Over the last five or six years …Papaya Global Captcha… roles on the company side and likewise on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type 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 raining here it’s very very gloomy and I want I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business preserve different
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly useful for global companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of keeping separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and timely payroll payments is a complex difficulty for companies running internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, learn how business forecast payroll costs to enhance working capital, and discover how simplifying worldwide payroll payments can transform them from a challenging task into a tactical asset.
Handling payroll globally is a complicated task due to numerous regulations, compliance requirements, data security concerns, and banking rules. The large number of employees and organizations contributes to the complexity, with an approximated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems frequently lead to manual procedures, data silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. Regardless of living in an era of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to provide insights and services to simplify and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that offers me sleepless nights and rather honestly the more a service invests in international payroll the less of a picture they see an absence of presence likewise encompasses payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of international services have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes badly communicated hires and terminations as well as lack management and system configurations and after that when you round everything off and the information is delivered to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re making payments to employees or otherwise that’s a good concern I always throw this back and say what is it what does not require to be consisted of best 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 nation there’s payment amount of time 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 client’s own in-country account so there’s intricacy wherever you look best ultimately constructing a knowledge base is absolutely important but 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 take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is allowing us to kind of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and financing groups work more detailed together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you walk 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 an industry accept that why our payroll and payments so often 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 individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high worth on wellness and the settlement landscape is ending up being significantly intricate. Companies are constantly presenting new advantages and payment choices, which contributes to the total intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can cause inadequacies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s highly advanced era, there’s no justification for preserving troublesome procedures. Payroll, the business’s most significant expense, need to be processed properly and on time. Even minor hold-ups can negatively affect staff members’ well-being and have significant consequences. Therefore, it’s important to prioritize precise and timely payments.
payroll group get um so I’m not exactly sure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think 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 vital that all of this things is done properly so leveraging the first International Payments very first payroll payment option is a great first step um providing an end-to-end payroll service for your staff members worldwide again I believe is another huge um process once again aligning and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of businesses and reducing the variety of tools platforms and checking account they need for their International payroll too couldn’t 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 five or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I don’t believe any of us are actually doing that for for the thanks
anyway we understand how how important 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 easy as possible for everybody that’s involved in those procedures and also so imagine sorry I’m simply I was just gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and really see what was going on and kind of shot to get back to everyone so carrying on appearance why do business pick to primary separate bank accounts there are Papaya Global Captcha services out there doing precisely this for particular countries and I’ve worked in a service or many companies doing precisely that I can say it doesn’t always feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing extra work for anyone where we don’t need to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the standard I think individuals have got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I think this is a process that requires looking at it requires changing but ultimately individuals are very stuck to what they recognize
with best um change is a challenging thing all of us don’t like change um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having keeping multiple checking account however there’s a big quantity of intricacy goes with setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is substantial however I think the honest response is change um people haven’t been able to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to alter however we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century approximately there is a lot to track and this technique does posture numerous obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I simply did you switched 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 Worldwide workers you should have a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Captcha