Over the last five or 6 years …Rollback Papaya Global… roles on the company side and also on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds approximately to join all of us 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 everybody is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it is 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 okay so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a strategic asset uh we’ll also go over a wrap-up which needs to leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of common and managing them ends up being increasingly more complicated International companies are wanting to discover Solutions and brand-new methods to enhance processes especially from a payroll and cross-border payment viewpoint many companies preserve different bank account just for payroll while some have multiple accounts in various countries does it make sense for business to maintain separate savings account sometimes in different countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business simplify the episode complex procedures of
Ensuring precise, effective, and timely payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, learn how companies forecast payroll costs to enhance working capital, and find how improving worldwide payroll payments can change them from a troublesome job into a strategic possession.
Managing payroll globally is an overwhelming job due to different policies, compliance requirements, data security issues, and banking guidelines. The sheer variety of workers and organizations contributes to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems often result in manual processes, information silos, and a lack of integration, causing inconsistencies and inefficiencies. Regardless of living in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to provide insights and solutions to simplify and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization invests in global payroll the less of an image they see an absence of presence likewise encompasses payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of global services have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors inadequately interacted hires and terminations along with absence management and system setups and after that when you round it all off and the information is delivered to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they count on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they’re making payments to staff members or otherwise that’s an excellent question I always throw this back and state what is it what does not require to be consisted of best and what does
it need 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 time frames 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 consumer’s own in-country account so there’s complexity wherever you look best eventually developing a knowledge base is absolutely vital however all over you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to kind of progress with that it also as well to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely important that payroll and finance groups work better together than ever um I’m constantly astonished when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession 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 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 likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on well-being and the payment landscape is becoming progressively complex. Services are continually introducing new benefits and payment choices, which adds to the general complexity. Big corporations frequently divide their payroll and payment processing into different groups, which can result in inadequacies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s highly sophisticated period, there’s no justification for preserving troublesome treatments. Payroll, the company’s most significant cost, must be processed properly and on time. Even minor hold-ups can negatively affect staff members’ well-being and have significant effects. Therefore, it’s crucial to prioritize accurate and timely payments.
payroll team get um so I’m not sure anybody on this type of webinar has been informed 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 workers or not um however ultimately payroll is such an important cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise 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 definitely vital that all of this things is done properly so leveraging the very first International Payments very first payroll payment solution is an excellent initial step um supplying an end-to-end payroll service for your staff members globally again I believe is another big um process again lining up and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of organizations and reducing 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’ve never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks
anyway 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 easy as possible for everybody that’s involved in those processes and likewise so think of sorry I’m simply I was simply gon na state think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and actually see what was going on and type of shot to return to everyone so moving on look why do business select to primary different bank accounts there are Rollback Papaya Global companies out there doing exactly this for particular countries and I’ve operated in a service or numerous businesses doing precisely that I can say it does not always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for any person where we do not need to and anybody 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 amount that we are I believe numerous reasons one is it’s the standard I believe people have actually got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a process that requires taking a look at it requires changing however eventually people are very stuck with what they recognize
with ideal um modification is a difficult thing we all don’t like modification um so I think 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 stuff um I comprehend clearly the advantages of having maintaining several savings account but there’s a substantial quantity of complexity chooses establishing a savings account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for private people so the intricacy is substantial but I believe the honest response is modification um individuals haven’t had the ability to change or have not had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could nearly be determined to be the next Century or so there is a lot to track and this method does position a number of challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Rollback Papaya Global