Over the last five or 6 years …Papaya Global Support… roles on the company side and likewise on the supplier side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very uninspiring and I wish I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business keep separate
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is especially helpful for international organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and timely payroll payments is a complex difficulty for businesses running globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, discover how business anticipate payroll costs to optimize working capital, and discover how streamlining international payroll payments can change them from a difficult task into a tactical property.
Handling payroll worldwide is a complicated job due to different guidelines, compliance requirements, data security issues, and banking rules. The sheer number of employees and businesses adds to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems typically lead to manual procedures, data silos, and an absence of combination, resulting in inconsistencies and inadequacies. In spite of residing in an era of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to offer insights and services to streamline and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization spends on global payroll the less of an image they see an absence of visibility also reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of international businesses have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes poorly communicated hires and terminations along with lack management and system configurations and after that when you round everything off and the data is delivered 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 money all over the world payroll and payments don’t run efficiently if they rely on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t need to be included ideal and what does
it require to be thought of there’s differing Bank information 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 have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look ideal ultimately developing a knowledge base is definitely important however everywhere 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 kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to sort of progress with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely important that payroll and finance teams work better together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on wellness and the settlement landscape is ending up being progressively detailed. Organizations are continuously introducing brand-new advantages and payment choices, which contributes to the total complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can result in inadequacies and bottlenecks. In my opinion, this does not have to hold true. In today’s technologically sophisticated age, there’s no justification for keeping troublesome procedures. Payroll, the company’s most significant expenditure, need to be processed correctly and on time. Even slight delays can adversely impact staff members’ wellness and have far-reaching effects. Therefore, it’s vital to focus on precise and prompt payments.
payroll team get um so I’m not exactly sure anyone on this type 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 but eventually payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment service is a terrific first step um offering an end-to-end payroll service for your employees worldwide once again I think is another big um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely essential to success success of services and lowering the variety of tools platforms and savings account they require for their International 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’ve never had a hundred thousand of them within a payroll cycle don’t 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 rather where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyhow 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 everybody that’s associated with those procedures and also so envision sorry I’m just I was just gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and actually see what was going on and sort of shot to get back to everybody so moving on appearance why do business choose to main different checking account there are Papaya Global Support organizations out there doing exactly this for specific countries and I have actually worked in an organization or lots of organizations doing precisely that I can say it does not constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not developing additional work for any person where we don’t need to and anyone that’s managing 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 quantity that we are I believe many reasons one is it’s the requirement I think people have got so utilized to we need a new checking 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 requirement and the standard the people have embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I think this is a process that requires looking at it needs altering but ultimately individuals are really stuck to what they’re familiar
with right um change is a challenging thing we all don’t like change um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having keeping numerous checking account but there’s a substantial quantity of complexity opts for setting up a checking account preserving it ensuring it can send International transfers ensuring it’s set up with the best user accesses for private individuals so the intricacy is huge but I believe the honest answer is change um individuals haven’t had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to alter however we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century or two there is a lot to track and this approach does pose several difficulties um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I simply did you changed 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 International workers you should have a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Support