Over the last five or six years …Undo Roll Back On Papaya Global… roles on the supplier side and also on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply offer 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 intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely really uninspiring and I want 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 obstacle years of handling Global payroll why companies keep separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical property uh we’ll also discuss a wrap-up which should 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 Global labor forces become a growing number of common and handling them ends up being more and more complicated Global companies are seeking to discover Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment viewpoint lots of companies preserve separate bank account just for payroll while some have multiple accounts in different countries does it make good sense for companies to preserve separate bank accounts often in various nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies enhance the episode complex procedures of
Guaranteeing precise, effective, and prompt payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, discover how companies anticipate payroll costs to enhance working capital, and find how streamlining international payroll payments can transform them from a challenging task into a strategic asset.
Handling payroll internationally is a daunting job due to different policies, compliance requirements, data security concerns, and banking guidelines. The sheer number of employees and businesses contributes to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems frequently result in manual processes, information silos, and a lack of combination, resulting in inconsistencies and inefficiencies. Despite 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, often utilizing pen and paper. This webinar aims to provide insights and options to simplify and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on global payroll the less of an image they see an absence of exposure likewise reaches payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of international businesses have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes poorly communicated hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the data is delivered to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently 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 challenges company face when they’re paying to employees or otherwise that’s a great question I always toss this back and say what is it what does not require to be consisted of ideal and what does
it need to be thought of 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 have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look right eventually constructing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is enabling us to sort of progress with that it likewise also to add to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and financing teams work more detailed together than ever um I’m always amazed when individuals say 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 occupation would they divide the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on wellness and the payment landscape is ending up being progressively elaborate. Services are continuously introducing brand-new benefits and payment options, which adds to the general complexity. Big corporations typically divide their payroll and payment processing into different teams, which can lead to inadequacies and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s technologically advanced age, there’s no justification for preserving cumbersome procedures. Payroll, the company’s greatest cost, need to be processed correctly and on time. Even slight delays can negatively impact staff members’ well-being and have significant consequences. For that reason, it’s vital to prioritize accurate and timely payments.
payroll team get um so I’m unsure anyone on this sort 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 employees or not um however ultimately payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment solution is an excellent first step um offering an end-to-end payroll solution for your workers internationally again I believe is another substantial um procedure once again lining up and guaranteeing you have standardization International processes all of those things are definitely essential to success success of services and lowering the number 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 terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of 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 do not believe any of us are in fact doing that for for the thanks
anyhow we know 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 likewise so envision sorry I’m simply I was just gon na say picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and really see what was going on and sort of shot to return to everybody so moving on look why do business select to main separate checking account there are Undo Roll Back On Papaya Global businesses out there doing precisely this for particular nations and I’ve worked in a service or many organizations doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we do not have to and anybody 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 believe many factors one is it’s the standard I believe people have actually got so utilized to we require a new checking account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to add to that people have taken a look 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 process that needs taking a look at it needs altering however eventually people are really stuck to what they recognize
with right um change is a difficult thing we all don’t like change um so I believe it’s simply type 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 undoubtedly the benefits of having keeping multiple savings account however there’s a big amount of complexity goes with establishing a bank account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the intricacy is big but I think the truthful response is modification um individuals have not had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might almost be determined to be the next Century or two there is a lot to keep track of and this approach does posture several difficulties um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Undo Roll Back On Papaya Global