Over the last 5 or 6 years …Papaya Global Job Opurtunties… functions on the provider side and also on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds approximately 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 just to hear where everyone is um it’s nice to to type of like see where everybody 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 raining here it’s very really bleak and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies preserve different
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially helpful for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining different checking account for payroll in different countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and timely payroll payments is a complex difficulty for businesses operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to enhance working capital, and discover how enhancing international payroll payments can change them from a challenging task into a tactical property.
Managing payroll internationally is a daunting job due to numerous policies, compliance requirements, data security concerns, and banking rules. The large variety of staff members and companies contributes to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems typically result in manual processes, information silos, and an absence of integration, causing disparities and inefficiencies. In spite of living in a period of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to provide insights and solutions to simplify and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more an organization spends on global payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of global organizations have actually revealed 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 due to time reporting poor HCM information data entry errors poorly interacted hires and terminations as well as absence management and system setups and then when you round everything off and the information is shipped to the incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they rely 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 organization face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and say what is it what doesn’t need to be consisted of best and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities 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 client’s own in-country account so there’s intricacy any place you look best ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to kind of move forward with that it also also to add to that payroll and finance need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and finance groups work better together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide 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 data 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 world puts a high value on wellness and the compensation landscape is becoming significantly complex. Organizations are constantly presenting brand-new benefits and payment options, which adds to the general complexity. Big corporations often divide their payroll and payment processing into different teams, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s highly advanced era, there’s no validation for keeping troublesome procedures. Payroll, the business’s greatest expenditure, should be processed properly and on time. Even slight hold-ups can negatively impact staff members’ well-being and have significant effects. Therefore, it’s crucial to focus on accurate and prompt payments.
payroll team get um so I’m unsure anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done properly so leveraging the first International Payments very first payroll payment solution is a terrific initial step um offering an end-to-end payroll service for your staff members globally again I think is another substantial um procedure again aligning and guaranteeing you have standardization International processes all of those things are absolutely key to success success of services and minimizing the variety of tools platforms and checking account they need for their Worldwide 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 five or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand 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 easy as possible for everybody that’s associated with those processes and also so picture sorry I’m simply I was just gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting 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 held true um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of shot to return to everybody so proceeding appearance why do companies pick to primary separate bank accounts there are Papaya Global Job Opurtunties companies out there doing precisely this for specific nations and I’ve worked in a company or lots of organizations doing precisely that I can state it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we don’t have to and anyone that’s handling 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 believe numerous factors one is it’s the standard I think people have got so utilized to we need a new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have actually embraced 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 type of do it so I think there’s a range I think this is a process that requires taking a look at it needs altering however ultimately individuals are extremely stuck to what they recognize
with best um change is a tough thing we all don’t like modification um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having keeping multiple savings account but there’s a substantial amount of complexity goes with setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is big however I think the truthful answer is change um people haven’t had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or two there is a lot to keep track of and this technique does position numerous challenges um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so
I just did you switched our Enterprise 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 staff members you deserve a corner office with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Job Opurtunties