Over the last five or six years …Eps Papaya Global… roles on the company side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everybody another couple 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 quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very really bleak and I want I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll likewise go over a recap which must leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more common and managing them becomes a growing number of complicated International companies are aiming to discover Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment viewpoint numerous organizations maintain separate bank account just for payroll while some have several accounts in different nations does it make good sense for companies to preserve different bank accounts in some cases in various countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies streamline the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex difficulty for organizations running globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, learn how business forecast payroll costs to enhance working capital, and find how streamlining global payroll payments can change them from a challenging job into a strategic property.
Managing payroll globally is a difficult job due to different policies, compliance requirements, information security issues, and banking rules. The sheer number of employees and organizations adds to the complexity, with an estimated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems typically lead to manual procedures, information silos, and an absence of integration, resulting in disparities and inadequacies. Regardless of living in an age of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to provide insights and options to simplify and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a service invests in worldwide payroll the less of an image they see an absence of presence also encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of global businesses have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors badly communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the data is delivered to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they rely on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t require to be consisted of ideal and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 intricacy anywhere you look ideal eventually developing a knowledge base is absolutely crucial but all over 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 acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to type of move forward with that it also as well to add to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely imperative that payroll and finance teams work more detailed together than ever um I’m always surprised when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not 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 often 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 individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high value on well-being and the compensation landscape is ending up being increasingly detailed. Businesses are continually presenting brand-new advantages and payment options, which adds to the overall complexity. Big corporations typically divide their payroll and payment processing into different groups, which can cause ineffectiveness and traffic jams. In my viewpoint, this does not have to hold true. In today’s technologically innovative period, there’s no validation for keeping troublesome procedures. Payroll, the business’s greatest expenditure, should be processed properly and on time. Even small delays can negatively impact workers’ wellness and have significant repercussions. For that reason, it’s critical to prioritize precise and prompt payments.
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only see when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally as well. For that reason, it is essential to guarantee that tasks like Wi-Fi Global and other essential matters are done correctly. Using the very first Global Payments first payroll payment service is a great initial step towards offering a detailed payroll option for workers worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and checking account necessary for worldwide payroll are crucial consider accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things do not go as planned. Eventually, we do not do it for the gratitude.
anyhow we understand 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 everybody that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and sort of try to get back to everyone so proceeding look why do business pick to primary different checking account there are Eps Papaya Global services out there doing precisely this for specific nations and I have actually worked in a company or lots of businesses doing exactly that I can state it doesn’t always feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we do not need to and anyone that’s managing 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 amount that we are I believe numerous factors one is it’s the standard I believe people have got so utilized to we need a new checking account we open an entity and appropriately 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 the people have adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that needs looking at it needs changing but ultimately people are really stuck with what they recognize
with best um modification is a tough thing all of us don’t like change um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having preserving several bank accounts however there’s a substantial amount of intricacy chooses setting up a savings account keeping it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual individuals so the intricacy is huge but I think the sincere answer is change um people have not been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might almost be figured out to be the next Century approximately there is a lot to keep track of and this approach does position several obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Eps Papaya Global