Over the last 5 or six years …Papaya Global Payroll Bellingham Wa… roles on the company side and also on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everyone another number 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 rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone 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 raining here it’s really very bleak and I want I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business maintain different
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially useful for international companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving different checking account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic property 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, effective, and prompt payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll expenses to optimize working capital, and find how streamlining global payroll payments can transform them from a challenging job into a tactical asset.
Managing payroll globally is a complicated task due to numerous guidelines, compliance requirements, data security issues, and banking guidelines. The sheer variety of staff members and services contributes to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems typically lead to manual procedures, information silos, and a lack of integration, causing disparities and inadequacies. In spite of living in an era of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to supply insights and options to simplify and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a service spends on worldwide payroll the less of an image they see an absence of exposure also extends to payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of international services have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes inadequately interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the information is delivered to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they rely on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t require to be included best and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country 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 have to pay from the consumer’s own in-country account so there’s intricacy wherever you look best ultimately building a knowledge base is definitely important however all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to kind of progress with that it also as well to add to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work better together than ever um I’m constantly amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation 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 process it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high value on well-being and the payment landscape is becoming increasingly complex. Organizations are continually introducing new advantages and payment alternatives, which contributes to the total intricacy. Large corporations typically divide their payroll and payment processing into separate groups, which can lead to inefficiencies and traffic jams. In my opinion, this does not need to hold true. In today’s technically innovative age, there’s no reason for preserving troublesome procedures. Payroll, the business’s most significant expenditure, should be processed properly and on time. Even minor delays can negatively affect workers’ wellness and have far-reaching repercussions. Therefore, it’s crucial to prioritize accurate and timely payments.
payroll group get um so I’m unsure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a great initial step um offering an end-to-end payroll option for your workers internationally again I believe is another substantial um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of services and lowering the variety of tools platforms and savings account they need for their Worldwide 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 have actually never had a hundred countless 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 haven’t gone rather where they’re indicated to be um I don’t believe any of us are really 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 everyone that’s involved in those procedures and also so picture sorry I’m just I was just gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions picture getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job attempting to clean up 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 try to check out them and actually see what was going on and sort of try to get back to everyone so moving on appearance why do business pick to main separate savings account there are Papaya Global Payroll Bellingham Wa companies out there doing exactly this for particular nations and I’ve operated in a business or many businesses doing precisely that I can say it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we don’t have to and any person 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 amount that we are I believe many factors one is it’s the requirement I think individuals have actually got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I think this is a procedure that requires looking at it requires altering however eventually people are extremely stuck with what they recognize
with best um modification is a difficult thing we all don’t like modification um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having maintaining several checking account however there’s a huge quantity of complexity chooses establishing a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is substantial but I think the truthful answer is change um people have not had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we’ve constantly 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 know what could almost be figured out to be the next Century or two there is a lot to track and this approach does pose a number of obstacles um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I simply did you changed 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 Worldwide staff members 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 Payroll Bellingham Wa