Over the last 5 or six years …Papaya Global Third Party Payroll… roles on the company side and likewise on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it is 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 really bleak and I wish I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical property uh we’ll also review a recap and that should leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more typical and managing them ends up being a growing number of intricate Global companies are wanting to find Solutions and new ways to simplify processes particularly from a payroll and cross-border payment viewpoint lots of companies preserve separate checking account just for payroll while some have several accounts in various nations does it make sense for business to maintain separate checking account in some cases in various countries it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international companies streamline the episode complex procedures of
Guaranteeing accurate, efficient, and timely payroll payments is a complex challenge for companies running internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how companies forecast payroll expenses to optimize working capital, and discover how enhancing worldwide payroll payments can transform them from a difficult task into a strategic property.
Managing payroll globally is a difficult task due to different policies, compliance requirements, information security concerns, and banking guidelines. The large number of workers and organizations contributes to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems often result in manual processes, information silos, and an absence of combination, causing disparities and ineffectiveness. Regardless of residing in an era of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to provide insights and solutions to streamline and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite honestly the more an organization spends on worldwide payroll the less of a photo they see a lack of presence likewise reaches payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of worldwide services have expressed 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 due to time reporting bad HCM information data entry errors poorly interacted hires and terminations in addition to absence management and system setups and then when you round all of it 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 as soon as payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they rely on the essential several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s a good question I always toss this back and state what is it what does not require to be included 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 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 consumer’s own in-country account so there’s complexity wherever you look right ultimately constructing a knowledge base is definitely crucial however all over you look with payroll payment they are like extremely 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 acknowledgment that payroll payments are absolutely basic and technology is permitting us to sort of move forward with that it also also to add to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely imperative that payroll and finance groups work closer together than ever um I’m always impressed when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession 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 frequently split and cut up um eventually 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 however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high worth on wellness and the compensation landscape is becoming progressively detailed. Companies are continually presenting brand-new benefits and payment options, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into different groups, which can lead to ineffectiveness and traffic jams. In my opinion, this does not have to hold true. In today’s highly innovative period, there’s no reason for preserving troublesome treatments. Payroll, the business’s greatest expense, must be processed properly and on time. Even small hold-ups can negatively affect employees’ well-being and have significant consequences. Therefore, it’s crucial to focus on precise and timely payments.
payroll team get um so I’m uncertain anybody on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific 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 find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe 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 stuff is absolutely essential that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment service is a terrific first step um offering an end-to-end payroll service for your employees globally once again I think is another huge um procedure again aligning and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of services and lowering the variety of tools platforms and savings account they need for their Global 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’ve never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyhow we know 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 everyone that’s involved in those processes and likewise so picture sorry I’m simply I was just gon na say envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions envision getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating 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 need days of the week to attempt to check out them and really see what was going on and type of shot to return to everybody so moving on appearance why do companies select to main separate checking account there are Papaya Global Third Party Payroll services out there doing precisely this for particular countries and I have actually operated in a business or numerous services doing precisely that I can state it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we do not need 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 amount that we are I think lots of reasons one is it’s the standard I believe people have actually got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I believe this is a process that requires looking at it requires changing but ultimately individuals are really stuck with what they recognize
with best um modification is a tough thing we all don’t like modification um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having keeping several savings account however there’s a huge amount of complexity goes with establishing a bank account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual people so the intricacy is big but I believe the sincere answer is modification um people haven’t had the ability to change or have not had always the understanding to truly make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we’ve always 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 know what might practically be determined to be the next Century or so there is a lot to monitor and this technique does pose several difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Papaya Global Third Party Payroll