Over the last five or 6 years …Papaya Global Update 2019… roles on the company side and likewise on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it remains 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 very extremely gloomy and I want I was somewhere else 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 obstacle years of handling International payroll why business maintain separate
checking account payroll virtual wallets versus payroll bank accounts 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 likewise go over a wrap-up and that needs to leave his time at the very extremely 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 workforces become a growing number of common and managing them becomes a growing number of intricate Global organizations are looking to find Solutions and brand-new ways to improve processes especially from a payroll and cross-border payment perspective numerous companies preserve different bank account just for payroll while some have numerous accounts in different nations does it make good sense for companies to keep different savings account in some cases in various nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies streamline the episode complex processes of
Making sure precise, effective, and prompt payroll payments is a complex difficulty for organizations running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, learn how business anticipate payroll expenses to optimize working capital, and find how enhancing worldwide payroll payments can transform them from a troublesome job into a tactical possession.
Handling payroll globally is an overwhelming task due to various regulations, compliance requirements, information security issues, and banking rules. The sheer number of workers and companies adds to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently result in manual procedures, information silos, and a lack of integration, leading to disparities and ineffectiveness. Regardless of living in an era of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to provide insights and solutions to streamline and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more a business invests in global payroll the less of a photo they see an absence of exposure also extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide services have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes inadequately interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is shipped to the wrong location the typical expense of a worldwide information 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 smoothly if they count on the required several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re paying to workers or otherwise that’s a great concern I constantly throw this back and say what is it what does not need to be consisted of ideal and what does
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 country 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 have to pay from the consumer’s own in-country account so there’s complexity any place you look right ultimately developing a knowledge base is definitely important however all over you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is permitting us to type of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely essential that payroll and financing groups work closer together than ever um I’m always astonished when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on wellness and the payment landscape is becoming increasingly elaborate. Businesses are constantly introducing brand-new advantages and payment choices, which adds to the overall intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can result in inefficiencies and traffic jams. In my opinion, this does not need to be the case. In today’s highly innovative age, there’s no justification for maintaining cumbersome treatments. Payroll, the business’s greatest expenditure, must be processed properly and on time. Even small delays can negatively affect employees’ well-being and have far-reaching consequences. Therefore, it’s important to prioritize accurate and timely payments.
payroll group get um so I’m not exactly sure anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong 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 likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment solution is a great primary step um supplying an end-to-end payroll service for your employees globally once again I believe is another substantial um process once again aligning and ensuring you have standardization International processes all of those things are definitely crucial to success success of services and decreasing the number of tools platforms and bank accounts they require for their Global 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 ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I don’t think any of us are actually doing that for for the thanks
anyway 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 easy as possible for everyone that’s involved in those processes and also so envision sorry I’m just I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t imagine 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 actually see what was going on and sort of shot to get back to everybody so proceeding appearance why do business select to main different savings account there are Papaya Global Update 2019 services out there doing exactly this for particular nations and I have actually operated in a business or many services doing exactly that I can state it does not always feel effective and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we don’t need to and anybody that’s handling that procedure 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 think many reasons one is it’s the requirement I believe individuals have actually got so used to we need a brand-new savings 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 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 looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that requires looking at it needs changing however eventually people are very stuck with what they recognize
with best um modification is a tough thing we all do not like change um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having preserving several bank accounts however there’s a substantial quantity of complexity chooses establishing a savings account preserving it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for specific people so the complexity is substantial but I believe the sincere response is modification um individuals haven’t been able to change or haven’t had always the understanding to really make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century or so there is a lot to track and this approach does posture several challenges um so Johnny could you inform us about those challenges yeah naturally 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 handle our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Update 2019