Over the last five or six years …Papaya Global My Affiliate… functions on the supplier side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or two 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 interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I really 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 extremely uninspiring and I want I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical property uh we’ll likewise review a wrap-up and that needs to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of common and handling them ends up being a growing number of complex International organizations are wanting to find Solutions and new methods to simplify procedures especially from a payroll and cross-border payment perspective lots of organizations preserve separate savings account just for payroll while some have multiple accounts in different nations does it make sense for companies to keep different bank accounts often in different countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business improve the episode complex processes of
Ensuring precise, efficient, and timely payroll payments is a complex challenge for businesses operating worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, learn how companies forecast payroll costs to enhance working capital, and find how simplifying worldwide payroll payments can transform them from a challenging job into a strategic property.
Managing payroll internationally is an overwhelming task due to various policies, compliance requirements, data security issues, and banking guidelines. The large variety of employees and companies contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems often lead to manual procedures, information silos, and an absence of integration, causing inconsistencies and inadequacies. In spite of living in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to provide insights and solutions to streamline and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services 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 invests in worldwide payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of international organizations have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors improperly interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is shipped to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they rely on the required multiple 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 obstacles company face when they’re paying to workers or otherwise that’s a great concern I constantly toss this back and say what is it what doesn’t require to be included right and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 need to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal ultimately constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 fundamental and innovation is permitting us to type of progress with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely vital that payroll and financing groups work closer together than ever um I’m constantly amazed when individuals state I’ve split 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 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 data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on wellness and the compensation landscape is becoming increasingly detailed. Companies are continuously presenting brand-new benefits and payment choices, which adds to the total intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my opinion, this does not have to hold true. In today’s technologically sophisticated period, there’s no reason for preserving troublesome treatments. Payroll, the company’s greatest cost, should be processed correctly and on time. Even minor delays can negatively affect employees’ wellness and have significant consequences. Therefore, it’s important to prioritize accurate and timely payments.
payroll group get um so I’m not exactly sure anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all 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 exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely crucial that all of this things is done properly so leveraging the very first International Payments first payroll payment option is a terrific primary step um offering an end-to-end payroll service for your workers internationally once again I believe is another big um process again lining up and ensuring you have standardization International procedures all of those things are definitely key to success success of services and lowering the number of tools platforms and savings account they require for their Worldwide 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 thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I do not think any of us are really doing that for for the thanks
anyhow we know how how crucial a function 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 easy as possible for everyone that’s associated with those processes and likewise so think of sorry I’m simply I was simply gon na say envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions envision getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job attempting to clean all those up for sure oh absolutely 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 try to check out them and actually see what was going on and type of shot to return to everyone so proceeding appearance why do companies choose to main separate checking account there are Papaya Global My Affiliate organizations out there doing precisely this for specific nations and I’ve worked in a business or numerous organizations doing exactly that I can state it does not always feel effective and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we don’t need 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 quantity that we are I think numerous reasons one is it’s the requirement I believe individuals have actually got so used to we require a brand-new checking account we open an entity and rightly so you require 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 standard and the standard individuals have embraced 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 methods um to to kind of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it requires changing but eventually people are extremely stuck with what they’re familiar
with right um modification is a challenging thing we all don’t like change um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having maintaining several savings account but there’s a substantial quantity of complexity opts for setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the complexity is huge however I think the honest answer is modification um individuals haven’t had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we’ve constantly done it that way is no real 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 approximately there is a lot to keep track of and this approach does posture a number of challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global My Affiliate