Over the last five or six years …Papaya Global Kept Sending Me Unsolicited Subscription Fee… roles on the company side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just provide everybody another number of uh well among 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 quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very dreary and I wish I was elsewhere at this moment in time okay 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 separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical possession uh we’ll likewise discuss a wrap-up and that must leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs 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 intricate Global organizations are seeking to find Solutions and new methods to improve processes especially from a payroll and cross-border payment standpoint many companies preserve separate savings account just for payroll while some have numerous accounts in various nations does it make good sense for business to maintain separate savings account sometimes in various countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business improve the episode complex processes of
Making sure accurate, efficient, and timely payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, discover how companies forecast payroll expenses to enhance working capital, and discover how improving worldwide payroll payments can transform them from a difficult task into a tactical property.
Managing payroll globally is a challenging task due to various guidelines, compliance requirements, data security concerns, and banking guidelines. The large variety of workers and services contributes to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems often lead to manual processes, information silos, and a lack of integration, causing inconsistencies and inefficiencies. Despite living in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to provide insights and services to streamline and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company invests in international payroll the less of a picture they see an absence of exposure also reaches payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide organizations have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors inadequately interacted hires and terminations in addition to lack management and system setups and then when you round all of it off and the data is delivered to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they depend on the essential several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s a good concern I always toss this back and say what is it what doesn’t need to be consisted of right and what does
it require to be thought of there’s varying 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 client’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you 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 essential and innovation is enabling us to type of move forward with that it also also to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and financing teams work more detailed together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high worth on well-being and the compensation landscape is ending up being significantly complex. Organizations are constantly presenting new benefits and payment alternatives, which contributes to the total complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can lead to inadequacies and traffic jams. In my viewpoint, this doesn’t need to hold true. In today’s technically sophisticated period, there’s no reason for maintaining cumbersome treatments. Payroll, the company’s most significant cost, should be processed properly and on time. Even slight delays can negatively impact employees’ wellness and have far-reaching effects. For that reason, it’s vital to prioritize precise and prompt payments.
payroll team get um so I’m uncertain anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a terrific first step um supplying an end-to-end payroll solution for your workers globally again I believe is another substantial um procedure once again aligning and ensuring you have standardization International processes all of those things are definitely crucial to success success of companies and minimizing the variety of tools platforms and checking account they require for their Worldwide 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 ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather 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 important 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 everyone that’s associated with those processes and also so imagine sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and sort of shot to get back to everybody so carrying on appearance why do business pick to main separate checking account there are Papaya Global Kept Sending Me Unsolicited Subscription Fee services out there doing precisely this for particular countries and I’ve operated in a business or numerous organizations doing exactly that I can say it doesn’t always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we don’t need to and anyone that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe 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 individuals have got so used to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I think this is a process that needs looking at it requires altering however eventually individuals are very stuck with what they’re familiar
with ideal um modification is a hard thing we all do not like change um so I believe it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having keeping several savings account however there’s a huge amount of complexity opts for establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual people so the complexity is huge but I believe the sincere answer is modification um people haven’t been able to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might nearly be figured out to be the next Century or two there is a lot to monitor and this technique does present several obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so
I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you should have a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Kept Sending Me Unsolicited Subscription Fee