Over the last five or six years …Call Papaya Global… functions on the supplier side and likewise on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very uninspiring and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business maintain separate
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly useful for global organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of maintaining different bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and timely payroll payments is a complex difficulty for organizations running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, learn how business forecast payroll costs to optimize working capital, and discover how streamlining worldwide payroll payments can transform them from a troublesome task into a strategic property.
Handling payroll internationally is a complicated task due to numerous policies, compliance requirements, data security issues, and banking guidelines. The large number of workers and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically lead to manual processes, information silos, and a lack of integration, resulting in inconsistencies and inefficiencies. Regardless of residing in a period of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to offer 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 only 11 of companies state they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a service spends on global payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of global companies have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors poorly interacted hires and terminations in addition to lack management and system setups and after that when you round everything off and the data is shipped to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they depend on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re paying to workers or otherwise that’s an excellent question I constantly throw this back and say what is it what does not require to be consisted of right and what does
it need to be thought about 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 have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy wherever you look ideal eventually developing a knowledge base is definitely critical however all over you look with payroll payment they are like incredibly payments no if but 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 fundamental and innovation is enabling us to type of progress with that it also also to contribute to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing groups work more detailed together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work 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 individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on wellness and the compensation landscape is becoming significantly intricate. Companies are continuously presenting new benefits and payment options, which contributes to the general intricacy. Big corporations often divide their payroll and payment processing into different groups, which can lead to ineffectiveness and traffic jams. In my opinion, this doesn’t have to be the case. In today’s technically sophisticated age, there’s no justification for maintaining troublesome procedures. Payroll, the business’s biggest expenditure, need to be processed correctly and on time. Even small delays can adversely impact staff members’ wellness and have significant consequences. Therefore, it’s critical to prioritize accurate and timely payments.
payroll group get um so I’m not exactly sure anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle we all find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done properly so leveraging the first Global Payments first payroll payment solution is a terrific primary step um supplying an end-to-end payroll solution for your workers internationally again I think is another huge um process once again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of organizations and lowering the number of tools platforms and bank accounts they require for their Global payroll too couldn’t 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 countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re implied to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand how how crucial 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 procedures and also so think of sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and sort of try to get back to everybody so carrying on appearance why do companies pick to main different bank accounts there are Call Papaya Global organizations out there doing precisely this for specific nations and I’ve operated in a service or lots of companies doing exactly that I can say it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not producing extra work for any person where we don’t need to and anybody that’s dealing with 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 lots of factors one is it’s the requirement I believe people have actually got so used to we need a new savings account we open an entity and appropriately 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 standard individuals have actually 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 methods um to to type of do it so I think there’s a range I think this is a procedure that requires looking at it needs altering but eventually individuals are really stuck to what they’re familiar
with best um modification is a tough thing we all do not like modification um so I believe 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 stuff um I understand clearly the benefits of having preserving several savings account however there’s a huge quantity of intricacy opts for setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the intricacy is huge however I believe the honest answer is modification um individuals have not been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century or so there is a lot to track and this method does pose numerous difficulties um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety 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 staff members you deserve a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Call Papaya Global