Over the last five or six years …Increasing Efficiency On A Budget Using Papaya Global… functions on the provider side and likewise on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everybody another couple of uh well among 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 quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I really 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 really bleak and I want I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies keep separate
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly useful for international organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for organizations running internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to optimize working capital, and find how streamlining international payroll payments can change them from a burdensome task into a strategic asset.
Handling payroll globally is a complicated job due to different guidelines, compliance requirements, information security issues, and banking rules. The sheer number of employees and services adds to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently result in manual procedures, data silos, and an absence of integration, causing inconsistencies and ineffectiveness. Regardless of residing in a period of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to provide insights and options to streamline and enhance international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more an organization invests in global payroll the less of an image they see a lack of exposure likewise extends to payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global businesses have actually 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 because of time reporting poor HCM data data entry errors poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round it all off and the data is delivered to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they count on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re paying to workers or otherwise that’s a good concern I always throw this back and say what is it what doesn’t require to be consisted of right and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 client’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind 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 absolutely essential and innovation is permitting us to sort of progress with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely necessary that payroll and finance teams work more detailed together than ever um I’m always amazed when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation 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 eventually 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 but also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on wellness and the settlement landscape is ending up being significantly detailed. Businesses are continually introducing brand-new advantages and payment alternatives, which adds to the general complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can lead to inefficiencies and traffic jams. In my viewpoint, this doesn’t need to hold true. In today’s technically advanced age, there’s no validation for maintaining cumbersome treatments. Payroll, the business’s most significant expenditure, should be processed properly and on time. Even small hold-ups can adversely affect workers’ well-being and have significant effects. For that reason, it’s critical to prioritize accurate and prompt payments.
payroll team get um so I’m not exactly sure anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such a crucial cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply 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 things is definitely essential that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment option is a fantastic first step um offering an end-to-end payroll solution for your staff members internationally again I think is another huge um process again aligning and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of services and minimizing 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 expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyhow we know how how essential 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 simple as possible for everybody that’s associated with those processes and also so picture sorry I’m just I was simply gon na state picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and in fact see what was going on and type of shot to get back to everybody so proceeding appearance why do companies pick to main different bank accounts there are Increasing Efficiency On A Budget Using Papaya Global businesses out there doing precisely this for specific nations and I’ve worked in a business or many companies doing precisely that I can say it doesn’t always feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing extra work for anybody where we do not have to and anyone that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the standard I think individuals have actually got so used to we need a new checking 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 believe it’s simply been the standard and the standard the people have embraced 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 many other methods um to to kind of do it so I think there’s a range I think this is a process that needs taking a look at it needs changing however ultimately people are extremely stuck with what they recognize
with ideal um modification is a difficult thing all of us don’t like modification um so I believe it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having maintaining several checking account but there’s a huge quantity of intricacy opts for setting up a checking account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private individuals so the complexity is substantial but I think the sincere answer is change um individuals have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to change however we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century or so there is a lot to monitor and this technique does posture numerous challenges um so Johnny could you tell us about those challenges yeah obviously 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 International employees you are worthy of a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Increasing Efficiency On A Budget Using Papaya Global