Over the last 5 or 6 years …Papaya Global Inc Phone Number… functions on the provider side and likewise on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind 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 type of like see where everyone comes from and I really do hope it’s much sunnier than it remains 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 extremely gloomy and I want I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies preserve different
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in different nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will likewise supply a wrap-up 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 obstacle for companies running internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, find out how business anticipate payroll expenses to optimize working capital, and discover how enhancing international payroll payments can change them from a challenging job into a tactical possession.
Handling payroll worldwide is a difficult task due to different regulations, compliance requirements, data security concerns, and banking rules. The sheer variety of workers and services contributes to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual procedures, information silos, and an absence of combination, causing disparities and ineffectiveness. Regardless of living in an era of technological improvements, 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 goals to supply insights and solutions to simplify and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization spends on worldwide payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of global organizations have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors improperly communicated hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is shipped to the wrong location the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they depend on the required numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they’re paying to workers or otherwise that’s a great question I always toss this back and say 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 information so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 best eventually constructing a knowledge base is definitely critical but everywhere you look with payroll payment they are like extremely 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 acknowledgment that payroll payments are definitely fundamental and innovation is allowing us to type of move forward with that it also as well to add to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely crucial that payroll and financing teams work closer together than ever um I’m constantly impressed when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody 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 frequently 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 any place they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more important to add to type of the level of complexity there’s more and more benefits being organ or being provided by businesses across the world so once again you’re just looking to include a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real difficulties or genuine difficult sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to produce additional handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any organization has from a cost point of view from an effect viewpoint on workers it is absolutely crucial that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive impact on people’s well-being and lots of other elements if people aren’t paid uh I’ve constantly been astonished entering this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anyone on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle all of us become aware of 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 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 stuff is absolutely important that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is a fantastic initial step um supplying an end-to-end payroll solution for your employees internationally once again I believe is another huge um procedure once again lining up and ensuring you have standardization International processes all of those things are definitely essential to success success of companies and minimizing the number of tools platforms and checking account they need for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually 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 problems where things have not gone quite where they’re meant to be um I do not think any of us are actually 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 easy as possible for everybody that’s associated with those procedures and also so think of sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and kind of try to get back to everyone so carrying on appearance why do companies select to primary separate checking account there are Papaya Global Inc Phone Number businesses out there doing exactly this for specific countries and I have actually operated in an organization or lots of businesses doing exactly that I can say it doesn’t always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not need to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the standard I believe individuals have got so utilized to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it requires changing but eventually people are very stuck with what they recognize
with ideal um modification is a tough thing we all do not like modification um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having maintaining multiple checking account but there’s a substantial amount of complexity opts for establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is big but I think the sincere answer is change um individuals haven’t been able to change or have not had always the understanding to really make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century approximately there is a lot to keep an eye on and this approach does pose several obstacles um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you are worthy of a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Inc Phone Number