Over the last 5 or six years …Papaya Global Silicon Valley Bank… roles on the provider side and also on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two to join we all 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 just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I truly do hope it’s much sunnier than it is 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 very very dreary and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business preserve separate
Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is especially helpful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of keeping separate savings account for payroll in various countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and prompt payroll payments is a complex difficulty for companies running globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, find out how companies anticipate payroll costs to enhance working capital, and find how streamlining international payroll payments can transform them from a troublesome job into a tactical asset.
Managing payroll worldwide is a complicated job due to various regulations, compliance requirements, data security issues, and banking rules. The large number of workers and businesses adds to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently result in manual procedures, data silos, and a lack of integration, resulting in inconsistencies and inefficiencies. Regardless of residing in a period of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to provide insights and options to simplify and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a company spends on global payroll the less of an image they see an absence of exposure also reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide businesses have 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 due to time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations along with absence management and system setups and then when you round everything off and the information is shipped to the wrong location the typical 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 all over the world payroll and payments don’t run efficiently if they count on the required numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re paying to staff members or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t need to be included right and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 need to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal ultimately building a knowledge base is absolutely critical however all over you look with payroll payment they are like very payments no if but 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 technology is permitting us to type of move on with that it likewise also to add to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely vital that payroll and financing teams work more detailed together than ever um I’m always amazed 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 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 frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on wellness and the settlement landscape is becoming significantly intricate. Services are continually introducing brand-new advantages and payment options, which contributes to the overall intricacy. Large corporations typically divide their payroll and payment processing into separate groups, which can cause inadequacies and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s technologically innovative period, there’s no reason for keeping cumbersome treatments. Payroll, the business’s biggest expenditure, need to be processed correctly and on time. Even small hold-ups can negatively affect workers’ wellness and have far-reaching consequences. Therefore, it’s important to prioritize accurate and prompt payments.
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals only notice when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally as well. Therefore, it is important to guarantee that jobs like Wi-Fi Worldwide and other vital matters are done properly. Using the first Global Payments first payroll payment service is an excellent initial action towards offering a comprehensive payroll service for workers worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and checking account required for international payroll are essential factors in attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things do not go as prepared. Ultimately, we do not do it for the thankfulness.
anyhow we understand how how essential 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 simple as possible for everybody that’s involved in those processes and likewise so envision sorry I’m simply I was simply gon na say 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 talking about numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task trying to clean 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 check out them and actually see what was going on and sort of try to return to everyone so proceeding appearance why do business pick to main different savings account there are Papaya Global Silicon Valley Bank organizations out there doing exactly this for specific countries and I’ve worked in a company or many services doing exactly that I can state it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we don’t need to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think 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 believe individuals have got so used to we require a new bank 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 think it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I believe this is a procedure that needs looking at it requires altering however ultimately individuals are very stuck with what they recognize
with right um modification is a challenging thing all of us do not like modification um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having maintaining numerous checking account however there’s a huge amount of complexity opts for setting up a bank account preserving it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for individual people so the intricacy is big however I think the honest response is change um people haven’t had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to monitor and this approach does posture numerous challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you deserve a corner office with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Silicon Valley Bank