Over the last 5 or 6 years …Fiona Brown Papaya Global… functions on the company 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 simply provide everybody another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates 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 really very uninspiring and I want I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business maintain separate
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of maintaining separate savings account for payroll in different nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and timely payroll payments is a complex obstacle for businesses operating internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, find out how companies forecast payroll expenses to optimize working capital, and find how simplifying worldwide payroll payments can change them from a difficult job into a strategic possession.
Managing payroll internationally is a challenging task due to different policies, compliance requirements, data security issues, and banking rules. The large variety of employees and businesses adds to the intricacy, 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 often lead to manual procedures, data silos, and a lack of combination, leading to inconsistencies and inefficiencies. Despite living in an era of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to provide insights and solutions to streamline and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a company invests in global payroll the less of a photo they see a lack of exposure also encompasses payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of international companies have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes poorly interacted hires and terminations along with absence management and system setups and after that when you round it all off and the information is delivered to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they depend on the necessary several 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 difficulties company face when they’re making payments to staff members or otherwise that’s an excellent question I always throw this back and state what is it what does not need to be consisted of ideal and what does
it require to be considered there’s differing Bank details 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is absolutely crucial but all over you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link in 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 permitting us to kind of progress with that it likewise as well to contribute to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely crucial that payroll and financing groups work closer together than ever um I’m constantly impressed when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 typically 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 anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high worth on well-being and the payment landscape is becoming progressively intricate. Businesses are continually presenting brand-new advantages and payment choices, which contributes to the total complexity. Large corporations typically divide their payroll and payment processing into different groups, which can result in inefficiencies and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s technically advanced age, there’s no justification for preserving cumbersome treatments. Payroll, the business’s greatest cost, should be processed correctly and on time. Even small hold-ups can adversely impact employees’ well-being and have far-reaching repercussions. For that reason, it’s crucial to focus on precise and prompt payments.
payroll team get um so I’m not exactly sure anybody on this type of webinar has been informed thank you for processing my payroll correctly 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 exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment option is a fantastic first step um supplying an end-to-end payroll service for your workers globally again I think is another big um procedure once again aligning and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of companies and lowering the variety of tools platforms and savings account they need for their Global 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 ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I don’t think any of us are in fact 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 involved in those processes and likewise so picture sorry I’m just I was just gon na state picture 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 discussing numerous thousands possibly Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and in fact see what was going on and sort of try to return to everyone so carrying on look why do business select to main different checking account there are Fiona Brown Papaya Global organizations out there doing precisely this for particular nations and I have actually operated in a service or many companies doing precisely that I can state it does not always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we don’t have to and anyone that’s dealing with 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 believe individuals have actually got so utilized to we need a new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it needs changing but eventually individuals are very stuck with what they’re familiar
with ideal um modification is a challenging thing we all do not like change um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having preserving numerous checking account however there’s a substantial quantity of intricacy goes with setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is huge but I believe the truthful response is change um individuals haven’t had the ability to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century or two there is a lot to keep track of and this technique does pose numerous challenges um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this improved ability, I have effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your accomplishments. Fiona Brown Papaya Global