Over the last five or 6 years …Does Papaya Global Produce P60… functions on the service provider side and also on the vendor side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I truly 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 bleak and I wish I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies keep separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll also go over a wrap-up and that must leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more typical and managing them becomes more and more complicated Global organizations are aiming to find Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment perspective lots of companies maintain different bank account just for payroll while some have several accounts in different countries does it make sense for companies to preserve separate savings account sometimes in various nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business enhance the episode complex processes of
Ensuring accurate, 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, find out how companies forecast payroll costs to enhance working capital, and find how improving worldwide payroll payments can change them from a burdensome job into a strategic asset.
Managing payroll globally is a complicated task due to numerous regulations, compliance requirements, data security concerns, and banking guidelines. The sheer variety of employees and services adds to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently lead to manual processes, data silos, and a lack of integration, causing inconsistencies and ineffectiveness. Despite living in a period of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to supply insights and services to simplify and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of a photo they see an absence of presence also reaches payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of international businesses 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 errors are because of time reporting poor HCM data data entry errors improperly interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the information is shipped to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they rely on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a good concern I always toss this back and state what is it what doesn’t need to be consisted of right and what does
it require to be considered there’s varying Bank information 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 need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy any place you look ideal eventually building a knowledge base is absolutely vital however everywhere you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type 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 technology is enabling us to sort of move on with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely imperative that payroll and financing groups work better together than ever um I’m constantly amazed when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 any place they are but also paying statutory authorities and on statutory third parties so with the
The modern world puts a high value on well-being and the compensation landscape is ending up being significantly complex. Businesses are continually presenting new benefits and payment choices, which contributes to the overall intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can cause inadequacies and bottlenecks. In my opinion, this does not have to hold true. In today’s highly advanced period, there’s no reason for keeping troublesome procedures. Payroll, the company’s biggest expenditure, must be processed correctly and on time. Even minor delays can adversely affect workers’ wellness and have far-reaching consequences. For that reason, it’s critical to focus on accurate and prompt payments.
The payroll group might not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only notice when things fail. However, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally too. For that reason, it is important to guarantee that jobs like Wi-Fi Global and other vital matters are done properly. Utilizing the very first Global Payments very first payroll payment option is a great preliminary step towards supplying a thorough payroll service for staff members worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and savings account essential for international payroll are essential factors in attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
anyway we understand 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 simple as possible for everybody that’s involved in those procedures and likewise so imagine sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions picture getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and in fact see what was going on and kind of try to get back to everybody so proceeding look why do companies pick to main separate bank accounts there are Does Papaya Global Produce P60 companies out there doing precisely this for particular countries and I have actually operated in a business or lots of services doing precisely that I can say it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we don’t 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 think lots of reasons one is it’s the standard I believe people have got so used to we need a new checking 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 individuals have embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I think this is a process that requires taking a look at it needs altering but ultimately people are very stuck with what they’re familiar
with right um modification is a difficult thing we all don’t like change um so I think it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having keeping numerous savings account but there’s a big amount of intricacy opts for establishing a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is huge but I believe the truthful response is change um individuals have not had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to keep an eye on and this technique does pose numerous difficulties um so Johnny could you inform us about those challenges yeah obviously 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 manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Does Papaya Global Produce P60