Over the last five or six years …Papaya Global Cloud Login Page… roles on the service provider side and likewise on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds approximately 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 currently just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I actually 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 drizzling here it’s very really dreary and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical asset uh we’ll likewise discuss a recap which should leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more common and handling them becomes increasingly more complicated International organizations are aiming to find Solutions and brand-new methods to improve procedures particularly from a payroll and cross-border payment perspective numerous organizations keep different checking account just for payroll while some have multiple accounts in various nations does it make sense for companies to maintain different savings account in some cases in different nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies enhance the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex obstacle for services operating internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, find out how companies forecast payroll costs to optimize working capital, and discover how enhancing worldwide payroll payments can change them from a burdensome task into a strategic possession.
Managing payroll worldwide is a daunting job due to various policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of employees and companies contributes to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems often lead to manual procedures, information silos, and an absence of integration, resulting in inconsistencies and inefficiencies. Regardless of residing in a period of technological developments, 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 aims to supply insights and services to simplify and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization invests in worldwide payroll the less of a photo they see an absence of visibility also extends to payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the transaction almost half of worldwide services have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes poorly communicated hires and terminations as well as lack management and system setups and after that when you round everything off and the data is shipped to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they count on the required multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t require to be included best and what does
it need to be thought of 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble incredibly 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to sort of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely important that payroll and finance groups work more detailed together than ever um I’m always amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often 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 people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on wellness and the settlement landscape is ending up being progressively complex. Companies are continually introducing brand-new benefits and payment choices, which adds to the overall intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can result in inadequacies and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s technologically advanced age, there’s no validation for preserving troublesome procedures. Payroll, the business’s biggest expenditure, must be processed properly and on time. Even slight hold-ups can adversely affect staff members’ well-being and have far-reaching repercussions. For that reason, it’s crucial to focus on precise and timely payments.
payroll team get um so I’m unsure anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done properly so leveraging the first International Payments first payroll payment service is a terrific primary step um supplying an end-to-end payroll solution for your staff members worldwide once again I think is another substantial um process once again aligning and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of organizations and minimizing the variety of tools platforms and checking account they require for their Worldwide payroll too could not 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 problems where things have not gone quite where they’re meant to be um I don’t believe any of us are really doing that for for the thanks
anyway we know how how essential 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 processes and also so think of sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean up 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 need days of the week to attempt to look through them and actually see what was going on and type of try to get back to everyone so carrying on appearance why do business select to primary separate savings account there are Papaya Global Cloud Login Page organizations out there doing exactly this for particular nations and I’ve worked in a business or numerous companies doing exactly that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we don’t have to and anyone that’s managing 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 quantity that we are I think many factors one is it’s the requirement I believe people have actually got so utilized to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I think this is a process that needs looking at it needs altering but ultimately people are really stuck to what they’re familiar
with best um modification is a challenging thing all of us don’t like change um so I think it’s just type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having preserving several checking account however there’s a big amount of intricacy goes with setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for individual individuals so the complexity is huge but I think the sincere response is change um people haven’t been able to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century approximately there is a lot to monitor and this technique does posture a number of difficulties um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety 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 feels like our CFO has gained another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Cloud Login Page