Over the last five or 6 years …Papaya Global Wikipedia… functions on the provider side and likewise on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everyone 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 sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly 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 drizzling here it’s extremely really bleak and I wish I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business keep separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we’ll also discuss a recap which must leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more typical and managing them becomes more and more complicated International companies are seeking to find Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment standpoint lots of companies preserve different savings account just for payroll while some have multiple accounts in various countries does it make sense for business to keep different bank accounts sometimes in different nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies streamline the episode complex procedures of
Making sure precise, efficient, and prompt payroll payments is a complex obstacle for organizations running worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, find out how business forecast payroll expenses to enhance working capital, and discover how improving worldwide payroll payments can transform them from a burdensome job into a strategic possession.
Handling payroll internationally is an overwhelming job due to various regulations, compliance requirements, data security concerns, and banking rules. The sheer number of workers and services contributes to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently result in manual processes, information silos, and a lack of integration, resulting in disparities and inadequacies. Regardless of living in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to provide insights and services to simplify and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a service invests in global payroll the less of a picture they see a lack of visibility also encompasses payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide services have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes badly communicated hires and terminations along with absence management and system setups and then when you round it all off and the data is delivered to the incorrect location the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they depend on the necessary 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 difficulties organization face when they’re paying to employees or otherwise that’s a good concern I always throw this back and say what is it what does not require to be consisted of best and what does
it require 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 amount of time there’s payment abilities 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 client’s own in-country account so there’s complexity wherever you look best eventually building a knowledge base is definitely critical but everywhere you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you 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 definitely essential and innovation is enabling us to kind of move forward with that it also as well to add to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely essential that payroll and financing teams work more detailed together than ever um I’m constantly impressed when people state I’ve divided 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 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 eventually it’s payroll is an end-to-end procedure 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 3rd parties so with the
The modern world positions a high value on well-being and the payment landscape is ending up being increasingly complex. Companies are continually introducing brand-new advantages and payment options, which adds to the total complexity. Large corporations typically divide their payroll and payment processing into different teams, which can cause inadequacies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s technically sophisticated period, there’s no reason for preserving cumbersome treatments. Payroll, the business’s most significant expense, must be processed properly and on time. Even slight delays can adversely impact staff members’ well-being and have significant consequences. For that reason, it’s important to focus on precise and timely payments.
payroll team get um so I’m uncertain anybody on this sort of webinar has actually 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 employees or not um but eventually payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it fails 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 stuff is absolutely vital that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment option is a terrific primary step um providing an end-to-end payroll service for your employees globally once again I think is another substantial um procedure again lining up and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of companies and decreasing the variety of tools platforms and checking account they need for their Worldwide 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten 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 don’t believe any of us are actually doing that for for the thanks
anyhow 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 picture sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case 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 shot to return to everybody so moving on look why do companies choose to primary different checking account there are Papaya Global Wikipedia services out there doing precisely this for specific countries and I’ve operated in a business or lots of services doing exactly that I can state it doesn’t always feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for any person where we don’t have to and any person that’s managing that procedure 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 think numerous factors one is it’s the standard I think individuals have got so utilized to we need a brand-new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I think this is a procedure that requires looking at it requires altering however eventually individuals are extremely stuck with what they’re familiar
with right um modification is a difficult thing we all do not like change um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having maintaining several savings account however there’s a big quantity of complexity opts for setting up a checking account keeping it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for specific individuals so the intricacy is big but I believe the truthful answer is change um people haven’t been able to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might almost be figured out to be the next Century or two there is a lot to monitor and this technique does position a number of challenges um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so
I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you are worthy of a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Wikipedia