Over the last five or six years …Papaya Global Affiliate Program… roles on the provider side and also on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely uninspiring and I want I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business maintain different
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of keeping different savings account for payroll in different countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic property 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.
Ensuring precise, efficient, and timely payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to explore 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 improving worldwide payroll payments can transform them from a burdensome task into a strategic possession.
Handling payroll globally is a difficult job due to different guidelines, compliance requirements, data security issues, and banking guidelines. The sheer number of employees and companies contributes to the complexity, with an estimated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently result in manual processes, data silos, and an absence of combination, resulting in disparities and inadequacies. Despite residing 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, frequently using pen and paper. This webinar goals to offer insights and solutions to streamline and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 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 invests in global payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide services have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors improperly communicated hires and terminations in addition to absence management and system setups and then when you round it all off and the information is shipped to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they depend on the needed several processes 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 obstacles service face when they’re making payments to staff members or otherwise that’s a good concern I constantly throw this back and state what is it what doesn’t require to be consisted of ideal and what does
it require to be thought of there’s varying Bank information 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 need to pay from the client’s own in-country account so there’s complexity anywhere you look ideal ultimately building a knowledge base is definitely critical however all over you look with payroll payment they resemble very payments no if but some children 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 recognition that payroll payments are definitely fundamental and technology is allowing us to sort of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and financing teams work closer together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market 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 wherever they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high worth on well-being and the settlement landscape is ending up being increasingly detailed. Companies are continuously presenting new benefits and payment alternatives, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in ineffectiveness and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s highly sophisticated age, there’s no reason for keeping troublesome treatments. Payroll, the business’s biggest expense, need to be processed properly and on time. Even slight delays can adversely impact employees’ wellness and have significant consequences. For that reason, it’s crucial to prioritize precise and prompt payments.
payroll team get um so I’m not sure anyone on this type 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 staff members or not um however eventually payroll is such an important cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment option is a great primary step um providing an end-to-end payroll option for your staff members globally again I believe is another substantial um procedure once again aligning and ensuring you have standardization Global processes all of those things are absolutely essential to success success of businesses and reducing the variety of tools platforms and savings account they require for their Global 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’ve 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 quite where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyway we know how how essential a function it is which’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 picture sorry I’m just I was simply gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions envision getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean all those up for sure oh absolutely 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 look through them and really see what was going on and type of shot to return to everybody so proceeding look why do business select to main different savings account there are Papaya Global Affiliate Program businesses out there doing exactly this for particular countries and I’ve operated in a company or numerous companies doing precisely that I can state it doesn’t always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we do not have to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I believe people have got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes but 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 actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I think this is a process that needs taking a look at it requires changing but ultimately people are extremely stuck with what they’re familiar
with best um modification is a difficult thing we all do not like change 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 lot of track of stuff um I comprehend obviously the advantages of having maintaining numerous checking account however there’s a huge amount of intricacy opts for establishing a savings account maintaining it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is huge however I believe the sincere response is modification um people haven’t been able to change or have not had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you’ve struck 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 keep an eye on and this method does present several difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I simply did you changed our Enterprise 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 staff members you deserve a corner workplace with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Affiliate Program