Over the last five or six years …Papaya Global Processing Checklist… functions on the service provider side and likewise on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or two to join we all 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 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 remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very gloomy and I wish I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business preserve separate
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of preserving different bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and prompt payroll payments is a complex obstacle for businesses operating worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, discover how companies forecast payroll expenses to enhance working capital, and find how simplifying international payroll payments can transform them from a difficult task into a tactical property.
Managing payroll worldwide is a challenging task due to various policies, compliance requirements, data security concerns, and banking guidelines. The sheer number of staff members and services adds to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems frequently lead to manual procedures, information silos, and a lack of combination, resulting in disparities and inadequacies. In spite of residing in an age of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to supply insights and solutions to streamline and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more a business spends on global payroll the less of a photo they see a lack of visibility also extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of worldwide businesses have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations as well as absence management and system setups and then when you round everything off and the data is delivered to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they depend on the necessary several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re making payments to staff members or otherwise that’s a great question I always toss this back and say what is it what does not require to be consisted of right and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 customer’s own in-country account so there’s intricacy anywhere you look best ultimately building a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble incredibly payments no if however some babies 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 acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to kind of move on with that it also too to contribute to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely necessary that payroll and financing groups work better together than ever um I’m always impressed when people state I have actually 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 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high value on well-being and the payment landscape is ending up being progressively intricate. Services are continuously presenting new benefits and payment choices, which adds to the overall intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s technically advanced period, there’s no justification for maintaining cumbersome treatments. Payroll, the company’s greatest expense, should be processed properly and on time. Even small hold-ups can negatively affect workers’ well-being and have far-reaching repercussions. Therefore, it’s critical to prioritize precise and timely payments.
payroll team get um so I’m not exactly sure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise 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 things is absolutely crucial that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment solution is a fantastic initial step um offering an end-to-end payroll solution for your staff members worldwide once again I believe is another huge um procedure again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of services and decreasing the variety of tools platforms and checking account they require for their International 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 ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know how how essential 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 simple as possible for everybody that’s involved in those procedures and also so envision sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job trying to clean up 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 try to look through them and in fact see what was going on and type of try to get back to everybody so moving on look why do companies choose to primary different checking account there are Papaya Global Processing Checklist companies out there doing precisely this for specific countries and I’ve operated in a company or lots of services doing exactly that I can say it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for anyone where we do not need 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 quantity that we are I believe numerous reasons one is it’s the standard I believe individuals have actually got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I think this is a process that requires taking a look at it needs changing however eventually people are really stuck to what they recognize
with ideal um change is a hard thing all of us do not like change um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having keeping numerous bank accounts but there’s a big amount of complexity opts for establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for specific people so the intricacy is substantial however I believe the sincere answer is change um people haven’t been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking 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 however 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 nearly be figured out to be the next Century or two there is a lot to keep track of and this method does posture numerous obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so
I just 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 Worldwide employees you deserve a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Processing Checklist