Over the last five or 6 years …Chocodaps Papaya Global… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite 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 everybody originates from and I actually 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 raining here it’s really extremely gloomy and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business maintain different
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of keeping separate savings account for payroll in different countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical 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 precise, effective, and prompt payroll payments is a complex difficulty for organizations operating worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, discover how business anticipate payroll costs to optimize working capital, and discover how enhancing worldwide payroll payments can change them from a burdensome job into a strategic possession.
Handling payroll internationally is a daunting job due to numerous policies, compliance requirements, information security concerns, and banking rules. The large number of staff members and organizations adds to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems typically lead to manual procedures, data silos, and a lack of integration, leading to disparities and ineffectiveness. Despite living in an age of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to provide insights and services to simplify and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a business invests in international payroll the less of an image they see a lack of exposure also reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal almost half of worldwide companies have actually revealed that they don’t 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 data entry errors badly communicated hires and terminations along with absence management and system configurations and after that when you round it all off and the information is delivered to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they count on the essential several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to staff members or otherwise that’s a great question I constantly throw this back and state what is it what does not need to be included ideal and what does
it need to be thought of there’s varying 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 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 intricacy any place you look right eventually building a knowledge base is definitely important however all over you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to sort of move forward with that it also also to add to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely important that payroll and finance teams work closer together than ever um I’m always surprised when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not 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 procedure it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
The modern world places a high value on well-being and the compensation landscape is ending up being progressively elaborate. Organizations are continually presenting new benefits and payment choices, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can cause ineffectiveness and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s highly sophisticated age, there’s no justification for maintaining troublesome treatments. Payroll, the company’s biggest cost, need to be processed correctly and on time. Even minor delays can negatively affect employees’ well-being and have far-reaching effects. For that reason, it’s vital to prioritize precise and prompt payments.
payroll team get um so I’m not exactly sure anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this things is done properly so leveraging the first Global Payments first payroll payment option is a fantastic primary step um offering an end-to-end payroll solution for your employees globally once again I think is another substantial um process again lining up and ensuring you have standardization International processes all of those things are absolutely key to success success of companies and lowering the number of tools platforms and bank accounts they need for their Global 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 don’t expect 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 think any of us are in fact doing that for for the thanks
anyhow we know 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 involved in those procedures and likewise so picture sorry I’m just I was just gon na say envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task attempting to clean up all those up for sure oh definitely 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 try to browse them and really see what was going on and sort of try to return to everybody so proceeding look why do companies select to primary separate bank accounts there are Chocodaps Papaya Global businesses out there doing precisely this for particular nations and I’ve operated in a business or numerous services doing precisely that I can say it does not constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not creating extra work for any person where we don’t need to and anybody that’s dealing with that process 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 think many reasons one is it’s the standard I believe people have got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a range I believe this is a procedure that requires looking at it needs changing but ultimately individuals are very stuck with what they recognize
with ideal um modification is a challenging thing we all don’t like change um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having maintaining numerous bank accounts however there’s a big amount of complexity opts for setting up a savings account keeping it ensuring it can send out International transfers ensuring it’s established with the best user accesses for private people so the complexity is huge but I believe the truthful response is change um individuals have not been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to change but we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century approximately there is a lot to keep an eye on and this technique does present several obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this improved ability, I have effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements. Chocodaps Papaya Global