Over the last five or 6 years …Papaya Global P60… functions on the supplier side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody all right 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 type of let them do that so it ‘d be rather intriguing 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 originates from and I truly 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 extremely dreary and I want I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why companies preserve different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical asset uh we’ll also go over a wrap-up and that ought to leave his time at the very 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 increasingly more typical and handling them becomes increasingly more complicated Global companies are wanting to find Solutions and new methods to enhance processes especially from a payroll and cross-border payment viewpoint lots of companies keep separate savings account just for payroll while some have numerous accounts in different countries does it make sense for companies to keep separate bank accounts in some cases in different nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business simplify the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for organizations running worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, learn how companies anticipate payroll expenses to enhance working capital, and discover how enhancing international payroll payments can transform them from a difficult job into a strategic asset.
Handling payroll worldwide is a challenging job due to various guidelines, compliance requirements, information security concerns, and banking rules. The sheer variety of employees and businesses adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Traditional payroll systems often result in manual processes, information silos, and a lack of combination, causing inconsistencies and inadequacies. Despite living in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to offer insights and options to simplify and enhance worldwide payroll payments.
about it to give you an idea 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 sleep deprived nights and rather honestly the more an organization invests in worldwide payroll the less of a picture they see an absence of presence likewise extends to payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide services have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes poorly interacted hires and terminations as well as absence management and system configurations and after that when you round it all off and the data is delivered to the wrong location the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they depend on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re making payments to workers or otherwise that’s an excellent concern I constantly toss this back and state what is it what doesn’t require to be included 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 time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity anywhere you look best ultimately constructing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you 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 enabling us to kind of move on with that it also too to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and financing teams work closer together than ever um I’m always surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high worth on wellness and the compensation landscape is becoming significantly complex. Services are continuously presenting new benefits and payment choices, which contributes to the overall complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and traffic jams. In my opinion, this doesn’t have to hold true. In today’s highly advanced age, there’s no justification for keeping troublesome treatments. Payroll, the business’s greatest expense, must be processed properly and on time. Even slight hold-ups can adversely impact staff members’ well-being and have significant effects. Therefore, it’s critical to prioritize accurate and timely payments.
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only see when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s perceived externally as well. For that reason, it is important to ensure that jobs like Wi-Fi Worldwide and other vital matters are done properly. Using the first Global Payments very first payroll payment solution is a great initial action towards supplying a thorough payroll service for staff members worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and bank accounts essential for international payroll are key consider achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things don’t go as planned. Eventually, we do not do it for the thankfulness.
anyway we understand how how important 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 everybody that’s involved in those procedures and likewise so picture sorry I’m simply I was simply gon na state envision the amount 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 hundreds of thousands potentially Millions picture getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and actually see what was going on and sort of try to return to everybody so carrying on appearance why do business choose to primary separate bank accounts there are Papaya Global P60 organizations out there doing exactly this for specific nations and I have actually operated in a service or numerous services doing precisely that I can state it doesn’t always feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for any person where we do not have to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the standard I believe individuals have actually got so utilized to we need a brand-new checking account we open an entity and appropriately so you need 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 requirement and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I think this is a process that needs taking a look at it needs changing but eventually people are very stuck with what they’re familiar
with right um modification is a tough thing all of us don’t like change um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having maintaining several savings account but there’s a big amount of complexity goes with setting up a savings account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is big however I think the sincere response is modification um people haven’t been able to change or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to change but we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or so there is a lot to keep track of and this method does posture several difficulties um so Johnny might you tell us about those obstacles 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 seems like our CFO has acquired another CFO, and with this improved ability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global P60