Over the last 5 or six years …Papaya Global App Payroll… functions on the company side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes 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 drizzling here it’s very very uninspiring and I wish I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll also go over a recap and that needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more common and managing them ends up being increasingly more complex Worldwide organizations are wanting to discover Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment perspective lots of companies maintain separate bank account just for payroll while some have multiple accounts in different nations does it make sense for companies to maintain separate checking account sometimes in various countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business enhance the episode complex procedures of
Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for companies running globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how business forecast payroll costs to optimize working capital, and find how streamlining international payroll payments can change them from a burdensome task into a tactical asset.
Handling payroll worldwide is a difficult task due to different guidelines, compliance requirements, information security concerns, and banking rules. The large number of staff members and businesses contributes to the complexity, with an approximated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems typically lead to manual processes, information silos, and a lack of integration, causing inconsistencies and inadequacies. In spite of residing in a period of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to supply insights and options to simplify and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business invests in worldwide payroll the less of an image they see a lack of visibility also reaches payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global businesses have actually revealed that they do not 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 errors improperly interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the information is shipped to the wrong place 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 money all over the world payroll and payments don’t run efficiently if they depend on the necessary numerous 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 obstacles business face when they’re making payments to staff members or otherwise that’s a good question I always throw this back and say what is it what doesn’t need to be included ideal and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 complexity wherever you look best eventually building a knowledge base is definitely critical but everywhere you look with payroll payment they are like super 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is allowing us to sort of move on with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work more detailed together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high worth on well-being and the settlement landscape is becoming increasingly intricate. Services are continually introducing new advantages and payment alternatives, which adds to the total intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s technically advanced period, there’s no justification for keeping cumbersome procedures. Payroll, the business’s most significant expenditure, need to be processed properly and on time. Even small hold-ups can negatively affect employees’ well-being and have far-reaching repercussions. For that reason, it’s important to prioritize precise and prompt payments.
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people just notice when things fail. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally also. Therefore, it is essential to ensure that tasks like Wi-Fi Global and other important matters are done properly. Using the very first Worldwide Payments very first payroll payment service is a fantastic initial action towards offering a comprehensive payroll option for employees worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and savings account needed for global payroll are key factors in attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyhow we understand how how crucial 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 simple as possible for everybody that’s associated with those processes and likewise so picture sorry I’m just I was just gon na state envision the quantity 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 numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task attempting to clean up 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 need days of the week to attempt to look through them and really see what was going on and type of shot to return to everybody so moving on appearance why do business select to main different savings account there are Papaya Global App Payroll companies out there doing precisely this for particular countries and I have actually worked in a company or many companies doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not producing additional work for any person where we do not have to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement I believe individuals have got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I believe this is a process that needs looking at it needs altering but ultimately individuals are extremely stuck with what they recognize
with right um modification is a challenging thing all of us do not like modification um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having keeping multiple checking account but there’s a huge quantity of complexity goes with establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for specific people so the intricacy is huge but I believe the honest response is modification um individuals have not had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century or two there is a lot to keep an eye on and this approach does posture numerous challenges um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a change to our Business 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 gotten another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global App Payroll