Over the last 5 or 6 years …Cost Papaya Global… roles on the provider side and also on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everybody 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 sort of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone 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 extremely really dreary and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies preserve different
Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is particularly helpful for global organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and timely payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll costs to optimize working capital, and find how simplifying international payroll payments can transform them from a difficult job into a tactical possession.
Managing payroll internationally is a complicated job due to different policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of employees and businesses contributes to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems frequently result in manual procedures, information silos, and an absence of combination, resulting in disparities and inefficiencies. Regardless of residing in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to provide insights and solutions to simplify and optimize global payroll payments.
about it to give 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 provides me sleep deprived nights and rather honestly the more a company invests in global payroll the less of an image they see an absence of visibility also encompasses payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal almost half of international services have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes poorly communicated hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is delivered to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they count on the necessary multiple procedures 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 challenges service face when they’re paying to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t need to be consisted of right 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 amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look right ultimately developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to sort of progress with that it likewise also to add to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely vital that payroll and financing groups work more detailed together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on wellness and the payment landscape is becoming increasingly detailed. Services are continually introducing brand-new benefits and payment alternatives, which contributes to the general intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can lead to inefficiencies and traffic jams. In my opinion, this does not have to be the case. In today’s technically innovative era, there’s no reason for keeping troublesome treatments. Payroll, the business’s greatest cost, should be processed properly and on time. Even minor delays can adversely affect workers’ well-being and have far-reaching repercussions. Therefore, it’s vital to prioritize precise and timely payments.
payroll group get um so I’m not exactly sure anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done correctly so leveraging the very first International Payments very first payroll payment solution is a terrific initial step um offering an end-to-end payroll service for your workers globally again I think is another big um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of services and minimizing the variety of tools platforms and savings account they need for their Worldwide 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 five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyway we understand 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 easy as possible for everybody that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and really see what was going on and kind of shot to get back to everyone so moving on look why do business choose to primary different savings account there are Cost Papaya Global businesses out there doing exactly this for specific nations and I have actually operated in a company or many organizations doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we don’t have to and any person that’s managing 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 quantity that we are I think many reasons one is it’s the standard I think individuals have got so utilized to we require a new bank account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I think this is a procedure that needs taking a look at it requires changing however ultimately people are extremely stuck with what they recognize
with right um modification is a tough thing all of us do not like modification um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having preserving numerous bank accounts however there’s a huge quantity of intricacy goes with establishing a bank account keeping it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for private people so the complexity is huge but I think the sincere response is change um individuals have not had the ability to change or haven’t had necessarily the knowledge 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 understanding you know and there is an element 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 moving on and moving into you know what could practically be identified to be the next Century or two there is a lot to track and this method does position numerous difficulties um so Johnny could you tell 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 handle our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced ability, I have effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Cost Papaya Global