Over the last 5 or 6 years …Papaya Global Leadership Team… roles on the provider side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely really gloomy and I wish I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business preserve different
Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping different savings account for payroll in various countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and timely payroll payments is a complex obstacle for companies running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to enhance working capital, and find how streamlining international payroll payments can change them from a difficult task into a tactical asset.
Handling payroll globally is a complicated task due to various regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of employees and services adds to the intricacy, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically result in manual procedures, data silos, and a lack of integration, resulting in disparities and ineffectiveness. In spite of living 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 aims to provide insights and solutions to simplify and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service invests in international payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of international businesses have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors inadequately interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is shipped to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they depend on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s a good question I constantly throw this back and state what is it what does not need to be consisted of ideal and what does
it require to be thought about there’s differing 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 need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look right ultimately building a knowledge base is absolutely critical however everywhere you look with payroll payment they are like extremely payments no if but 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 think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is allowing us to type of progress with that it also also to add to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and financing teams work better 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 anyone what is payroll who doesn’t operate 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 ultimately 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 3rd parties so with the
The modern-day world positions a high value on wellness and the settlement landscape is ending up being increasingly elaborate. Organizations are constantly presenting new benefits and payment options, which adds to the general intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can result in ineffectiveness and bottlenecks. In my opinion, this does not have to be the case. In today’s technologically advanced era, there’s no validation for keeping troublesome procedures. Payroll, the business’s biggest expenditure, should be processed correctly and on time. Even small delays can negatively impact employees’ wellness and have far-reaching effects. For that reason, it’s vital to focus on precise and prompt payments.
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just see when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s viewed externally as well. For that reason, it is necessary to make sure that tasks like Wi-Fi Worldwide and other essential matters are done properly. Using the first Global Payments very first payroll payment service is a great initial step towards providing a comprehensive payroll option for staff members worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and checking account essential for worldwide payroll are crucial consider accomplishing service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyway we understand how how important 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 everyone that’s involved in those procedures and likewise so envision sorry I’m just I was just gon na state think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and type of shot to return to everybody so proceeding appearance why do business choose to primary separate savings account there are Papaya Global Leadership Team services out there doing precisely this for particular nations and I’ve worked in a service or many companies doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we do not need to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I think people have got so utilized to we require a brand-new bank account we open an entity and rightly 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 simply been the standard and the norm individuals have adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs changing however ultimately people are very stuck to what they recognize
with ideal um modification is a challenging thing all of us do not like modification um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having maintaining several savings account but there’s a big amount of intricacy goes with setting up a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is substantial however I think the sincere response is modification um individuals have not been able to change or have not had always the knowledge to really make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might practically be identified to be the next Century or two there is a lot to keep track of and this method does present a number of difficulties um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I simply 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 are worthy of a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Leadership Team