Over the last five or six years …Papaya Global Tapowa… functions on the company side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or two to join all of us work back to back these days 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 kind of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely uninspiring and I want I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business maintain different
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly beneficial for global organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of keeping separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic asset 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.
Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for services operating worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, find out how companies forecast payroll expenses to enhance working capital, and find how simplifying international payroll payments can transform them from a troublesome task into a tactical property.
Managing payroll worldwide is a challenging job due to various policies, compliance requirements, data security issues, and banking guidelines. The sheer number of staff members and companies contributes to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems typically result in manual procedures, information silos, and an absence of combination, leading to disparities and inadequacies. Despite living in an age of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to offer insights and solutions to simplify and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization invests in global payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international companies have actually revealed that they don’t 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 data entry mistakes badly interacted hires and terminations in addition to lack management and system setups and then when you round everything off and the information is delivered to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they rely on the necessary several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re paying to employees or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t require to be included ideal and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 client’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is definitely vital however all over you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to sort of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance teams work closer together than ever um I’m constantly surprised when individuals say I have actually split 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 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on well-being and the payment landscape is becoming progressively elaborate. Companies are constantly presenting new advantages and payment choices, which adds to the overall complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in ineffectiveness and traffic jams. In my viewpoint, this does not have to hold true. In today’s highly advanced era, there’s no justification for maintaining troublesome treatments. Payroll, the company’s most significant expenditure, need to be processed correctly and on time. Even small delays can negatively affect workers’ well-being and have far-reaching consequences. Therefore, it’s critical to focus on accurate and prompt payments.
payroll team get um so I’m unsure anyone on this type of webinar has been informed 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 employees or not um but eventually payroll is such an important cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just 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 absolutely vital that all of this stuff is done properly so leveraging the first Global Payments first payroll payment solution is an excellent first step um supplying an end-to-end payroll solution for your workers internationally once again I believe is another big um procedure again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of services and decreasing the number of tools platforms and bank accounts they require for their International 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 don’t 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 suggested to be um I don’t think any of us are really doing that for for the thanks
anyhow we know how how important 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 everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was simply gon na say think of 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 discussing numerous thousands potentially Millions imagine getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and in fact see what was going on and type of try to get back to everyone so proceeding appearance why do companies select to primary different bank accounts there are Papaya Global Tapowa companies out there doing precisely this for particular countries and I’ve operated in a business or many businesses doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not developing extra work for anybody 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 believe that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the requirement I think individuals have actually got so used to we need a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually embraced 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 variety I think this is a procedure that needs looking at it requires altering but eventually people are very stuck to what they’re familiar
with ideal um modification is a tough thing all of us do not like change um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having keeping numerous checking account however there’s a substantial quantity of complexity goes with setting up a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is substantial but I believe the honest answer is modification um individuals haven’t been able to change or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a checking 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 change but we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be determined to be the next Century approximately there is a lot to monitor and this method does pose a number of obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this improved ability, I have successfully secured payments for our 10,000 employees 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 more detailed, considering your achievements. Papaya Global Tapowa