Over the last 5 or 6 years …Papaya Global For Large Companies… roles on the service provider side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is 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 extremely very uninspiring 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 looking at the challenge years of handling Worldwide payroll why business maintain separate
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate checking account for payroll in various nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and prompt payroll payments is a complex challenge for companies running internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to optimize working capital, and discover how streamlining worldwide payroll payments can change them from a troublesome job into a tactical property.
Managing payroll globally is a difficult job due to different regulations, compliance requirements, data security issues, and banking rules. The sheer number of employees and businesses contributes to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems often result in manual procedures, information silos, and an absence of combination, causing inconsistencies and inadequacies. Regardless of residing in an age of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to offer insights and services to streamline and enhance international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a service spends on international payroll the less of a picture they see an absence of visibility also encompasses payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international services have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes inadequately communicated hires and terminations along with absence management and system configurations and then when you round everything off and the data is delivered to the incorrect place the typical cost of a global information 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 don’t run smoothly if they rely on the essential several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s a great question I always throw this back and state what is it what does not require to be included right and what does
it require to be thought of there’s varying 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 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 intricacy any place you look ideal ultimately constructing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 fundamental and technology is enabling us to sort of move forward with that it also also to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely important that payroll and finance groups work more detailed together than ever um I’m constantly impressed 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 work in the payroll profession would they split 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 information 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 modern-day world puts a high value on wellness and the payment landscape is ending up being progressively elaborate. Services are continuously presenting new benefits and payment options, which contributes to the overall intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can result in inefficiencies and traffic jams. In my viewpoint, this does not need to hold true. In today’s technically innovative era, there’s no justification for keeping troublesome procedures. Payroll, the business’s most significant expense, should be processed correctly and on time. Even slight hold-ups can negatively impact employees’ wellness and have significant repercussions. Therefore, it’s critical to prioritize accurate and prompt payments.
payroll group get um so I’m uncertain anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but 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 just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital 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 service for your staff members worldwide again I believe is another huge um procedure once again aligning and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of services and decreasing the number of tools platforms and checking account they need for their Global 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 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I do not think any of us are actually doing that for for the thanks
anyway we know how how crucial a role 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 easy as possible for everybody that’s associated with those processes and likewise so envision sorry I’m just I was simply gon na say picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I suggest 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 picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and actually see what was going on and kind of shot to return to everybody so carrying on appearance why do companies choose to main separate checking account there are Papaya Global For Large Companies companies out there doing exactly this for specific nations and I’ve operated in a business or lots of businesses doing precisely that I can say it does not always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for any person where we do not need to and anyone 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 amount that we are I think numerous factors one is it’s the standard I believe individuals have actually got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals 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 sort of do it so I believe there’s a range I think this is a procedure that needs taking a look at it requires changing but eventually people are really stuck to what they recognize
with best um modification is a difficult thing we all don’t like change um so I think it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having keeping multiple bank accounts but there’s a huge quantity 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 specific individuals so the intricacy is big but I believe the honest response is modification um individuals have not been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look 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 approach does present numerous obstacles um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so
I simply did you switched 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 are worthy of a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global For Large Companies