Over the last five or 6 years …Papaya Global Direct Earnings Attachment… roles on the provider side and also on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already simply 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 remains 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 really extremely bleak and I wish I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll also discuss a recap which needs to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more typical and managing them becomes a growing number of complicated International companies are seeking to find Solutions and brand-new ways to improve procedures specifically from a payroll and cross-border payment viewpoint many companies preserve separate checking account just for payroll while some have numerous accounts in various nations does it make sense for companies to maintain separate bank accounts sometimes in various nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international business streamline the episode complex procedures of
Ensuring precise, effective, and prompt payroll payments is a complex obstacle for businesses running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how business anticipate payroll expenses to enhance working capital, and find how simplifying worldwide payroll payments can change them from a burdensome task into a strategic property.
Managing payroll globally is an overwhelming task due to numerous policies, compliance requirements, information security concerns, and banking guidelines. The large variety of employees and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently result in manual processes, data silos, and an absence of combination, leading to inconsistencies and inefficiencies. Regardless of residing in a period of technological advancements, 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 options to simplify and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more a service spends on worldwide payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide companies have actually expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes poorly communicated hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is delivered to the incorrect location the average cost of an international information breach at this moment is 3.9 billion dollars when 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 needed numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to staff members or otherwise that’s a great concern I always throw this back and state what is it what does not require to be included right and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is definitely important but everywhere you look with payroll payment they resemble very 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 in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to kind of progress with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely important that payroll and financing groups work better together than ever um I’m constantly amazed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession 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 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high worth on wellness and the payment landscape is becoming significantly complex. Businesses are constantly introducing brand-new advantages and payment choices, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into separate groups, which can result in inadequacies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technologically innovative era, there’s no reason for keeping troublesome treatments. Payroll, the business’s most significant expense, need to be processed correctly and on time. Even minor delays can negatively affect workers’ wellness and have significant consequences. Therefore, it’s vital to prioritize precise and timely payments.
payroll group get um so I’m not sure anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe 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 important that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a great initial step um offering an end-to-end payroll service for your workers internationally once again I believe is another huge um procedure once again aligning and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of businesses and reducing the number of tools platforms and checking account they require for their Global 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 ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand how how essential 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 associated with those procedures and likewise so picture sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions think of getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly 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 need days of the week to attempt to look through them and in fact see what was going on and kind of shot to get back to everyone so carrying on look why do companies pick to primary different savings account there are Papaya Global Direct Earnings Attachment businesses out there doing precisely this for specific nations and I’ve worked in a business or numerous businesses doing exactly that I can say it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we do not need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the requirement I think people have got so utilized to we require a new checking account we open an entity and appropriately so you need 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 standard and the norm the people have adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs altering however eventually individuals are extremely stuck to what they recognize
with right um change is a difficult thing we all do not like modification um so I think it’s just sort of moving far 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 advantages of having preserving several checking account but there’s a substantial quantity of intricacy opts for establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for specific people so the intricacy is big but I believe the honest response is modification um individuals haven’t been able to alter or have not had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is a component of resistance to alter but we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might nearly be identified to be the next Century or two there is a lot to keep track of and this approach does position numerous challenges um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you deserve a corner workplace with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Direct Earnings Attachment