Over the last 5 or 6 years …Papaya Global Certification… functions on the supplier side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply give everyone another couple of uh well one of 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 intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type 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 drizzling here it’s extremely very gloomy and I wish I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business preserve separate
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and timely payroll payments is a complex difficulty for services running globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, find out how companies forecast payroll costs to optimize working capital, and find how improving worldwide payroll payments can change them from a challenging task into a tactical asset.
Managing payroll worldwide is a challenging job due to different policies, compliance requirements, information security concerns, and banking guidelines. The large number of staff members and organizations 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.
Conventional payroll systems often result in manual processes, data silos, and a lack of combination, leading to inconsistencies and inadequacies. Despite living in an age of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to supply insights and services to streamline and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that offers me sleepless nights and rather honestly the more a service spends on worldwide payroll the less of an image they see a lack of presence likewise extends to payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of international businesses have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors improperly interacted hires and terminations as well as absence management and system configurations and then when you round it all off and the data is shipped 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 require to move the cash around the globe payroll and payments don’t run smoothly if they count on the necessary several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t need to be consisted of best and what does
it need to be thought of there’s varying 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they are like super payments no if however some babies 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 absolutely essential and innovation is enabling us to kind of move forward with that it also too to add to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely vital that payroll and financing teams work closer together than ever um I’m constantly amazed when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process 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 contemporary world puts a high value on well-being and the compensation landscape is becoming increasingly detailed. Businesses are constantly presenting brand-new advantages and payment alternatives, which adds to the general intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can lead to ineffectiveness and traffic jams. In my opinion, this doesn’t need to be the case. In today’s highly advanced age, there’s no validation for preserving troublesome treatments. Payroll, the business’s greatest expense, need to be processed properly and on time. Even small hold-ups can negatively impact workers’ wellness and have far-reaching consequences. For that reason, it’s crucial to focus on accurate and timely payments.
payroll team get um so I’m unsure anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout 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 absolutely essential that all of this things is done correctly so leveraging the first Global Payments first payroll payment service is an excellent first step um offering an end-to-end payroll option for your staff members worldwide again I believe is another big um procedure again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely essential to success success of businesses and reducing the number of tools platforms and checking account they need for their Worldwide 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 have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyhow we understand how how important 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 easy as possible for everyone that’s associated with those procedures and also so imagine sorry I’m just I was simply gon na say think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely 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 require days of the week to attempt to look through them and really see what was going on and type of shot to get back to everybody so carrying on appearance why do business pick to main separate checking account there are Papaya Global Certification services out there doing exactly this for particular nations and I have actually operated in a business or many companies doing precisely that I can state it does not constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we do not have to and anyone that’s dealing with 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 amount that we are I think numerous reasons one is it’s the standard I believe individuals have actually got so utilized to we need a new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I believe this is a process that requires taking a look at it needs changing but eventually people are really stuck to what they recognize
with ideal um change is a difficult thing all of us don’t like modification um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having maintaining multiple savings account however there’s a big amount of complexity goes with establishing a checking account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for specific people so the complexity is substantial but I think the sincere answer is change um individuals haven’t had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or two there is a lot to keep an eye on and this method does present several challenges 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 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 Global employees you should have a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Certification