Over the last 5 or six years …Link Papaya Global To Accounts… functions on the company side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite 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 everybody comes 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 drizzling here it’s extremely very gloomy and I wish I was somewhere else 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 challenge years of managing Global payroll why business maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll likewise discuss a wrap-up and that must leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and managing them becomes a growing number of complex Global organizations are aiming to discover Solutions and new methods to simplify procedures specifically from a payroll and cross-border payment standpoint many organizations preserve separate checking account just for payroll while some have multiple accounts in various countries does it make sense for companies to maintain separate bank accounts often in different countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies enhance the episode complex processes of
Making sure accurate, efficient, and timely payroll payments is a complex difficulty for services operating worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, find out how business forecast payroll expenses to enhance working capital, and discover how improving worldwide payroll payments can change them from a difficult job into a strategic possession.
Handling payroll globally is an overwhelming task due to numerous guidelines, compliance requirements, data security concerns, and banking rules. The large variety of workers and companies adds to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically result in manual processes, information silos, and an absence of combination, leading to inconsistencies and inadequacies. Regardless of living in an age of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to offer insights and solutions to simplify and optimize international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that offers me sleepless nights and rather honestly the more a service invests in worldwide payroll the less of a picture they see an absence of presence also reaches payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the deal nearly half of international companies have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes poorly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the information is shipped to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they count on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re paying to workers or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t require to be consisted of ideal and what does
it need 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 amount of time there’s payment abilities 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 client’s own in-country account so there’s intricacy wherever you look best eventually building a knowledge base is absolutely crucial however all over 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 look at the kind of link 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 innovation is enabling us to sort of move on with that it also too to contribute to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely essential that payroll and finance groups work better together than ever um I’m constantly surprised when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody 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 frequently 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 people anywhere they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high value on well-being and the compensation landscape is ending up being increasingly detailed. Organizations are constantly presenting new advantages and payment choices, which contributes to the total complexity. Big corporations frequently divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s technically innovative age, there’s no justification for maintaining cumbersome treatments. Payroll, the business’s greatest expense, should be processed correctly and on time. Even minor delays can negatively impact staff members’ well-being and have far-reaching repercussions. Therefore, it’s critical to focus on accurate and prompt payments.
payroll group get um so I’m not sure anybody on this kind of webinar has been told 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 however eventually payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done properly so leveraging the first International Payments first payroll payment service is a fantastic first step um supplying an end-to-end payroll service for your workers globally again I think is another substantial um procedure again lining up and guaranteeing you have standardization Global procedures all of those things are definitely key to success success of businesses and reducing the number of tools platforms and savings account they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I do not believe any of us are really doing that for for the thanks
anyway we understand how how crucial 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 associated with those procedures and also so think of sorry I’m simply I was just gon na say envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job attempting to clean up 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 attempt to look through them and actually see what was going on and kind of try to return to everybody so proceeding appearance why do companies select to primary separate checking account there are Link Papaya Global To Accounts services out there doing precisely this for specific nations and I have actually operated in an organization or lots of services doing precisely that I can say it does not always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for any person where we don’t have to and anybody that’s handling 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 quantity that we are I believe lots of reasons 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 functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have adopted and continue to do over years and years gone past to add to that people have looked 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 procedure that needs looking at it needs altering however eventually people are really stuck to what they’re familiar
with best um modification is a hard thing we all do not like modification um so I believe it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having preserving multiple checking account but there’s a substantial amount of complexity chooses setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is substantial but I believe the honest answer is change um individuals haven’t had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century approximately there is a lot to keep track of and this method does position numerous difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Link Papaya Global To Accounts