Over the last five or 6 years …Help.Papaya Global.Com… functions on the supplier side and likewise on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to type 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 sunlight is it it’s not no it’s it’s drizzling here it’s really very gloomy and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business keep different
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of maintaining different savings account for payroll in different nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic possession 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, efficient, and timely payroll payments is a complex difficulty for businesses running globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to enhance working capital, and discover how enhancing worldwide payroll payments can change them from a troublesome task into a tactical possession.
Handling payroll worldwide is a complicated task due to various policies, compliance requirements, data security concerns, and banking rules. The sheer number of workers and companies adds to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems often lead to manual procedures, data silos, and a lack of integration, leading to inconsistencies and ineffectiveness. In spite of living in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to offer insights and solutions to simplify and optimize worldwide 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 Labor force data in real time that’s another number that offers me sleepless nights and quite honestly the more a business invests in international payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of global businesses 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 mistakes are because of time reporting bad HCM data information entry errors improperly interacted hires and terminations along with absence management and system setups and then when you round everything off and the data is delivered to the wrong place the average cost of an international 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 globe payroll and payments do not run efficiently if they count on the necessary 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 challenges company face when they’re paying to workers or otherwise that’s a great question I constantly throw this back and say what is it what does not need to be included right and what does
it require to be considered 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 have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy wherever you look best eventually building a knowledge base is absolutely critical however all over you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 permitting us to type of move on with that it also as well to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely necessary that payroll and finance groups work more detailed together than ever um I’m constantly surprised when people say I have actually split 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 calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on well-being and the compensation landscape is becoming significantly elaborate. Companies are continuously introducing brand-new advantages and payment options, which adds to the total intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can cause inadequacies and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s technologically advanced age, there’s no validation for preserving cumbersome treatments. Payroll, the company’s biggest expenditure, should be processed correctly and on time. Even slight delays can adversely affect staff members’ well-being and have far-reaching consequences. For that reason, it’s critical to prioritize precise and timely payments.
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only notice when things fail. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally also. Therefore, it is important to ensure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Using the very first Worldwide Payments very first payroll payment solution is a great preliminary action towards providing a comprehensive payroll service for workers worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and bank accounts essential for international payroll are crucial factors in accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things don’t go as prepared. Eventually, we don’t do it for the appreciation.
anyhow we know 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 associated with those procedures and likewise so imagine sorry I’m just I was just gon na state 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 discussing hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job trying 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 need 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 everybody so carrying on appearance why do business choose to main different bank accounts there are Help.Papaya Global.Com companies out there doing exactly this for particular countries and I have actually operated in a company or lots of companies doing exactly that I can say it doesn’t always feel effective and it does develop 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 ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I think individuals have got so used to we need a new savings account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I believe this is a procedure that needs looking at it needs altering however eventually people are really stuck with what they’re familiar
with best um modification is a challenging thing we all don’t like modification um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having preserving multiple savings account however there’s a substantial amount of complexity chooses establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is huge however I believe the sincere answer is modification um people have not had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century approximately there is a lot to track and this technique does present numerous difficulties um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I just did you changed 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 Global workers you deserve a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Help.Papaya Global.Com