Over the last five or 6 years …Ada Papaya Global… functions on the supplier side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing 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 everybody originates from and I truly 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 dreary and I want I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business keep different
checking 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 asset uh we’ll also review a wrap-up which ought to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more typical and handling them becomes a growing number of complicated Global organizations are wanting to find Solutions and new ways to simplify procedures especially from a payroll and cross-border payment viewpoint numerous companies keep separate checking account just for payroll while some have multiple accounts in various countries does it make good sense for companies to keep different checking account often in various countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies streamline the episode complex procedures of
Guaranteeing accurate, effective, and timely payroll payments is a complex obstacle for businesses operating worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to optimize working capital, and discover how improving international payroll payments can transform them from a burdensome job into a tactical property.
Managing payroll worldwide is an overwhelming job due to various regulations, compliance requirements, information security issues, and banking rules. The large number of employees and services contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically result in manual procedures, information silos, and a lack of integration, causing inconsistencies and inadequacies. Regardless of residing in an era of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to offer insights and options to streamline and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company spends on global payroll the less of a picture they see a lack of visibility also encompasses payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global organizations have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors poorly communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the information is shipped to the wrong place 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 do not run smoothly if they depend on the needed several procedures 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 obstacles company face when they’re paying to workers or otherwise that’s a good question I always throw this back and say what is it what doesn’t require to be consisted of right and what does
it need to be considered there’s differing Bank information 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 need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is definitely vital however all over you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 fundamental and technology is permitting us to kind of move forward with that it also too to contribute to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely imperative that payroll and financing groups work closer together than ever um I’m constantly surprised when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t 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 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 any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high worth on well-being and the compensation landscape is becoming increasingly intricate. Businesses are constantly introducing new benefits and payment choices, which contributes to the total complexity. Large corporations often divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my opinion, this does not have to hold true. In today’s technically advanced period, there’s no validation for preserving cumbersome procedures. Payroll, the company’s greatest cost, should be processed properly and on time. Even slight delays can adversely affect workers’ wellness and have significant effects. For that reason, it’s critical to focus on accurate and prompt payments.
payroll group get um so I’m unsure 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 a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done properly so leveraging the first Global Payments first payroll payment service is a great initial step um providing an end-to-end payroll option for your staff members worldwide once again I think is another substantial um procedure again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of businesses and lowering the variety of tools platforms and bank accounts they need for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyhow we understand how how essential a role 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 simple as possible for everyone that’s associated with those procedures and also so envision sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of shot to return to everybody so carrying on appearance why do companies select to primary different checking account there are Ada Papaya Global businesses out there doing exactly this for particular countries and I’ve worked in a service or numerous organizations doing exactly that I can say it doesn’t always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for any person where we do not need to and any person that’s dealing with that process 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 lots of reasons one is it’s the requirement I think individuals have actually got so utilized to we require a brand-new checking account we open an entity and appropriately so you require 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 standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I think this is a process that requires looking at it requires changing but ultimately people are extremely stuck to what they recognize
with right um change is a hard thing all of us don’t like modification um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having keeping numerous bank accounts however there’s a big quantity of complexity opts for establishing a checking account keeping it ensuring it can send International transfers ensuring it’s set up with the best user accesses for individual people so the complexity is big but I think the honest answer is modification um people haven’t had the ability to change or haven’t had always the understanding 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 a component of resistance to alter but we’ve always 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 know what could nearly be identified to be the next Century or two there is a lot to keep an eye on and this method does posture several challenges um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Ada Papaya Global