Over the last 5 or six years …Two Day Payroll Papaya Global… functions on the supplier side and also on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really extremely dreary and I wish I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business maintain separate
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and timely payroll payments is a complex difficulty for services operating worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, discover how business forecast payroll expenses to enhance working capital, and find how streamlining international payroll payments can transform them from a burdensome job into a strategic possession.
Handling payroll globally is a complicated job due to numerous regulations, compliance requirements, data security issues, and banking rules. The sheer variety of workers and services adds to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems typically result in manual procedures, information silos, and a lack of combination, leading to inconsistencies and ineffectiveness. Despite living in a period of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to offer insights and solutions to streamline and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international companies have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes badly interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the data is delivered to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they depend on the needed numerous 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 company face when they’re paying to employees or otherwise that’s a good question I constantly toss this back and say what is it what doesn’t require to be consisted of right and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 consumer’s own in-country account so there’s complexity anywhere you look ideal eventually building a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a 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 technology is enabling 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 varying banking requirements and setup procedures is definitely crucial that payroll and finance groups work better together than ever um I’m constantly amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry 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 data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on well-being and the settlement landscape is becoming progressively intricate. Businesses are constantly presenting brand-new benefits and payment alternatives, which contributes to the general complexity. Big corporations often divide their payroll and payment processing into separate groups, which can cause ineffectiveness and traffic jams. In my opinion, this does not have to be the case. In today’s technically innovative period, there’s no validation for maintaining troublesome treatments. Payroll, the company’s greatest cost, must be processed correctly and on time. Even slight delays can adversely impact staff members’ well-being and have far-reaching effects. For that reason, it’s vital to prioritize precise and timely payments.
payroll group get um so I’m not exactly sure anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle all of us find out about it when it fails everyone jumps up and down when it fails 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 likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment service is a terrific primary step um offering an end-to-end payroll solution for your employees worldwide once again I believe is another big um process once again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of companies and reducing the number of tools platforms and checking account they need for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know 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 everyone that’s associated with those processes and also so think of sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I indicate 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 all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and actually see what was going on and sort of shot to get back to everybody so moving on appearance why do companies select to primary different checking account there are Two Day Payroll Papaya Global companies out there doing exactly this for specific nations and I’ve operated in a business or many businesses doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for anybody where we don’t have to and any person that’s dealing with that procedure 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 many factors one is it’s the requirement I think people have actually got so used to we need a new bank account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a range I think this is a procedure that requires taking a look at it needs altering however ultimately people are very stuck with what they’re familiar
with right um change is a difficult thing we all don’t like modification um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having keeping multiple bank accounts but there’s a huge amount of complexity goes with establishing a savings account keeping it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for private individuals so the complexity is huge but I believe the truthful answer is change um people haven’t had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we have actually constantly 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 understand what could almost be determined to be the next Century or so there is a lot to keep an eye on and this technique does posture several challenges um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements. Two Day Payroll Papaya Global