Over the last five or six years …Papaya Global Uk Login… functions on the company side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone 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 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 extremely very bleak and I want I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies keep different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a strategic property uh we’ll likewise go over a recap which must leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of typical and managing them ends up being more and more complicated Worldwide companies are seeking to find Solutions and brand-new methods to enhance processes particularly from a payroll and cross-border payment standpoint many organizations keep different savings account just for payroll while some have multiple accounts in different nations does it make good sense for companies to keep different checking account in some cases in different nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies streamline the episode complex procedures of
Guaranteeing precise, efficient, and prompt payroll payments is a complex difficulty for organizations running globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to optimize working capital, and discover how enhancing global payroll payments can transform them from a difficult job into a tactical asset.
Handling payroll worldwide is a daunting job due to numerous guidelines, compliance requirements, information security issues, and banking rules. The sheer number of staff members and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems often lead to manual processes, data silos, and an absence of combination, resulting in disparities and inadequacies. Regardless of living in an age of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to offer insights and services to streamline and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more an organization spends on global payroll the less of a picture they see an absence of exposure also extends to payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of global companies have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes improperly communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is delivered to the incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they count on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to workers or otherwise that’s a good concern I constantly toss this back and state what is it what does not need to be included ideal and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 customer’s own in-country account so there’s intricacy wherever you look right ultimately developing a knowledge base is definitely vital but everywhere you look with payroll payment they resemble super payments no if however some children 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 believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to kind of move on with that it also too to add to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and finance teams work better together than ever um I’m constantly astonished when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work 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 often 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 individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high value on well-being and the settlement landscape is ending up being significantly intricate. Services are continuously introducing new benefits and payment options, which adds to the general complexity. Big corporations often divide their payroll and payment processing into separate groups, which can cause inefficiencies and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s technically advanced period, there’s no validation for keeping cumbersome treatments. Payroll, the company’s greatest expenditure, need to be processed correctly and on time. Even slight hold-ups can negatively affect workers’ wellness and have far-reaching consequences. Therefore, it’s critical to focus on accurate and timely payments.
payroll team get um so I’m not sure anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout 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 first Worldwide Payments very first payroll payment option is a terrific primary step um providing an end-to-end payroll option for your employees worldwide again I believe is another huge um process again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of businesses and minimizing the variety of tools platforms and checking account 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’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re indicated 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 function 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 easy as possible for everyone that’s associated with those procedures and also so picture sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task attempting to clean up all those up for sure oh definitely 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 look through them and actually see what was going on and sort of try to return to everybody so carrying on look why do business pick to primary separate bank accounts there are Papaya Global Uk Login businesses out there doing exactly this for particular nations and I have actually worked in a company or many organizations doing precisely that I can state it does not constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we do not need 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 quantity that we are I believe numerous factors one is it’s the requirement I believe individuals have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you need 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 standard and the norm the people have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a procedure that needs taking a look at it requires altering however ultimately individuals are really stuck to what they recognize
with ideal um modification is a challenging thing we all don’t like change um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having keeping numerous checking account however there’s a big quantity of intricacy chooses establishing a checking account keeping it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is huge however I think the sincere answer is modification um individuals have not had the ability to change or have not had necessarily the knowledge to actually 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 understanding you know and there is a component of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century or so there is a lot to keep track of and this method does posture a number of challenges um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I just recently made a modification to our Business 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 gotten another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Uk Login