Over the last 5 or 6 years …Papaya Global 100M Series Partners… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I really 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 very very uninspiring and I want 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 taking a look at the obstacle years of managing Global payroll why business keep different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic property uh we’ll also discuss a wrap-up which ought to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more typical and handling them becomes more and more complex Global companies are wanting to discover Solutions and brand-new ways to improve procedures particularly from a payroll and cross-border payment viewpoint numerous companies preserve different bank account just for payroll while some have numerous accounts in various countries does it make sense for business to preserve separate checking account often in different nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business enhance the episode complex procedures of
Guaranteeing accurate, efficient, and timely payroll payments is a complex challenge for businesses running globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, learn how companies forecast payroll costs to optimize working capital, and find how streamlining worldwide payroll payments can change them from a burdensome job into a strategic possession.
Managing payroll worldwide is a complicated task due to various guidelines, compliance requirements, data security concerns, and banking rules. The sheer variety of workers and businesses contributes to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently result in manual processes, data silos, and an absence of combination, causing inconsistencies and inefficiencies. Despite residing in an era of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to provide insights and services to streamline and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more a business invests in worldwide payroll the less of a photo they see an absence of presence also reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide organizations have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes badly communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is delivered to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they rely on the required multiple procedures 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 challenges service face when they’re making payments to staff members or otherwise that’s a good question I always throw this back and say what is it what doesn’t require to be included ideal and what does
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it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 need to pay from the client’s own in-country account so there’s complexity anywhere you look best eventually constructing a knowledge base is absolutely critical however all over you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to sort of move on with that it also also to add to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely imperative that payroll and financing teams work more detailed together than ever um I’m constantly impressed 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 profession would they divide the payroll payment from calculation I would say no so why do we as a market 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 information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on well-being and the payment landscape is ending up being increasingly intricate. Services are continually presenting brand-new advantages and payment alternatives, which adds to the total complexity. Big corporations typically divide their payroll and payment processing into different teams, which can cause inefficiencies and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s technically innovative period, there’s no reason for preserving cumbersome procedures. Payroll, the company’s biggest cost, need to be processed correctly and on time. Even small hold-ups can adversely affect employees’ wellness and have significant effects. Therefore, it’s vital to prioritize precise and prompt payments.
payroll group get um so I’m not sure anyone on this type 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 ultimately payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment option is a fantastic primary step um providing an end-to-end payroll service for your workers internationally once again I believe is another huge um process again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of services and lowering the number of tools platforms and bank accounts they require for their Worldwide payroll too could not agree with you more and on the the front in regards to 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 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I do not believe any of us are really doing that for for the thanks
anyhow we know how how essential a role 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 involved in those processes and likewise so envision sorry I’m just I was just gon na state imagine 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 hundreds of thousands possibly Millions think of getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task attempting to clean all those up for sure oh definitely 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 look through them and in fact see what was going on and sort of shot to return to everybody so proceeding look why do business select to main separate bank accounts there are Papaya Global 100M Series Partners companies out there doing precisely this for specific countries and I have actually worked in an organization or lots of services doing precisely that I can say it doesn’t always feel efficient and it does produce 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 anyone that’s dealing with 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 reasons one is it’s the requirement I think individuals have actually got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to add to that people have actually taken a look 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 process that requires taking a look at it needs altering however ultimately individuals are very stuck to what they’re familiar
with best um modification is a tough 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 stuff um I comprehend undoubtedly the advantages of having maintaining several bank accounts but there’s a substantial amount of intricacy opts for establishing a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for private people so the intricacy is big but I think the honest response is modification um people have not had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century or so there is a lot to keep track of and this technique does position numerous obstacles um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I just did you changed our Enterprise 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 Global workers you should have a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global 100M Series Partners