Over the last five or six years …Papaya Global Makes Payroll… roles on the provider side and likewise on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds or two 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 sort of like see where everyone comes from and I actually 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 very extremely uninspiring and I wish I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why companies keep different
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving separate savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and timely payroll payments is a complex obstacle for businesses running globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, learn how companies anticipate payroll expenses to enhance working capital, and find how streamlining international payroll payments can change them from a troublesome job into a strategic asset.
Handling payroll worldwide is a daunting job due to numerous regulations, compliance requirements, information security concerns, and banking rules. The sheer variety of staff members and services adds to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems often result in manual processes, data silos, and a lack of integration, resulting in disparities and inefficiencies. In spite of residing in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to provide insights and services to streamline and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service invests in international payroll the less of a photo they see a lack of visibility also encompasses payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of international organizations have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors badly interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is shipped to the incorrect location the typical expense of a worldwide information 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 don’t run efficiently if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s a great concern I constantly throw this back and say what is it what does not need to be included best and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity any place you look right ultimately constructing a knowledge base is absolutely critical however all over you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to type of progress with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely vital that payroll and financing teams work better together than ever um I’m always surprised when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically 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 individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on wellness and the settlement landscape is becoming increasingly intricate. Services are continually introducing brand-new benefits and payment choices, which contributes to the overall complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can lead to inadequacies and bottlenecks. In my opinion, this does not need to hold true. In today’s technologically innovative age, there’s no reason for maintaining troublesome procedures. Payroll, the company’s most significant expenditure, should be processed correctly and on time. Even small hold-ups can adversely impact employees’ wellness and have significant repercussions. For that reason, it’s critical to focus on accurate and timely payments.
payroll team get um so I’m not exactly sure anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely essential that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment option is a terrific first step um providing an end-to-end payroll option for your staff members internationally again I believe is another huge um process again aligning and ensuring you have standardization International processes all of those things are absolutely crucial to success success of businesses and minimizing the variety of tools platforms and bank accounts 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 thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I do not believe any of us are really doing that for for the thanks
anyhow we know how how essential 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 involved in those processes and likewise so think of sorry I’m simply I was just gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and actually see what was going on and sort of try to get back to everyone so carrying on look why do business select to primary separate checking account there are Papaya Global Makes Payroll businesses out there doing exactly this for particular nations and I have actually worked in an organization or many services doing exactly that I can say it does not always feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for any person where we do not have to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the standard I think individuals have actually got so used to we require a new savings account we open an entity and appropriately so you need 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 embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I think this is a procedure that requires looking at it requires changing but ultimately individuals are really stuck with 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 far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having preserving multiple checking account however there’s a substantial quantity of complexity chooses establishing a checking account preserving it ensuring it can send International transfers ensuring it’s set up with the best user accesses for specific individuals so the intricacy is substantial however I think the honest answer is modification um people have not been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe 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 have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to track and this method does pose several obstacles um so Johnny might you inform us about those obstacles yeah naturally 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 International staff members you deserve a corner office with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Makes Payroll