Over the last five or six years …Understanding Papaya Global… roles on the supplier side and also on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll kind 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 kind of like see where everybody comes 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 very really dreary and I wish 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 difficulty years of managing Worldwide payroll why business keep separate
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving separate savings account for payroll in different nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical possession 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.
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for businesses operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, learn how business forecast payroll costs to enhance working capital, and discover how streamlining worldwide payroll payments can change them from a burdensome task into a tactical asset.
Managing payroll globally is a difficult task due to various policies, compliance requirements, information security concerns, and banking rules. The large variety of employees and companies contributes to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently result in manual procedures, data silos, and an absence of integration, leading to disparities and ineffectiveness. Despite residing in an era 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 objectives to provide insights and options to streamline and enhance worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that offers me sleepless nights and rather frankly the more a company invests in international payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the deal almost half of worldwide services have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors inadequately communicated hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is shipped to the wrong place the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they depend on the required numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and say what is it what does not need to be consisted of best and what does
it need 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 need to pay from the consumer’s own in-country account so there’s intricacy wherever you look right eventually constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to sort of move on with that it likewise too to add to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and finance teams work closer together than ever um I’m always surprised when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately 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 however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high worth on wellness and the payment landscape is ending up being progressively intricate. Businesses are constantly introducing brand-new benefits and payment choices, which contributes to the general complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can lead to inefficiencies and bottlenecks. In my opinion, this does not need to hold true. In today’s technically advanced era, there’s no justification for preserving cumbersome procedures. Payroll, the business’s most significant cost, must be processed correctly and on time. Even minor delays can adversely affect staff members’ wellness and have significant consequences. For that reason, it’s vital to focus on accurate and timely 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 properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe 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 correctly so leveraging the very first International Payments first payroll payment solution is a great primary step um supplying an end-to-end payroll solution for your workers globally once again I believe is another substantial um process once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of businesses and reducing the variety of tools platforms and savings account they require 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 have actually never ever 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 indicated to be um I don’t think any of us are in fact doing that for for the thanks
anyway we understand 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 everybody that’s associated with those procedures and likewise so envision sorry I’m simply I was just gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly 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 however it would definitely be an intriguing job attempting to clean 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 need days of the week to attempt to browse them and really see what was going on and kind of shot to return to everybody so carrying on appearance why do companies pick to primary different bank accounts there are Understanding Papaya Global organizations out there doing exactly this for particular countries and I’ve worked in a company or many organizations doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating additional work for any person where we do not have to and anyone that’s managing that procedure 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 numerous factors one is it’s the requirement I think people have got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have adopted and continue to do over years and years passed by to add 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 think there’s a variety I think this is a process that needs looking at it requires changing however eventually people are extremely stuck with what they recognize
with ideal um change is a hard thing we all don’t like change um so I believe it’s simply kind 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 undoubtedly the benefits of having keeping multiple bank accounts but there’s a big quantity of intricacy opts for establishing a bank account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for individual people so the intricacy is big however I think the honest answer is modification um individuals haven’t been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does position a number of difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so
I simply did you switched our Business 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 International employees you should have a corner workplace with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Understanding Papaya Global