Over the last 5 or 6 years …How To Link Papaya Global With Accounts… roles on the provider side and also on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already just 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 remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really gloomy and I wish I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business preserve different
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is particularly helpful for global organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and timely payroll payments is a complex difficulty for businesses running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, discover how business anticipate payroll expenses to optimize working capital, and find how improving international payroll payments can change them from a challenging task into a strategic asset.
Managing payroll internationally is a challenging task due to numerous policies, compliance requirements, information security issues, and banking rules. The sheer variety of employees and services adds to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently result in manual processes, information silos, and a lack of combination, resulting in disparities and inefficiencies. Despite residing in an era of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to provide insights and services to streamline and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a company invests in global payroll the less of a picture they see an absence of exposure also extends to payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global companies have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors inadequately communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they rely on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what does not need to be consisted of best 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 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 need to pay from the client’s own in-country account so there’s complexity wherever you look right ultimately developing a knowledge base is absolutely important however all over you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 definitely essential and technology is allowing us to type of progress with that it also too to add to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely vital that payroll and finance groups work better together than ever um I’m always amazed when people say I have actually 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 estimation 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 eventually it’s payroll is an end-to-end procedure 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
world we reside in and wellness being a growing number of important to add to kind of the level of complexity there’s a growing number of advantages being organ or being used by organizations across the world so once again you’re simply aiming to include increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine obstacles or real tough sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of years I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that does not always require to be the case you know long gone are the times where we require to create additional handoffs in the processes that we run in they just make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and an age that you know that we are operating in today there is no reason we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any organization has from a cost viewpoint from an effect viewpoint on employees it is definitely crucial that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive effect on individuals’s wellness and numerous other factors if people aren’t paid uh I’ve constantly been amazed entering into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only see when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally as well. Therefore, it is essential to ensure that jobs like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the first International Payments first payroll payment solution is a great preliminary action towards supplying a detailed payroll service for workers worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and checking account needed for worldwide payroll are crucial consider achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things do not go as planned. Eventually, we do not do it for the gratitude.
anyhow we know how how essential 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 processes and likewise so envision sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially 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 a fascinating task attempting to clean up 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 really see what was going on and sort of shot to return to everyone so moving on appearance why do companies select to primary separate savings account there are How To Link Papaya Global With Accounts companies out there doing precisely this for specific nations and I have actually worked in a business or lots of organizations doing exactly that I can state it does not constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating additional work for any person where we do not have to and any person that’s handling 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 think individuals have got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I believe this is a process that requires taking a look at it requires changing however eventually individuals are extremely stuck to what they’re familiar
with right um change is a challenging thing all of us don’t like modification um so I believe it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having keeping several savings account however there’s a huge amount of intricacy goes with establishing a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the complexity is big however I believe the honest answer is modification um individuals have not been able to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change but we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or two there is a lot to monitor and this method does position a number of difficulties um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements. How To Link Papaya Global With Accounts