Over the last 5 or 6 years …Subcontractor Papaya Global… functions on the service provider side and also on the vendor side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two 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 currently simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I really 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 raining here it’s very really dreary and I wish I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business maintain separate
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is especially beneficial for global companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping different savings account for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and prompt payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, discover how business forecast payroll costs to enhance working capital, and find how streamlining international payroll payments can transform them from a challenging task into a strategic property.
Managing payroll internationally is a complicated job due to various regulations, compliance requirements, data security concerns, and banking rules. The sheer number of employees and companies contributes to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically result in manual procedures, information silos, and an absence of combination, causing inconsistencies and ineffectiveness. Regardless of living in a period of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to supply insights and solutions to streamline and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization invests in global payroll the less of an image they see an absence of visibility likewise encompasses payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide services have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes badly communicated hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is shipped to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they depend on the essential multiple processes 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 company face when they’re making payments to employees or otherwise that’s a great concern I always toss this back and say what is it what doesn’t require to be included best and what does
it require to be thought about there’s varying Bank information 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 have to pay from the client’s own in-country account so there’s complexity wherever you look right eventually constructing a knowledge base is absolutely important however all over 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 sort 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 absolutely fundamental and innovation is permitting us to kind of move on with that it also as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely necessary that payroll and financing teams work better together than ever um I’m constantly amazed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation 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 information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world places a high value on wellness and the payment landscape is ending up being progressively detailed. Companies are continually introducing brand-new benefits and payment choices, which adds to the general intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can cause inadequacies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s technologically advanced era, there’s no justification for keeping troublesome procedures. Payroll, the company’s biggest expenditure, need to be processed correctly and on time. Even small hold-ups can adversely affect workers’ wellness and have significant effects. For that reason, it’s vital to prioritize precise and timely payments.
payroll group get um so I’m not exactly sure anybody on this type of webinar has actually 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 ultimately payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it fails however when it goes right it’s simply 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 absolutely vital that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment service is a fantastic primary step um offering an end-to-end payroll option for your workers internationally once again I believe is another big um process once again lining up and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of services and lowering the number of tools platforms and bank accounts they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyway we know how how essential a function 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 everyone that’s associated with those procedures and likewise so imagine sorry I’m just I was simply gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task trying to clean 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 attempt to check out them and actually see what was going on and sort of shot to return to everyone so proceeding look why do companies pick to main different bank accounts there are Subcontractor Papaya Global companies out there doing precisely this for specific nations and I’ve operated in a business or many businesses doing exactly that I can say it does not constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we do not have 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 think numerous reasons one is it’s the requirement I think people have got so used to we require a new checking account we open an entity and rightly 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 simply been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a range I think this is a procedure that requires taking a look at it needs altering but ultimately people are extremely stuck with what they recognize
with right um change is a hard thing all of us don’t like change um so I think it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having keeping numerous checking account but there’s a substantial quantity of intricacy chooses establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual people so the intricacy is huge but I believe the sincere response is modification um individuals haven’t had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to keep an eye on and this technique does pose several challenges um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I just 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 workers you should have a corner workplace with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Subcontractor Papaya Global