Over the last five or 6 years …Papaya Global Access Levels… roles on the service provider side and likewise on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to sort 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 sunlight is it it’s not no it’s it’s raining here it’s extremely very bleak 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 handling International payroll why companies keep separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll also discuss a recap and that should leave his time at the very very 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 International workforces become increasingly more typical and managing them ends up being increasingly more complex Worldwide organizations are aiming to discover Solutions and new methods to improve processes especially from a payroll and cross-border payment perspective many organizations preserve different bank account just for payroll while some have multiple accounts in various nations does it make sense for companies to preserve different bank accounts sometimes in various countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business enhance the episode complex processes of
Ensuring accurate, efficient, and timely payroll payments is a complex difficulty for businesses running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, discover how companies anticipate payroll costs to optimize working capital, and discover how improving worldwide payroll payments can change them from a difficult job into a strategic asset.
Handling payroll globally is a complicated job due to various regulations, compliance requirements, information security issues, and banking rules. The sheer variety of workers and organizations contributes to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically lead to manual procedures, data silos, and an absence of integration, causing inconsistencies and inefficiencies. In spite of living in an age of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to offer insights and options to simplify and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more a business spends on international payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide services have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors badly communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is shipped to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t need to be included right and what does
it need to be thought of 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 have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to sort of move on with that it also too to contribute to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely crucial that payroll and finance teams work more detailed together than ever um I’m always astonished when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically 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 wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high worth on wellness and the compensation landscape is ending up being progressively complex. Companies are constantly introducing new benefits and payment alternatives, which adds to the overall complexity. Big corporations typically divide their payroll and payment processing into different groups, which can result in ineffectiveness and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s technologically advanced age, there’s no reason for maintaining troublesome procedures. Payroll, the company’s most significant expenditure, should be processed properly and on time. Even minor hold-ups can adversely impact employees’ well-being and have far-reaching effects. For that reason, it’s vital to focus on precise and prompt payments.
payroll group get um so I’m not sure anybody on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply 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 things is definitely important that all of this things is done correctly so leveraging the very first International Payments first payroll payment solution is an excellent first step um offering an end-to-end payroll service for your workers worldwide once again I think is another substantial um procedure once again lining up and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of companies and decreasing the variety of tools platforms and bank accounts 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 have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyway we know how how important 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 associated with those procedures and also so picture sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and in fact see what was going on and type of try to return to everyone so moving on appearance why do business choose to primary different bank accounts there are Papaya Global Access Levels services out there doing exactly this for specific countries and I’ve operated in an organization or lots of organizations doing exactly that I can state it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we don’t have to and anyone that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I believe individuals have got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions 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 contribute to that individuals have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs looking at it requires altering however ultimately individuals are really stuck with what they’re familiar
with best um modification is a tough thing all of us do not like modification um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having maintaining several savings account however there’s a big amount of intricacy opts for establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for private people so the complexity is big however I believe the sincere response is modification um people have not had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions other than 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 a component of resistance to change but we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or two there is a lot to monitor and this approach does present a number of difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I just recently made a modification to our Enterprise 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 actually gained another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Access Levels