Over the last 5 or 6 years …Papaya Global Charges… roles on the service provider side and likewise on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really gloomy and I want I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we’ll likewise go over a wrap-up and that should leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more typical and managing them ends up being a growing number of complex Worldwide companies are looking to discover Solutions and brand-new methods to simplify procedures especially from a payroll and cross-border payment viewpoint many organizations maintain separate bank account just for payroll while some have numerous accounts in different countries does it make good sense for companies to preserve different bank accounts often in various countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting international companies streamline the episode complex processes of
Ensuring precise, effective, and timely payroll payments is a complex challenge for companies operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, learn how companies anticipate payroll costs to optimize working capital, and discover how enhancing international payroll payments can change them from a challenging job into a strategic possession.
Handling payroll worldwide is a challenging job due to various policies, compliance requirements, data security issues, and banking rules. The sheer number of employees and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems often lead to manual procedures, data silos, and a lack of integration, resulting in inconsistencies and inefficiencies. Despite residing in an age of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to supply insights and options to simplify and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization spends on worldwide payroll the less of an image they see a lack of visibility likewise reaches payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide services have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes improperly interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the data is shipped to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s an excellent concern I constantly toss this back and state what is it what doesn’t require to be included best and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 wherever you look right ultimately building a knowledge base is absolutely critical but all over you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you 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 definitely basic and technology is enabling us to type of move forward with that it likewise too to add to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely imperative that payroll and financing teams work more detailed together than ever um I’m always impressed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure 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 modern world puts a high worth on well-being and the payment landscape is ending up being progressively detailed. Businesses are continually presenting brand-new advantages and payment options, which adds to the general intricacy. Large corporations often divide their payroll and payment processing into different teams, which can cause ineffectiveness and traffic jams. In my opinion, this doesn’t need to be the case. In today’s technically sophisticated age, there’s no validation for preserving cumbersome procedures. Payroll, the business’s most significant expenditure, need to be processed correctly and on time. Even minor delays can adversely affect employees’ well-being and have significant repercussions. For that reason, it’s important to prioritize accurate and timely payments.
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just see when things go wrong. However, when things go right, it’s seen as just a regular job. This is how it’s perceived externally as well. For that reason, it is important to ensure that jobs like Wi-Fi Global and other important matters are done properly. Utilizing the very first International Payments very first payroll payment solution is a terrific initial step towards providing an extensive payroll option for workers worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and checking account necessary for international payroll are essential factors in accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things do not go as planned. Ultimately, we don’t do it for the appreciation.
anyway we understand 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 everyone that’s involved in those procedures and also so envision sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task trying to clean all those up for sure oh definitely 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 try to check out them and actually see what was going on and sort of try to get back to everybody so moving on look why do companies select to primary separate bank accounts there are Papaya Global Charges organizations out there doing exactly this for specific countries and I have actually worked in a business or many services doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating extra 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 ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the standard I think people have got so used to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I think this is a process that needs looking at it requires changing however ultimately people are very stuck to what they recognize
with right um change is a hard thing all of us do not like modification um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having maintaining numerous bank accounts but there’s a big quantity of intricacy opts for establishing a savings account preserving it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is substantial but I think the truthful answer is change um people have not had the ability to alter or have not had always the understanding to really make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century or two there is a lot to keep track of and this method does posture several challenges um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Charges