Over the last 5 or 6 years …Papaya Global Integrations… roles on the provider side and likewise on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating 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 originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really uninspiring and I wish I was elsewhere 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 International payroll why companies maintain separate
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is especially beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical property 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.
Making sure accurate, efficient, and prompt payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, discover how companies forecast payroll costs to enhance working capital, and discover how simplifying international payroll payments can change them from a troublesome task into a strategic asset.
Handling payroll globally is a challenging job due to different regulations, compliance requirements, data security concerns, and banking guidelines. The sheer variety of workers and businesses contributes to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems often lead to manual processes, information silos, and an absence of combination, resulting in inconsistencies and inefficiencies. In spite of residing in an age of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to offer insights and options to simplify and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more a service spends on international payroll the less of a photo they see an absence of visibility also extends to payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal almost half of international companies have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors badly interacted hires and terminations as well as absence management and system configurations and then 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 once payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they depend on the required multiple procedures 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 challenges business face when they’re paying to workers or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t require to be consisted of ideal and what does
it require to be considered there’s varying Bank details 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 need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity anywhere you look best ultimately developing a knowledge base is definitely vital but everywhere you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind 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 basic and technology is enabling us to type of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely vital that payroll and financing groups work better together than ever um I’m always impressed when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere 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 payment landscape is ending up being progressively intricate. Businesses are constantly introducing brand-new benefits and payment options, which contributes to the overall intricacy. Big corporations often divide their payroll and payment processing into different groups, which can result in ineffectiveness and bottlenecks. In my opinion, this does not need to be the case. In today’s technologically innovative era, there’s no justification for preserving cumbersome procedures. Payroll, the company’s most significant cost, need to be processed properly and on time. Even minor delays can adversely impact staff members’ well-being and have far-reaching consequences. Therefore, it’s crucial to focus on precise and prompt payments.
payroll team get um so I’m unsure anybody on this sort of webinar has actually been told 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 employees or not um however ultimately payroll is such a crucial cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong 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 also like why WI-Fi Global why all of this things is definitely essential that all of this things is done properly so leveraging the very first International Payments very first payroll payment solution is an excellent first step um providing an end-to-end payroll service for your employees globally once again I believe is another big um process again lining up and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of organizations and minimizing 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 terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I don’t believe any of us are really doing that for for the thanks
anyway we know how how essential 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 easy as possible for everyone that’s associated with those procedures and likewise so picture sorry I’m just I was just gon na state envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and in fact see what was going on and sort of shot to return to everybody so proceeding look why do companies pick to primary different checking account there are Papaya Global Integrations organizations out there doing exactly this for particular nations and I’ve operated in a service or lots of companies doing precisely that I can say it doesn’t always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for anyone where we don’t need to and anybody that’s dealing with that process 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 believe many factors one is it’s the standard I think individuals have actually got so used to we require a brand-new checking account we open an entity and appropriately so you need 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 standard individuals have embraced and continue to do over years and years gone past to contribute to that people 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 process that needs taking a look at it requires altering however ultimately individuals are really stuck to what they recognize
with ideal um change is a hard thing we all do not like change um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having keeping multiple checking account however there’s a substantial quantity of intricacy chooses setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is huge but I think the truthful response is modification um individuals haven’t had the ability to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be determined to be the next Century or so there is a lot to monitor and this method does position a number of challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I simply did you changed our Business 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 staff members you deserve a corner workplace with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Integrations