Over the last five or 6 years …Papaya Global Reference Id… functions on the company side and also on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly 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 very extremely bleak and I want I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical property uh we’ll also review a recap and that needs to leave his time at the really extremely 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 become more and more common and handling them ends up being more and more complex Global organizations are wanting to discover Solutions and brand-new ways to simplify procedures especially from a payroll and cross-border payment standpoint lots of companies preserve different bank account just for payroll while some have numerous accounts in various countries does it make good sense for companies to preserve different checking account sometimes in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international business simplify the episode complex processes of
Ensuring accurate, effective, and timely payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, learn how companies anticipate payroll expenses to enhance working capital, and discover how simplifying international payroll payments can change them from a troublesome task into a strategic possession.
Managing payroll internationally is a complicated job due to different guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer variety of employees and organizations adds to the complexity, with an approximated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Conventional payroll systems frequently result in manual processes, information silos, and a lack of combination, causing disparities and ineffectiveness. In spite of residing in a period of technological advancements, payroll management has actually been sluggish to adapt, 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 international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a company spends on worldwide payroll the less of an image they see an absence of exposure also reaches payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global companies have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes improperly interacted hires and terminations in addition to absence management and system setups and then when you round it all off and the data is delivered to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they rely on the required several processes systems and partners it is simply 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 question I constantly throw this back and say what is it what does not require to be consisted of right and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities 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 complexity anywhere you look right ultimately building a knowledge base is absolutely vital but everywhere you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a 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 definitely basic and innovation is allowing us to type of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work closer together than ever um I’m always amazed when people say 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 occupation 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 anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on wellness and the payment landscape is ending up being increasingly elaborate. Services are continuously introducing brand-new advantages and payment alternatives, which contributes to the general intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and traffic jams. In my opinion, this doesn’t have to hold true. In today’s technically sophisticated era, there’s no validation for maintaining cumbersome treatments. Payroll, the company’s most significant expense, should be processed properly and on time. Even small delays can negatively impact employees’ wellness and have far-reaching consequences. Therefore, it’s crucial to prioritize precise and prompt payments.
payroll group get um so I’m not sure anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe 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 stuff is done properly so leveraging the very first International Payments very first payroll payment service is an excellent primary step um offering an end-to-end payroll option for your employees globally once again I think is another big um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of organizations and minimizing the variety of tools platforms and checking account they need for their Global payroll too could not 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 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
anyhow we know 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 easy as possible for everyone that’s associated with those processes and also so think of sorry I’m simply I was just gon na say think of the amount of thanks you got if you might cover the amount of individuals 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 mean it ‘d be interesting to see how many Post-it notes you got however 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 was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and sort of try to get back to everybody so moving on look why do business pick to main separate bank accounts there are Papaya Global Reference Id companies out there doing exactly this for particular nations and I have actually operated in a company or lots of companies doing exactly that I can say it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing extra work for anyone 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 believe that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the requirement I think people have got so utilized to we need a brand-new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs changing but ultimately people are very stuck with what they recognize
with ideal um change is a difficult thing we all don’t like change um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having maintaining multiple savings account but there’s a big quantity of complexity chooses establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private people so the complexity is substantial however I think the sincere response is change um individuals have not had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or two there is a lot to keep track of and this approach does position a number of difficulties um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
I recently made a change 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 acquired another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Reference Id