Over the last 5 or 6 years …Papaya Global Course… functions on the service provider side and likewise on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type 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 sunlight is it it’s not no it’s it’s drizzling here it’s very very bleak and I want I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why business maintain different
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is especially beneficial for global companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, 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 go over why they are ending up being a tactical property for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and timely payroll payments is a complex difficulty for companies running globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, find out how business anticipate payroll costs to enhance working capital, and discover how enhancing international payroll payments can transform them from a burdensome task into a strategic possession.
Handling payroll worldwide is a challenging task due to various regulations, compliance requirements, information security concerns, and banking rules. The large number of employees and businesses adds to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically result in manual procedures, data silos, and a lack of integration, leading to disparities and inefficiencies. Despite residing in an era of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to supply insights and services 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 just 11 of services say 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 spends on worldwide payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of international services have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes improperly interacted hires and terminations as well as absence management and system setups and then when you round it all off and the information is shipped to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as 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 required several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and state what is it what does not require to be consisted of ideal and what does
it require to be thought about 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 capabilities 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 client’s own in-country account so there’s intricacy anywhere you look best eventually building a knowledge base is definitely crucial but all over you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to kind of move on with that it likewise also to add to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely vital that payroll and financing groups work better together than ever um I’m always amazed when individuals state I’ve 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 calculation 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 information 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 contemporary world places a high value on wellness and the payment landscape is becoming increasingly elaborate. Services are continually introducing brand-new advantages and payment alternatives, which contributes to the overall intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can lead to inefficiencies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s technically sophisticated period, there’s no validation for maintaining troublesome procedures. Payroll, the business’s biggest expense, need to be processed properly and on time. Even slight hold-ups can negatively affect staff members’ well-being and have far-reaching repercussions. For that reason, it’s critical to prioritize accurate and prompt payments.
payroll team get um so I’m unsure anybody on this sort of webinar has actually been told 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 employees or not um but eventually payroll is such an important cycle we all find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment option is a fantastic first step um offering an end-to-end payroll solution for your workers internationally once again I think is another huge um process again lining up and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of companies and reducing 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 do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we know how how important a function 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 everyone that’s associated with those processes and likewise so imagine sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and kind of try to get back to everyone so carrying on appearance why do business select to main separate bank accounts there are Papaya Global Course companies out there doing exactly this for particular nations and I’ve worked in a company or many organizations doing exactly that I can state it does not always feel efficient and it does create more work I know we’re not deliberately doing that we’re not producing extra work for any person where we don’t need to and anybody that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the standard I think people have actually got so used to we need a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I think this is a procedure that needs looking at it needs altering however ultimately individuals are very stuck to what they recognize
with right um change is a challenging thing we all don’t like modification um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having keeping multiple savings account but there’s a substantial quantity of complexity opts for establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is substantial however I think the honest answer is change um people have not been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century approximately there is a lot to keep an eye on and this approach does pose several challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I recently made a change 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 actually acquired another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Course