Over the last five or 6 years …E Banking Papaya Global… roles on the provider side and also on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely dreary and I want I was elsewhere 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 challenge years of managing Worldwide payroll why business maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we’ll also go over a wrap-up and that should leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of common and handling them becomes increasingly more complex Worldwide companies are seeking to find Solutions and new methods to enhance procedures specifically from a payroll and cross-border payment standpoint many companies preserve separate checking account just for payroll while some have numerous accounts in various nations does it make good sense for business to maintain different savings account often in various countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies enhance the episode complex procedures of
Guaranteeing accurate, efficient, and timely payroll payments is a complex challenge for companies running worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to optimize working capital, and find how simplifying international payroll payments can transform them from a troublesome job into a strategic asset.
Managing payroll worldwide is a daunting task due to numerous policies, compliance requirements, information security issues, and banking guidelines. The sheer variety of employees and services adds 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 services worldwide.
Traditional payroll systems frequently lead to manual processes, data silos, and a lack of integration, resulting in disparities and inadequacies. In spite of residing in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to supply insights and services to simplify and optimize worldwide 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 data in real time that’s another number that provides me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of an image they see an absence of presence also reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide services have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes inadequately communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is shipped to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they rely on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s a great question I always throw this back and say what is it what doesn’t need to be included right and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look right ultimately building a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to sort of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and financing teams work closer together than ever um I’m always amazed when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market 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 information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high value on wellness and the compensation landscape is becoming progressively elaborate. Companies are continually presenting brand-new benefits and payment alternatives, which adds to the general intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can cause inefficiencies and traffic jams. In my viewpoint, this does not have to hold true. In today’s technologically innovative era, there’s no justification for keeping troublesome treatments. Payroll, the business’s most significant expense, need to be processed correctly and on time. Even small hold-ups can negatively affect workers’ well-being and have significant effects. Therefore, it’s vital to prioritize accurate and prompt payments.
The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just observe when things fail. However, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally also. Therefore, it is important to make sure that jobs like Wi-Fi Worldwide and other essential matters are done properly. Using the first Worldwide Payments very first payroll payment option is an excellent preliminary action towards providing an extensive payroll solution for staff members worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and checking account necessary for international payroll are essential factors in achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things don’t go as planned. Eventually, we do not do it for the thankfulness.
anyhow we know how how important 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 easy as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m simply I was simply gon na say think of 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 hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job trying 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 in fact see what was going on and kind of try to get back to everyone so proceeding look why do business pick to main separate bank accounts there are E Banking Papaya Global businesses out there doing exactly this for specific nations and I have actually worked in a company or numerous businesses doing precisely that I can state it does not always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing extra work for anyone where we don’t need to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the standard I believe individuals have got so used to we need a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous 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 however eventually people are extremely stuck with what they’re familiar
with right um modification is a difficult thing all of us do not like change um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having preserving several savings account but there’s a big quantity of complexity goes with setting up a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for specific individuals so the intricacy is big but I believe the honest response is change um individuals have not had the ability to change or haven’t had always the understanding to really make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or two there is a lot to monitor and this approach does pose several difficulties um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I recently made a change to our Enterprise 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 improved ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. E Banking Papaya Global