Over the last 5 or 6 years …Papaya Global Calendar 20/21… functions on the service provider side and also on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really 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 extremely very uninspiring and I wish I was elsewhere at this moment in time alright so let’s get going 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 keep different
Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is particularly helpful for global organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and timely payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, discover how companies anticipate payroll expenses to optimize working capital, and find how improving international payroll payments can transform them from a burdensome job into a tactical property.
Managing payroll worldwide is a challenging task due to different regulations, compliance requirements, information security issues, and banking guidelines. The large number of employees and companies contributes to the intricacy, with an approximated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems typically result in manual processes, information silos, and an absence of integration, resulting in inconsistencies and inefficiencies. In spite of living in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to provide insights and options to simplify and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies 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 service spends on international payroll the less of a picture they see an absence of presence likewise reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal almost half of international organizations have actually revealed that they don’t 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 data information entry mistakes badly interacted hires and terminations in addition to lack management and system configurations and then when you round it all off and the data is shipped to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they rely on the required 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 difficulties organization face when they’re paying to workers or otherwise that’s a good concern I constantly throw this back and state what is it what doesn’t require to be consisted of ideal and what does
it require to be considered there’s differing 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 anywhere you look right ultimately building a knowledge base is definitely important but everywhere you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you 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 absolutely fundamental and innovation is enabling us to kind of progress with that it also too to add to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely imperative that payroll and financing teams work more detailed together than ever um I’m constantly astonished when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high worth on well-being and the payment landscape is becoming significantly complex. Businesses are continually introducing brand-new advantages and payment alternatives, which adds to the general complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can lead to inefficiencies and traffic jams. In my viewpoint, this doesn’t need to hold true. In today’s highly sophisticated period, there’s no validation for keeping troublesome procedures. Payroll, the company’s biggest expense, should be processed correctly and on time. Even small hold-ups can adversely impact employees’ well-being and have significant repercussions. Therefore, it’s critical to prioritize precise and timely payments.
payroll group get um so I’m unsure anybody on this kind of webinar has 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 but ultimately payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise 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 definitely important that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment solution is a fantastic primary step um providing an end-to-end payroll solution for your employees worldwide again I believe is another substantial um process once again aligning and ensuring you have standardization Global processes all of those things are definitely essential to success success of companies and reducing 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 terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I do not believe any of us are really doing that for for the thanks
anyway we know how how crucial a function it is which’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 processes and also so imagine sorry I’m simply I was just gon na say think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task attempting to clean all those up for sure oh definitely I can’t imagine 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 in fact see what was going on and type of shot to return to everyone so moving on look why do business select to primary different savings account there are Papaya Global Calendar 20/21 companies out there doing precisely this for specific countries and I have actually worked in a business or many companies doing exactly that I can state it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we do not need to and any person that’s managing 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 quantity that we are I believe numerous reasons one is it’s the standard I think people have actually got so used to we require a new checking account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I think this is a procedure that needs looking at it requires altering but ultimately people are extremely stuck to what they recognize
with best um change is a hard thing all of us don’t 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 obviously the advantages of having maintaining multiple bank accounts however there’s a substantial quantity of complexity opts for establishing a bank account keeping it ensuring it can send International transfers ensuring it’s set up with the right user accesses for individual people so the complexity is huge however I think the sincere response is change um people have not been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century or two there is a lot to keep an eye on and this technique does position several obstacles um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so
I just 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 International workers you deserve a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Calendar 20/21