone that’s managing that procedure 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 numerous reasons 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 appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I think this is a process that requires taking a look at it needs altering but ultimately people are really stuck with what they recognize
with ideal um modification is a hard thing we all don’t like modification um so I think it’s simply kind 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 comprehend certainly the advantages of having maintaining numerous bank accounts however there’s a big quantity of intricacy chooses setting up a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the intricacy is big however I think the sincere answer is change um individuals have not been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we’ve 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 might almost be identified to be the next Century or two there is a lot to keep an eye on and this technique does position numerous obstacles um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so
I recently made a modification 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 improved ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Does Papaya Global Have An App