Over the last five or 6 years …Change Data Location Papaya Global… roles on the company side and also on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everybody another couple of uh well one of 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 intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very dreary and I want I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies preserve different
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving different savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and timely payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, discover how business forecast payroll expenses to optimize working capital, and find how enhancing international payroll payments can change them from a difficult task into a strategic possession.
Managing payroll internationally is a complicated job due to different policies, compliance requirements, information security issues, and banking guidelines. The sheer number of staff members and services adds to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Standard payroll systems typically result in manual processes, information silos, and a lack of combination, causing disparities and inefficiencies. In spite of living in a period of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to provide insights and solutions to streamline and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that offers me sleepless nights and rather frankly the more a business invests in worldwide payroll the less of a photo they see a lack of exposure also reaches payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of global businesses have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes inadequately interacted hires and terminations in addition to lack management and system configurations and after that when you round everything off and the data is delivered to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they rely on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re paying to staff members or otherwise that’s a great concern I always toss this back and say what is it what doesn’t require to be consisted of best and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 have to pay from the consumer’s own in-country account so there’s complexity anywhere you look ideal ultimately constructing a knowledge base is absolutely critical but all over you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 basic and technology is allowing us to kind of move forward with that it likewise too to add to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and finance groups work more detailed together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from computation 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 process it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on wellness and the settlement landscape is becoming significantly complex. Services are constantly presenting brand-new benefits and payment choices, which adds to the general complexity. Big corporations often divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my viewpoint, this does not have to be the case. In today’s highly innovative period, there’s no reason for keeping cumbersome procedures. Payroll, the company’s greatest expense, need to be processed correctly and on time. Even small delays can adversely affect employees’ well-being and have significant repercussions. For that reason, it’s vital to focus on precise and timely payments.
payroll team get um so I’m unsure anybody on this kind 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 workers or not um but eventually payroll is such an important cycle all of us become aware of it when it goes wrong everybody 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 also like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done properly so leveraging the first Global Payments first payroll payment option is a fantastic initial step um supplying an end-to-end payroll solution for your employees worldwide once again I think is another big um procedure once again lining up and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of organizations and reducing 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 terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we understand how how important a function 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 processes and also so imagine sorry I’m simply I was just gon na say think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly 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 held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and type of try to get back to everybody so carrying on look why do companies select to primary different bank accounts there are Change Data Location Papaya Global organizations out there doing precisely this for specific nations and I’ve worked in a business or numerous organizations doing precisely that I can say it does not constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for anyone where we don’t have to and any person that’s handling that process 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 reasons one is it’s the standard I believe individuals have actually got so used to we need a brand-new bank account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals 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 lots of other ways um to to sort of do it so I think there’s a variety I think this is a procedure that needs taking a look at it requires altering but eventually people are extremely stuck to what they recognize
with ideal um modification is a challenging thing we all do not like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having maintaining numerous checking account however there’s a substantial quantity of intricacy chooses establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific people so the intricacy is substantial but I believe the truthful answer is change um individuals haven’t been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might practically be figured out to be the next Century or two there is a lot to keep track of and this method does present numerous difficulties um so Johnny might you inform us about those challenges 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you are worthy of a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Change Data Location Papaya Global