Over the last 5 or 6 years …Papaya Global Payroll Change… roles on the provider side and likewise on the supplier side from a payroll viewpoint 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 provide everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort 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 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 raining here it’s really extremely gloomy and I want I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business keep separate
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for companies running worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, find out how business forecast payroll costs to optimize working capital, and discover how simplifying worldwide payroll payments can change them from a troublesome task into a tactical property.
Handling payroll globally is a complicated job due to various regulations, compliance requirements, data security concerns, and banking guidelines. The sheer variety of workers and businesses adds to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems often result in manual procedures, information silos, and an absence of combination, leading to disparities and inefficiencies. Regardless of residing in an era of technological improvements, payroll management has actually 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 solutions to streamline and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a business invests in worldwide payroll the less of a photo they see a lack of visibility also encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of global services have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations in addition to absence management and system setups and after that when you round everything off and the data is shipped to the wrong location the average cost 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 do not run efficiently if they count on the needed several processes 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 an excellent concern I always toss this back and state what is it what doesn’t require to be consisted of best and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 intricacy any place you look ideal eventually developing a knowledge base is definitely vital but all over you look with payroll payment they are like very payments no if however some children 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to sort of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and finance groups work closer together than ever um I’m constantly impressed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation 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 procedure it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high worth on well-being and the compensation landscape is becoming significantly elaborate. Organizations are constantly introducing brand-new advantages and payment choices, which contributes to the total intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can lead to inefficiencies and traffic jams. In my viewpoint, this does not need to be the case. In today’s highly sophisticated age, there’s no validation for preserving cumbersome procedures. Payroll, the business’s most significant expense, should be processed properly and on time. Even small hold-ups can negatively affect staff members’ well-being and have significant consequences. For that reason, it’s important to focus on accurate and prompt payments.
payroll team get um so I’m not sure anybody on this type of webinar has actually been told 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 staff members or not um but ultimately payroll is such an important cycle all of us hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment solution is an excellent initial step um supplying an end-to-end payroll service for your employees internationally once again I think is another big um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of businesses and lowering the variety of tools platforms and savings 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’ve never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we know how how crucial a role 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 everybody that’s involved in those processes and also so envision sorry I’m just I was simply gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting 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 need days of the week to attempt to check out them and in fact see what was going on and sort of shot to return to everybody so moving on look why do companies select to main different savings account there are Papaya Global Payroll Change services out there doing precisely this for particular nations and I’ve worked in a company or many organizations doing precisely that I can say it does not always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we don’t have to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I believe people have actually got so used to we need a new checking account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires changing however ultimately individuals are very stuck to what they’re familiar
with best um change is a challenging thing all of us don’t like modification um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having preserving numerous bank accounts however there’s a huge amount of complexity opts for setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the intricacy is huge however I think the honest answer is modification um people haven’t been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or two there is a lot to keep track of and this method does posture several obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I just did you changed 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 Worldwide workers you should have a corner office with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Change