Over the last 5 or 6 years …Papaya Global Salary… functions on the company side and likewise on the supplier side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing 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 originates from and I actually 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 raining here it’s extremely really uninspiring and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical asset uh we’ll also discuss a wrap-up which ought to leave his time at the very 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 become more and more common and managing them ends up being increasingly more complex Global companies are wanting to find Solutions and brand-new ways to streamline procedures especially from a payroll and cross-border payment perspective many organizations keep separate savings account just for payroll while some have several accounts in various nations does it make good sense for business to preserve separate bank accounts sometimes in different nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational business simplify the episode complex procedures of
Making sure accurate, efficient, and prompt payroll payments is a complex obstacle for companies operating internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to enhance working capital, and discover how enhancing international payroll payments can transform them from a burdensome job into a tactical property.
Handling payroll internationally is a complicated task due to different regulations, compliance requirements, information security concerns, and banking rules. The sheer variety of workers and services adds to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically lead to manual processes, data silos, and a lack of combination, causing disparities and inefficiencies. Despite living in a period of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to provide insights and options to streamline and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization spends on worldwide payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal almost half of worldwide services have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes badly communicated hires and terminations as well as absence management and system configurations and after that when you round everything off and the information is shipped to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they rely on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to staff members or otherwise that’s an excellent question I always throw this back and state what is it what does not require to be included ideal and what does
it need to be considered there’s differing 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 capabilities 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 client’s own in-country account so there’s intricacy wherever you look ideal eventually developing a knowledge base is definitely crucial but all over you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 fundamental and technology is enabling us to sort of progress with that it likewise as well to add to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely imperative that payroll and finance teams work closer together than ever um I’m constantly surprised when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often 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 wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world places a high value on wellness and the compensation landscape is ending up being progressively complex. Services are continually presenting new benefits and payment options, which contributes to the general complexity. Big corporations typically divide their payroll and payment processing into different groups, which can result in inefficiencies and bottlenecks. In my viewpoint, this does not have to hold true. In today’s technologically advanced period, there’s no validation for keeping cumbersome procedures. Payroll, the company’s greatest expense, should be processed correctly and on time. Even small delays can negatively affect workers’ wellness and have far-reaching consequences. For that reason, it’s important to focus on precise and timely payments.
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just observe when things fail. However, when things go right, it’s seen as just a regular job. This is how it’s viewed externally as well. Therefore, it is necessary to guarantee that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Using the very first Global Payments first payroll payment service is a fantastic initial step towards providing a comprehensive payroll option for workers worldwide. Standardization, worldwide processes, and lowering the variety of tools, platforms, and checking account needed for global payroll are essential consider accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things don’t go as planned. Eventually, we don’t do it for the thankfulness.
anyway 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 everyone that’s involved in those procedures and also so envision sorry I’m just I was simply gon na state picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating job attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and really see what was going on and sort of try to get back to everybody so moving on appearance why do companies select to primary different bank accounts there are Papaya Global Salary organizations out there doing exactly this for particular countries and I have actually worked in a service or numerous businesses doing precisely that I can say it doesn’t constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing additional work for anybody 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 think that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the standard I believe individuals have actually got so utilized to we need a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a range I believe this is a procedure that needs taking a look at it requires altering but ultimately people are extremely stuck with what they recognize
with best um modification is a hard thing we all do not like modification um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having maintaining several checking account but there’s a substantial amount of intricacy goes with setting up a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is substantial but I believe the truthful response is change um people have not had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century or two there is a lot to keep an eye on and this approach does posture a number of difficulties um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Salary