Over the last five or six years …Papaya Global Silent Install… functions on the provider side and also on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply 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 type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone 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 raining here it’s really really gloomy and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business preserve different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic possession uh we’ll likewise discuss a recap and that needs to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of common and managing them ends up being a growing number of complex Worldwide companies are wanting to discover Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment standpoint lots of organizations keep separate savings account just for payroll while some have numerous accounts in various countries does it make sense for companies to preserve separate savings account sometimes in different countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies simplify the episode complex processes of
Making sure precise, effective, and timely payroll payments is a complex obstacle for services operating worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to enhance working capital, and discover how simplifying global payroll payments can change them from a difficult job into a strategic possession.
Managing payroll worldwide is a difficult job due to various policies, compliance requirements, data security concerns, and banking guidelines. The sheer number of employees and services contributes to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently lead to manual processes, information silos, and an absence of combination, causing disparities and inadequacies. Regardless of living in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to supply insights and services to simplify and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization invests in international payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international businesses have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors improperly interacted hires and terminations as well as absence management and system setups and then when you round it all off and the information is shipped to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they count on the needed multiple procedures 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 obstacles service face when they’re paying to employees or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not require to be included best and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities 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 customer’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is enabling us to kind of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely essential that payroll and financing teams work better together than ever um I’m always impressed when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high worth on well-being and the payment landscape is ending up being increasingly complex. Organizations are constantly introducing new benefits and payment alternatives, which adds to the overall complexity. Big corporations typically divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my opinion, this does not need to hold true. In today’s highly advanced era, there’s no validation for preserving cumbersome procedures. Payroll, the business’s biggest cost, should be processed properly and on time. Even small hold-ups can negatively affect employees’ well-being and have significant repercussions. For that reason, it’s vital to prioritize precise and prompt payments.
payroll group get um so I’m uncertain anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider 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 correctly so leveraging the first Worldwide Payments first payroll payment service is a terrific primary step um supplying an end-to-end payroll solution for your workers worldwide once again I believe is another big um process once again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of companies and minimizing the number of tools platforms and bank accounts 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 had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re indicated to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we understand how how important 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 simple as possible for everyone that’s associated with those processes and likewise so imagine sorry I’m just I was simply gon na state picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting 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 look through them and really see what was going on and kind of shot to get back to everyone so carrying on appearance why do companies select to primary different bank accounts there are Papaya Global Silent Install companies out there doing precisely this for specific nations and I have actually worked in an organization or many businesses doing exactly that I can say it doesn’t always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not developing additional work for any person where we do not need to and any person that’s managing 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 amount that we are I think lots of factors one is it’s the standard I think individuals have got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think 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 add to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I believe this is a procedure that requires looking at it requires altering but ultimately individuals are extremely stuck to what they recognize
with right um change is a difficult thing we all don’t like change um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having preserving multiple savings account however there’s a huge amount of intricacy chooses setting up a checking account preserving 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 however I believe the sincere answer is modification um people have not been able to change or have not had always the knowledge to really make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century approximately there is a lot to monitor and this technique does position a number of difficulties um so Johnny might you inform us about those difficulties yeah of course 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 seems like our CFO has acquired another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Silent Install