Over the last five or 6 years …Papaya Global Reverse Payroll… roles on the provider side and also on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really 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 very extremely gloomy and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we’ll also discuss a recap and that must leave his time at the really really 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 a growing number of typical and handling them ends up being more and more complex Global organizations are looking to discover Solutions and new ways to improve processes especially from a payroll and cross-border payment standpoint lots of companies maintain separate savings account just for payroll while some have numerous accounts in various countries does it make good sense for companies to keep different savings account sometimes in various nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets also called virtual wallets play in helping international business improve the episode complex procedures of
Ensuring accurate, efficient, and timely payroll payments is a complex difficulty for businesses running internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, learn how companies anticipate payroll expenses to optimize working capital, and find how streamlining worldwide payroll payments can transform them from a troublesome task into a strategic asset.
Managing payroll internationally is a challenging task due to numerous policies, compliance requirements, data security concerns, and banking rules. The sheer variety of workers and organizations adds to the complexity, with an approximated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems typically result in manual procedures, data silos, and a lack of integration, leading to disparities and inefficiencies. In spite of residing in a period of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to provide insights and services to streamline and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a business spends on global payroll the less of an image they see a lack of presence likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of worldwide companies 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 poor HCM information information entry errors improperly communicated hires and terminations in addition to lack management and system setups and then when you round it all off and the information is delivered to the wrong place the typical cost 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 cash all over the world payroll and payments do not run efficiently if they rely on the required multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s a good question I always toss this back and state what is it what doesn’t need to be consisted of ideal and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 customer’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like very payments no if however some children 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 recognition that payroll payments are definitely fundamental and innovation is permitting us to sort of move on with that it likewise also to add to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely imperative that payroll and finance groups work closer together than ever um I’m constantly impressed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split 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 process it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high worth on well-being and the compensation landscape is becoming significantly elaborate. Businesses are continuously introducing brand-new benefits and payment choices, which contributes to the general complexity. Big corporations often divide their payroll and payment processing into different groups, which can result in ineffectiveness and traffic jams. In my viewpoint, this does not have to be the case. In today’s highly innovative era, there’s no reason for maintaining cumbersome procedures. Payroll, the company’s biggest expense, must be processed properly and on time. Even small delays can negatively impact employees’ wellness and have far-reaching repercussions. For that reason, it’s critical to focus on precise and timely payments.
payroll group get um so I’m unsure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment solution is a great primary step um offering an end-to-end payroll option for your staff members globally once again I believe is another substantial um procedure again lining up and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of companies and minimizing the variety of tools platforms and checking account they need for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how important a role 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 everybody that’s associated with those procedures and likewise so picture sorry I’m simply I was just gon na state picture 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 numerous thousands possibly Millions picture getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task attempting to clean 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 attempt to browse them and really see what was going on and type of shot to return to everyone so proceeding look why do business pick to primary separate checking account there are Papaya Global Reverse Payroll companies out there doing exactly this for specific countries and I’ve operated in an organization or many services doing precisely that I can say it does not always feel effective and it does develop more work I know we’re not purposely doing that we’re not creating additional work for any person where we don’t have to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I think individuals have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I think this is a process that needs looking at it requires altering however eventually people are really stuck with what they recognize
with right um change is a hard thing all of us do not like change um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having maintaining multiple savings account but there’s a huge quantity of intricacy chooses setting up a savings account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for private people so the complexity is huge but I believe the honest answer is modification um people haven’t been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century or so there is a lot to monitor and this technique does pose a number of challenges um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I just 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 seems like our CFO has actually gained another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Reverse Payroll