Over the last 5 or six years …Papaya Global Register… roles on the provider side and also on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everybody another number of uh well among 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 rather fascinating 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 truly 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 really extremely uninspiring and I want I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies preserve separate
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is especially useful for international 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 nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex challenge for organizations operating internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how business forecast payroll expenses to optimize working capital, and find how enhancing international payroll payments can transform them from a burdensome job into a strategic possession.
Managing payroll internationally is an overwhelming job due to various policies, compliance requirements, data security issues, and banking guidelines. The large number of staff members and services adds to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically result in manual processes, data silos, and an absence of combination, leading to disparities and inadequacies. Regardless of living in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to offer insights and services to streamline and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that gives me sleepless nights and rather honestly the more a company invests in international payroll the less of an image they see an absence of exposure also encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of global organizations have expressed that they don’t 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 data data entry errors badly communicated hires and terminations in addition to lack management and system setups and then when you round it all off and the information is shipped to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they depend on the necessary multiple processes 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 difficulties business face when they’re paying to staff members or otherwise that’s a great concern I always toss this back and say what is it what does not require to be consisted of right and what does
it require to be thought of there’s varying 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 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 ultimately constructing a knowledge base is definitely important but everywhere you look with payroll payment they are like extremely 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to kind of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely imperative that payroll and financing groups work better together than ever um I’m constantly impressed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on wellness and the compensation landscape is ending up being increasingly intricate. Organizations are continuously presenting new benefits and payment options, which contributes to the total intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can lead to inefficiencies and bottlenecks. In my opinion, this does not have to hold true. In today’s technically innovative age, there’s no reason for maintaining troublesome treatments. Payroll, the business’s biggest cost, need to be processed properly and on time. Even slight hold-ups can adversely impact staff members’ wellness and have far-reaching consequences. For that reason, it’s vital to prioritize accurate and timely payments.
payroll team get um so I’m not sure anyone on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle we all hear about it when it goes wrong everybody 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment solution is a terrific first step um supplying an end-to-end payroll service for your staff members globally again I believe is another substantial um procedure once again lining up and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of businesses and lowering the variety of tools platforms and checking account they require 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 have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyway we know how how important 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 simple as possible for everyone that’s involved in those procedures and likewise so envision sorry I’m just I was simply gon na state picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions envision getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and actually see what was going on and type of shot to return to everybody so proceeding look why do companies choose to main separate savings account there are Papaya Global Register companies out there doing precisely this for particular nations and I’ve operated in a service or lots of organizations doing precisely that I can say it does not constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for any person where we do not need to and anybody that’s managing 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 quantity that we are I think lots of factors one is it’s the requirement I believe people have got so utilized 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 variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I think this is a procedure that needs looking at it needs changing however ultimately individuals are very stuck to what they recognize
with best um change is a tough thing we all do not like modification um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having keeping multiple bank accounts but there’s a substantial amount of intricacy goes with setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is substantial however I believe the sincere response is modification um people have not had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to change but we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century approximately there is a lot to monitor and this method does posture several challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so
I simply 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 employees you should have a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Register