Over the last 5 or six years …Papaya Global Customer Support… functions on the provider side and also on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to kind 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 drizzling here it’s very very dreary and I wish I was somewhere else at this moment in time okay 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 Global payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic possession uh we’ll likewise go over a recap and that should leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more typical and managing them ends up being increasingly more complicated International organizations are seeking to find Solutions and brand-new ways to improve processes particularly from a payroll and cross-border payment perspective lots of companies preserve separate bank account just for payroll while some have numerous accounts in different countries does it make sense for business to keep different savings account in some cases in different nations it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies enhance the episode complex processes of
Making sure accurate, efficient, and prompt payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to optimize working capital, and find how enhancing global payroll payments can transform them from a challenging job into a strategic possession.
Handling payroll internationally is a complicated task due to different guidelines, compliance requirements, data security issues, and banking rules. The large number of employees and businesses adds to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems typically lead to manual procedures, information silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. In spite of living in an age of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to offer insights and options to streamline and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service invests in global payroll the less of a photo they see a lack of visibility also reaches payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide businesses have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors poorly interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the data is shipped to the wrong location the average expense of a worldwide data 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 don’t run smoothly if they count 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 needs to be factored into the challenges company face when they’re making payments to workers or otherwise that’s an excellent question I constantly throw this back and say what is it what does not require to be included ideal and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 any place you look right eventually developing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble extremely payments no if but 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to sort of progress with that it also as well to add to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely crucial that payroll and finance groups work more detailed together than ever um I’m always amazed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation 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 procedure it’s the point of information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on wellness and the payment landscape is ending up being significantly intricate. Services are continually presenting brand-new advantages and payment alternatives, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can cause inefficiencies and traffic jams. In my viewpoint, this does not need to be the case. In today’s technically innovative era, there’s no reason for keeping cumbersome treatments. Payroll, the business’s most significant expenditure, should be processed correctly and on time. Even small hold-ups can negatively impact staff members’ well-being and have significant effects. Therefore, it’s crucial to focus on accurate and timely payments.
The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only observe when things fail. However, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally too. For that reason, it is necessary to ensure that tasks like Wi-Fi International and other crucial matters are done correctly. Using the first Global Payments very first payroll payment solution is a fantastic initial action towards offering an extensive payroll service for employees worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and checking account necessary for global payroll are crucial factors in attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things don’t go as prepared. Eventually, we don’t do it for the thankfulness.
anyway we know how how crucial 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 everyone that’s associated with those processes and likewise so think of sorry I’m simply I was simply gon na say think of the amount of thanks you got if you could cover the quantity of people 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 mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting 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 try to browse them and in fact see what was going on and type of try to get back to everybody so proceeding look why do companies select to primary separate savings account there are Papaya Global Customer Support businesses out there doing exactly this for particular nations and I have actually worked in a business or many services doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing additional work for anyone where we do not need to and anybody that’s managing 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 amount that we are I believe many reasons one is it’s the requirement I believe individuals have got so used to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that needs looking at it needs altering but eventually people are really stuck to what they recognize
with right um change is a challenging thing all of us don’t like modification um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having keeping multiple checking account however there’s a big amount of complexity chooses setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for specific people so the intricacy is substantial however I think the sincere answer is change um people haven’t had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or two there is a lot to monitor and this method does pose a number of difficulties um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I just 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 gained another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Customer Support