Over the last five or 6 years …Papaya Global Grenada… roles on the company side and also on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating 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 everyone comes from and I truly 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 very really bleak and I wish I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies maintain separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll also go over a recap and that must leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of common and managing them becomes increasingly more complex Global organizations are looking to discover Solutions and brand-new methods to improve procedures specifically from a payroll and cross-border payment viewpoint lots of companies preserve different checking account just for payroll while some have several accounts in different nations does it make good sense for companies to keep different bank accounts in some cases in various countries it does but just for payroll is there a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business enhance the episode complex processes of
Ensuring accurate, effective, and timely payroll payments is a complex obstacle for companies operating internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how companies forecast payroll expenses to optimize working capital, and find how improving global payroll payments can transform them from a challenging task into a strategic possession.
Handling payroll internationally is a daunting job due to various regulations, compliance requirements, data security concerns, and banking rules. The sheer variety of workers and services contributes to the complexity, with an approximated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently lead to manual processes, data silos, and a lack of combination, resulting in inconsistencies and inefficiencies. Despite living in a period of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to provide insights and services to simplify and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business spends on global payroll the less of an image they see a lack of exposure also extends to payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of international organizations have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes badly communicated hires and terminations along with lack management and system setups and then when you round all of it off and the information is delivered to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they count on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s a good question I constantly toss this back and say what is it what does not require to be consisted of right and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is definitely crucial however all over you look with payroll payment they resemble very payments no if however 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 believe there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to sort of move on with that it likewise also 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 necessary that payroll and financing teams work more detailed together than ever um I’m constantly surprised 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 work in the payroll profession 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high worth on wellness and the settlement landscape is ending up being increasingly complex. Organizations are continually introducing new advantages and payment choices, which adds to the total complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can result in ineffectiveness and bottlenecks. In my opinion, this does not need to be the case. In today’s technically innovative era, there’s no reason for preserving troublesome treatments. Payroll, the business’s greatest expense, must be processed correctly and on time. Even minor hold-ups can negatively affect employees’ wellness and have far-reaching repercussions. Therefore, it’s important to prioritize precise and timely payments.
payroll team get um so I’m uncertain anyone on this sort of webinar has 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 staff members or not um but eventually payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think 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 stuff is definitely essential that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment option is a great first step um supplying an end-to-end payroll solution for your staff members worldwide once again I think is another huge um process once again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of businesses and decreasing the number of tools platforms and savings account they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re suggested to be um I do not think any of us are actually doing that for for the thanks
anyway we know how how crucial a function 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 likewise so envision sorry I’m simply I was just gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and in fact see what was going on and kind of try to return to everybody so carrying on appearance why do business select to primary different checking account there are Papaya Global Grenada organizations out there doing precisely this for specific nations and I’ve operated in a service or lots of services doing precisely that I can say it doesn’t always feel efficient and it does develop more work I know we’re not purposely doing that we’re not creating extra work for anyone where we do not have to and anyone that’s managing 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 quantity that we are I think many factors one is it’s the requirement I believe individuals have actually got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I think this is a process that needs taking a look at it needs altering however eventually people are really stuck to what they’re familiar
with right um modification is a hard thing all of us do not like modification um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having keeping multiple checking account but there’s a huge quantity of intricacy chooses establishing a checking account preserving it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is big but I think the sincere answer is modification um people haven’t been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might almost be determined to be the next Century or two there is a lot to keep an eye on and this technique does present several obstacles um so Johnny might you inform us about those obstacles 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 handle our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Grenada