Over the last five or six years …Papaya Global Payroll Silicon Valley Bank… functions on the company side and also on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I really 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 drizzling here it’s extremely extremely bleak and I wish I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies preserve different
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of maintaining different checking account for payroll in various nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and timely payroll payments is a complex difficulty for organizations operating worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to optimize working capital, and find how improving international payroll payments can transform them from a challenging job into a strategic property.
Managing payroll internationally is a daunting task due to various policies, compliance requirements, information security concerns, and banking guidelines. The large number of workers and services contributes to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems often result in manual processes, information silos, and a lack of combination, causing disparities and ineffectiveness. Regardless of residing in an era of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to provide insights and solutions to streamline and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization invests in global payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction almost half of global companies 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 errors are due to time reporting poor HCM data data entry mistakes poorly interacted 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 incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they depend on the required multiple 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 business face when they’re making payments to staff members or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t require to be included best 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 country there’s payment amount of time 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 customer’s own in-country account so there’s intricacy anywhere you look best eventually constructing a knowledge base is definitely important however everywhere you look with payroll payment they are like super payments no if however some infants 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 acknowledgment that payroll payments are absolutely essential and innovation is allowing us to kind of progress with that it also as well to add to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and finance groups work closer together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 typically split and cut up um ultimately 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 also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high value on wellness and the settlement landscape is ending up being progressively elaborate. Companies are continuously introducing brand-new benefits and payment alternatives, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can cause inadequacies and traffic jams. In my viewpoint, this does not have to be the case. In today’s technologically advanced age, there’s no validation for preserving troublesome procedures. Payroll, the company’s most significant expenditure, must be processed properly and on time. Even small delays can negatively affect staff members’ well-being and have significant effects. Therefore, it’s crucial to prioritize precise and timely payments.
payroll team get um so I’m not sure anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle we all find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise 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 things is definitely essential that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment solution is an excellent first step um providing an end-to-end payroll solution for your staff members globally again I think is another substantial um process once again aligning and guaranteeing you have standardization International processes all of those things are absolutely key to success success of companies and lowering the variety of tools platforms and checking account they need for their International 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 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 have not gone rather where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyhow we understand how how crucial a function 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 simple as possible for everybody that’s associated with those processes and likewise so envision sorry I’m just I was just gon na say picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task trying to clean up all those up for sure oh definitely I can’t think of 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 sort of try to get back to everybody so proceeding appearance why do companies pick to primary different savings account there are Papaya Global Payroll Silicon Valley Bank companies out there doing exactly this for particular nations and I’ve worked in a business or lots of companies doing precisely 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 producing additional work for any person where we don’t have to and any person that’s handling that procedure 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 reasons one is it’s the standard I think people have got so used to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a process that requires looking at it requires altering however ultimately individuals are really stuck with what they recognize
with right um modification is a tough thing we all do not like modification um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having keeping several savings account however there’s a huge quantity of complexity chooses establishing a bank 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 huge however I believe the truthful response is change um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century or two there is a lot to keep track of and this method does position a number of difficulties um so Johnny might you tell us about those obstacles yeah of course so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you are worthy of 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 Silicon Valley Bank