Over the last 5 or six years …Papaya Global Growth… functions on the service provider side and likewise on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very bleak and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll likewise discuss a wrap-up and that must 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 Global workforces end up being more and more common and handling them becomes increasingly more complex Global companies are aiming to find Solutions and new methods to streamline processes particularly from a payroll and cross-border payment viewpoint many companies maintain different checking account just for payroll while some have multiple accounts in various countries does it make good sense for companies to preserve different bank accounts often in various countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business improve the episode complex processes of
Ensuring precise, effective, and timely payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, learn how business anticipate payroll expenses to optimize working capital, and discover how enhancing worldwide payroll payments can transform them from a difficult job into a tactical possession.
Handling payroll worldwide is a daunting job due to numerous regulations, compliance requirements, information security issues, and banking rules. The sheer variety of employees and services adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems often result in manual procedures, information silos, and an absence of integration, causing disparities and ineffectiveness. In spite of residing in an age of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to provide insights and options to streamline and optimize global 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 data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company spends on global payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of global companies have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors inadequately interacted hires and terminations as well as absence management and system setups and then when you round everything off and the information is delivered to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they count on the necessary several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re paying to workers or otherwise that’s a great question I constantly throw this back and state what is it what does not require to be included best and what does
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it require to be thought of there’s differing Bank details 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 need to pay from the customer’s own in-country account so there’s intricacy wherever you look right eventually developing a knowledge base is definitely critical however everywhere you look with payroll payment they are like incredibly payments no if however some babies 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 think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to sort of move forward with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely important that payroll and financing teams work closer together than ever um I’m constantly astonished when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high value on wellness and the settlement landscape is ending up being significantly elaborate. Services are continually presenting brand-new advantages and payment choices, which contributes to the overall intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can result in ineffectiveness and traffic jams. In my viewpoint, this does not need to be the case. In today’s technologically innovative era, there’s no reason for maintaining cumbersome procedures. Payroll, the business’s biggest cost, need to be processed correctly and on time. Even slight delays can negatively affect staff members’ well-being and have significant consequences. Therefore, it’s vital to prioritize precise and timely payments.
payroll group get um so I’m not exactly sure anyone on this sort of webinar has been informed 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 however ultimately payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment solution is a terrific primary step um providing an end-to-end payroll solution for your staff members globally again I believe is another big um process once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of businesses and decreasing the number of tools platforms and bank accounts they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I don’t think any of us are really doing that for for the thanks
anyhow we understand how how crucial 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 simple as possible for everybody that’s associated with those processes and also so think of sorry I’m just I was simply gon na state picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job attempting to clean 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 require days of the week to try to check out them and actually see what was going on and kind of shot to get back to everybody so carrying on look why do business select to main different savings account there are Papaya Global Growth companies out there doing precisely this for specific countries and I have actually worked in a business or many services doing exactly that I can say it doesn’t always feel efficient and it does create more work I understand we’re not purposely doing that we’re not developing additional work for any person where we do not have to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I believe people have got so used to we need a brand-new savings account we open an entity and appropriately so you require 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 norm individuals have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I believe this is a procedure that requires looking at it needs altering however eventually people are extremely stuck to what they’re familiar
with ideal um modification is a hard thing we all don’t like modification um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having keeping numerous savings account however there’s a substantial quantity of intricacy chooses setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is substantial but I believe the sincere answer is change um individuals haven’t been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however 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 know what could almost be determined to be the next Century or two there is a lot to track and this technique does pose a number of obstacles um so Johnny could you inform us about those obstacles yeah naturally 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 feels like our CFO has acquired another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya Global Growth