Over the last five or 6 years …Papaya Global Payroll Approval… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone comes from and I actually 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 extremely extremely dreary and I wish I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business preserve separate
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 Global payroll payments as a tactical asset uh we’ll likewise discuss a wrap-up and that ought to leave his time at the really 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 workforces become a growing number of typical and managing them ends up being a growing number of intricate International organizations are looking to discover Solutions and new methods to improve processes especially from a payroll and cross-border payment perspective lots of organizations maintain different bank account just for payroll while some have numerous accounts in various nations does it make sense for companies to preserve separate bank accounts often in various countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies streamline the episode complex procedures of
Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for companies running internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, find out how companies anticipate payroll costs to enhance working capital, and find how enhancing international payroll payments can transform them from a troublesome task into a strategic property.
Handling payroll internationally is a difficult job due to numerous regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of staff members and organizations adds to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems typically lead to manual processes, data silos, and a lack of combination, resulting in disparities and inadequacies. Regardless of residing in an era of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to provide insights and services to simplify and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a service spends on global payroll the less of a photo they see a lack of presence also extends to payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of international services have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes badly interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is shipped to the incorrect location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they count on the required several processes 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 challenges business face when they’re making payments to workers or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t need to be consisted of right and what does
it need to be thought about there’s varying 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 have to pay from the customer’s own in-country account so there’s complexity wherever you look ideal eventually developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link 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 allowing us to kind of move forward with that it likewise also to add to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely vital that payroll and financing groups work better together than ever um I’m always surprised when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on wellness and the compensation landscape is becoming progressively complex. Businesses are constantly presenting new advantages and payment choices, which contributes to the overall intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can cause inadequacies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s highly sophisticated era, there’s no reason for keeping troublesome procedures. Payroll, the business’s most significant expenditure, should be processed properly and on time. Even slight hold-ups can negatively affect workers’ wellness and have significant effects. For that reason, it’s vital to focus on precise and timely payments.
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people only discover when things go wrong. However, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally also. Therefore, it is essential to make sure that jobs like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the first Worldwide Payments very first payroll payment option is a great initial action towards providing an extensive payroll solution for workers worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and savings account essential for international payroll are crucial factors in accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as planned. Ultimately, we don’t do it for the thankfulness.
anyway we know how how essential 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 everybody that’s associated with those processes and likewise so picture sorry I’m simply I was simply gon na say envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions think of 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 certainly be an interesting task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and in fact see what was going on and kind of try to return to everyone so proceeding look why do companies pick to primary different savings account there are Papaya Global Payroll Approval services out there doing exactly this for particular nations and I’ve operated in a business or many services doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we do not have to and anyone that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think 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 think people have actually got so utilized to we need a brand-new savings account we open an entity and appropriately 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 simply been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it requires changing however ultimately people are extremely stuck with what they’re familiar
with best um change is a challenging thing all of us don’t like modification um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having preserving multiple bank accounts however there’s a big quantity of complexity chooses establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the complexity is big but I think the truthful response is change um individuals haven’t had the ability to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century or two there is a lot to keep track of and this approach does position a number of challenges um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Payroll Approval