Over the last 5 or 6 years …Papaya Global 30 Day Trial… roles on the service provider side and also on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everybody 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 sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I actually 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 drizzling here it’s extremely very uninspiring and I want I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business maintain different
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
Making sure precise, effective, and prompt payroll payments is a complex difficulty for organizations running internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, find out how business anticipate payroll costs to optimize working capital, and discover how enhancing global payroll payments can change them from a difficult job into a tactical asset.
Handling payroll internationally is an overwhelming task due to different policies, compliance requirements, data security concerns, and banking guidelines. The large number of workers and organizations contributes to the complexity, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems often lead to manual procedures, information silos, and an absence of combination, leading to inconsistencies and inefficiencies. Despite residing in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to supply insights and services to streamline and enhance worldwide 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 Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a business spends on global payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of international services have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors improperly communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the information is shipped to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they count on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they’re making payments to workers or otherwise that’s a great question I always throw this back and state what is it what doesn’t need to be included best and what does
it need to be thought of 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 have to pay from the client’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble extremely payments no if however 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 basic and technology is allowing us to sort of move forward with that it also as well to add to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely crucial that payroll and finance groups work more detailed together than ever um I’m always astonished when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession 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 people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high value on well-being and the settlement landscape is ending up being significantly detailed. Organizations are continuously introducing brand-new advantages and payment alternatives, which contributes to the overall intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can lead to inefficiencies and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s highly innovative age, there’s no validation for keeping troublesome procedures. Payroll, the business’s most significant cost, must be processed correctly and on time. Even slight delays can negatively affect employees’ well-being and have far-reaching consequences. Therefore, it’s vital to prioritize precise and prompt payments.
payroll team get um so I’m uncertain anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a terrific first step um providing an end-to-end payroll option for your staff members globally again I believe is another substantial um procedure once again lining up and ensuring you have standardization Global procedures all of those things are absolutely key to success success of companies and lowering the number of tools platforms and bank accounts 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 have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyway we understand how how crucial 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 involved in those procedures and also so envision sorry I’m simply I was just gon na state envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting 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 look through them and in fact see what was going on and kind of shot to return to everyone so carrying on look why do companies choose to main different bank accounts there are Papaya Global 30 Day Trial services out there doing precisely this for particular nations and I have actually worked in a business or numerous businesses doing exactly that I can state it doesn’t always feel efficient and it does create more work I know we’re not purposely doing that we’re not developing extra work for anyone where we do not have to and anybody 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 numerous factors one is it’s the standard I think individuals have actually got so used to we need a brand-new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it requires changing but eventually people are extremely stuck to what they’re familiar
with ideal um modification is a difficult thing all of us do not like change um so I believe it’s just type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having preserving numerous bank accounts however there’s a substantial quantity of intricacy chooses establishing a savings account keeping it ensuring it can send International transfers ensuring it’s set up with the best user accesses for specific people so the intricacy is substantial but I think the sincere answer is change um people haven’t had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century approximately there is a lot to keep an eye on and this approach does posture a number of difficulties um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this improved capability, I have successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya Global 30 Day Trial