Over the last 5 or 6 years …Papaya Global Bureau Pricing… roles on the service provider side and likewise on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite 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 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 drizzling here it’s really very dreary and I want I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies maintain different
Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is particularly helpful for global companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining different savings account for payroll in different countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, effective, and timely payroll payments is a complex obstacle for companies operating worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, find out how business forecast payroll expenses to enhance working capital, and discover how simplifying global payroll payments can transform them from a troublesome task into a strategic possession.
Handling payroll internationally is a daunting job due to numerous regulations, compliance requirements, data security concerns, and banking guidelines. The sheer number of employees and services adds to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems frequently lead to manual processes, data silos, and a lack of integration, leading to inconsistencies and inefficiencies. Regardless of living in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to offer insights and solutions to simplify and enhance international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on international payroll the less of a photo they see a lack of exposure also encompasses payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international businesses have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors inadequately communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the information is shipped to the wrong place the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they depend on the necessary multiple 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 difficulties organization face when they’re making payments to staff members or otherwise that’s a great question I constantly toss this back and say what is it what does not need to be consisted of right and what does
it need to be thought of 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 abilities 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 any place you look right ultimately building a knowledge base is definitely critical but everywhere you look with payroll payment they are like extremely payments no if however some infants 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 think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to kind of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work closer together than ever um I’m constantly amazed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split 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 ultimately it’s payroll is an end-to-end process 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 3rd parties so with the
The modern-day world places a high value on wellness and the payment landscape is ending up being significantly elaborate. Companies are continually introducing brand-new benefits and payment choices, which contributes to the total intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can lead to inefficiencies 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 keeping troublesome procedures. Payroll, the company’s most significant expenditure, must be processed correctly and on time. Even minor delays can adversely affect employees’ wellness and have far-reaching effects. Therefore, it’s important to prioritize accurate and timely payments.
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just observe when things fail. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally too. Therefore, it is important to ensure that tasks like Wi-Fi International and other crucial matters are done correctly. Utilizing the first Global Payments very first payroll payment option is an excellent preliminary step towards supplying a comprehensive payroll service for employees worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and bank accounts necessary for international payroll are essential consider achieving business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things don’t go as prepared. Ultimately, we do not do it for the gratitude.
anyhow we understand how how crucial 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 simple as possible for everybody that’s involved in those processes and likewise so imagine sorry I’m just I was just gon na say imagine 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 talking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting 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 browse them and really see what was going on and type of try to return to everybody so carrying on look why do business pick to primary different bank accounts there are Papaya Global Bureau Pricing businesses out there doing precisely this for particular nations and I’ve operated in an organization or numerous businesses doing exactly that I can say it doesn’t always feel effective and it does produce more work I know we’re not purposely doing that we’re not creating additional work for any person where we don’t have to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the requirement I think individuals have actually got so used to we require a new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I believe this is a process that needs taking a look at it requires altering but eventually individuals are extremely stuck to what they recognize
with right um modification is a challenging thing all of us don’t like modification um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having keeping several savings account however there’s a big quantity of intricacy goes with establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the complexity is big however I believe the honest response is modification um individuals haven’t had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might practically be figured out to be the next Century or two there is a lot to track and this approach does posture numerous challenges um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this improved ability, I have effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Bureau Pricing