Over the last five or six years …Papaya Global Calendar… functions on the provider side and also on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it is 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 very bleak and I wish I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies preserve separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll also review a wrap-up and that needs to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more typical and managing them becomes increasingly more complicated International organizations are wanting to find Solutions and new ways to improve processes specifically from a payroll and cross-border payment perspective lots of companies maintain separate bank account just for payroll while some have multiple accounts in different countries does it make good sense for business to maintain separate checking account sometimes in different countries it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international business streamline the episode complex procedures of
Making sure accurate, effective, and prompt payroll payments is a complex difficulty for businesses operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, discover how companies anticipate payroll expenses to enhance working capital, and discover how enhancing international payroll payments can change them from a difficult job into a strategic possession.
Handling payroll globally is an overwhelming task due to various guidelines, compliance requirements, data security issues, and banking guidelines. The large number of staff members and organizations adds to the complexity, with an estimated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently result in manual processes, data silos, and an absence of combination, causing disparities and inefficiencies. In spite of residing in a period of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to supply insights and options to simplify and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company spends on international payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide services have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes improperly interacted hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is delivered to the wrong location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they rely on the needed multiple 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 difficulties organization face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t need to be consisted of best 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 nation there’s payment time frames 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 anywhere you look right ultimately building a knowledge base is absolutely critical but all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to kind of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and financing teams work closer together than ever um I’m constantly impressed when individuals say 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 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 individuals any place they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world places a high value on well-being and the compensation landscape is ending up being increasingly elaborate. Organizations are constantly presenting brand-new advantages and payment options, which contributes to the overall complexity. Big corporations frequently divide their payroll and payment processing into different teams, which can result in inadequacies and traffic jams. In my opinion, this does not need to be the case. In today’s technologically innovative period, there’s no justification for preserving cumbersome treatments. Payroll, the business’s biggest expenditure, need to be processed properly and on time. Even slight delays can negatively impact employees’ well-being and have far-reaching repercussions. Therefore, it’s critical to prioritize precise and timely payments.
payroll team get um so I’m not sure anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe 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 stuff is absolutely important that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment option is a terrific first step um supplying an end-to-end payroll solution for your employees internationally once again I believe is another big um process again lining up and ensuring you have standardization Global processes all of those things are definitely key to success success of services and minimizing the number of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never 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 problems where things haven’t gone rather where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand how how essential a role 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 procedures and likewise so think of sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions envision getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job trying to clean 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 require days of the week to attempt to browse them and in fact see what was going on and sort of try to return to everyone so carrying on appearance why do business choose to primary separate checking account there are Papaya Global Calendar businesses out there doing precisely this for specific nations and I’ve worked in an organization or numerous businesses doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for anyone where we don’t have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the requirement I think individuals have actually got so used to we require a brand-new savings 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 think it’s just been the requirement and the norm individuals have embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I believe this is a procedure that needs taking a look at it requires changing however eventually people are extremely stuck with what they recognize
with ideal um change is a challenging thing all of us do not like modification um so I think it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having preserving numerous bank accounts however there’s a substantial amount of intricacy opts for establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is substantial but I think the honest response is change um individuals have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually constantly 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 understand what might almost be figured out to be the next Century or two there is a lot to keep an eye on and this method does position a number of difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Calendar