Over the last 5 or 6 years …Find Out Who Is Logged Into Papaya Global… functions on the company side and also on the vendor side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll kind 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 kind of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very gloomy and I wish I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies preserve separate
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping different checking account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and timely payroll payments is a complex obstacle for businesses running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll costs to optimize working capital, and discover how improving international payroll payments can transform them from a burdensome task into a tactical property.
Handling payroll internationally is a daunting task due to various policies, compliance requirements, data security issues, and banking guidelines. The large variety of workers and organizations contributes to the complexity, with an estimated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Traditional payroll systems often result in manual processes, data silos, and a lack of combination, leading to inconsistencies and inefficiencies. In spite of residing in an era of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to provide insights and solutions to streamline and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service spends on international payroll the less of an image they see an absence of exposure likewise encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of global services have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors improperly communicated hires and terminations along with absence management and system setups and then when you round it all off and the data is delivered to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they depend on the needed numerous processes 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 challenges business face when they’re making payments to employees or otherwise that’s an excellent concern I always toss this back and say what is it what does not require to be included ideal and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 customer’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble super payments no if but some babies 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 think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to kind of progress with that it also also to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely essential that payroll and finance groups work more detailed together than ever um I’m always impressed when people say I have actually divided 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 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 often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of essential to add to type of the level of complexity there’s more and more benefits being organ or being used by organizations across the world so once again you’re just seeking to include a growing number of payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine obstacles or real difficult sort of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and an age that you understand that we are working in today there is no reason why we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any service has from a cost perspective from an effect viewpoint on staff members it is definitely vital that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental effect on people’s well-being and lots of other aspects if individuals aren’t paid uh I’ve always been amazed entering this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe 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 stuff is absolutely important that all of this things is done properly so leveraging the very first International Payments first payroll payment solution is a great first step um providing an end-to-end payroll solution for your employees internationally again I think is another big um procedure again lining up and ensuring you have standardization International procedures all of those things are definitely key to success success of companies and decreasing the variety of tools platforms and checking account 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 have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how essential 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 everybody that’s associated with those procedures and also so think of sorry I’m simply I was simply gon na state picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and actually see what was going on and type of shot to get back to everyone so moving on appearance why do companies pick to main different checking account there are Find Out Who Is Logged Into Papaya Global organizations out there doing exactly this for specific countries and I’ve operated in an organization or lots of organizations doing exactly that I can state it does not always feel effective and it does develop more work I know we’re not intentionally doing that we’re not developing additional work for anyone where we don’t have to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the standard I think individuals have actually got so used to we require a new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to add to that people have actually 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 procedure that needs taking a look at it requires altering however eventually individuals are very stuck to what they’re familiar
with ideal um modification is a tough thing we all do not like modification um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having maintaining multiple checking account but there’s a huge amount of intricacy chooses establishing a bank account preserving it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for private people so the intricacy is huge however I think the honest answer is modification um individuals have not had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might practically be identified to be the next Century or two there is a lot to track and this method does position several challenges um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so
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