Over the last five or six years …Wave Payroll Vs Papaya Global… roles on the provider side and also on the vendor side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer 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 type of let them do that so it ‘d be quite 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 everybody 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 raining here it’s really very gloomy and I wish I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business preserve different
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining different checking account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and timely payroll payments is a complex challenge for organizations operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, find out how business anticipate payroll costs to optimize working capital, and discover how simplifying international payroll payments can change them from a difficult job into a strategic asset.
Handling payroll internationally is a challenging task due to different policies, compliance requirements, data security concerns, and banking rules. The sheer variety of workers and organizations adds to the complexity, with an approximated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems typically result in manual procedures, data silos, and an absence of combination, leading to inconsistencies and inadequacies. In spite of residing in an age of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to provide insights and solutions to simplify and enhance 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 data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service spends on international payroll the less of an image they see an absence of presence likewise encompasses payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of global companies have expressed 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 because of time reporting poor HCM information data entry mistakes inadequately communicated hires and terminations along with absence management and system setups and then when you round everything off and the data is delivered to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they rely on the necessary several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles organization face when they’re paying to workers or otherwise that’s a great question I always throw this back and say what is it what doesn’t require to be included ideal and what does
it need to be thought about there’s varying 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 capabilities 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 customer’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like extremely payments no if but 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 innovation is allowing us to sort of move forward with that it likewise as well to add to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely vital that payroll and finance groups work better together than ever um I’m constantly impressed when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on wellness and the payment landscape is ending up being progressively intricate. Organizations are continuously presenting new advantages and payment choices, which adds to the general intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can result in ineffectiveness and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s technologically advanced era, there’s no justification for keeping cumbersome procedures. Payroll, the business’s greatest expenditure, must be processed properly and on time. Even small delays can negatively impact workers’ well-being and have significant repercussions. For that reason, it’s critical to prioritize accurate and timely payments.
payroll group get um so I’m uncertain anybody on this type of webinar has actually been informed 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 but ultimately payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem 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 Worldwide Payments very first payroll payment solution is an excellent primary step um providing an end-to-end payroll service for your employees globally again I believe is another huge um procedure once again aligning and ensuring you have standardization International processes all of those things are absolutely key to success success of companies and decreasing the variety of tools platforms and checking account they require for their International 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 thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how crucial a function 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 simply gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and kind of try to get back to everybody so proceeding appearance why do business select to main different savings account there are Wave Payroll Vs Papaya Global services out there doing precisely this for particular countries and I’ve operated in an organization or lots of services doing exactly that I can say it does not always feel efficient and it does develop more work I know 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 dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the requirement I believe people have got so used to we need a new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs looking at it requires altering however eventually individuals are very stuck with what they’re familiar
with right um modification is a hard thing we all do not like change um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having keeping multiple bank accounts however there’s a huge amount of intricacy goes with setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for specific individuals so the complexity is substantial however I think the honest response is modification um people haven’t been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to keep track of and this approach does position a number of difficulties um so Johnny could you inform us about those challenges yeah of course 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you should have a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Wave Payroll Vs Papaya Global