Over the last 5 or six years …Papaya Global Coronavirus Module… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing 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 really 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 really dreary and I wish I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies preserve different
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical asset 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.
Making sure accurate, efficient, and prompt payroll payments is a complex challenge for services running internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, find out how companies forecast payroll costs to enhance working capital, and find how enhancing global payroll payments can transform them from a challenging job into a tactical property.
Managing payroll worldwide is a daunting task due to various policies, compliance requirements, data security issues, and banking rules. The sheer variety of workers and businesses adds to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently result in manual procedures, data silos, and a lack of combination, leading to inconsistencies and ineffectiveness. In spite of residing in an age of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and solutions to simplify and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a business spends on international payroll the less of a picture they see an absence of exposure also extends to payroll payments and failure to properly track these payments can lead to 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 errors are due to time reporting poor HCM data data entry errors poorly interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the data is shipped to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they count on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t need to be consisted of right and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best ultimately constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 sort of progress with that it also also to add to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work closer together than ever um I’m always amazed when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession 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 wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high worth on wellness and the payment landscape is becoming increasingly intricate. Companies are continually presenting new benefits and payment options, which adds to the total complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can cause inadequacies and bottlenecks. In my opinion, this does not have to be the case. In today’s technically innovative period, there’s no justification for keeping troublesome treatments. Payroll, the company’s most significant expenditure, need to be processed properly and on time. Even small delays can negatively affect staff members’ well-being and have far-reaching consequences. Therefore, it’s important to focus on precise and prompt payments.
payroll group get um so I’m not sure anyone on this kind 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 however ultimately payroll is such an important cycle we all hear about it when it goes wrong everybody jumps up and down when it fails but 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 likewise like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment service is a great first step um offering an end-to-end payroll service for your staff members worldwide again I believe is another huge um procedure once again aligning and ensuring you have standardization Global processes all of those things are absolutely essential to success success of companies and reducing the variety of tools platforms and checking account they require for their International 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 countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand how how essential 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 easy as possible for everyone that’s involved in those procedures and likewise so picture sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task attempting to clean up 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 need days of the week to try to look through them and in fact see what was going on and kind of try to return to everyone so carrying on appearance why do companies select to main different savings account there are Papaya Global Coronavirus Module businesses out there doing precisely this for specific nations and I have actually operated in a business or many organizations doing exactly that I can state it does not always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing additional work for any person where we do not 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 think many reasons one is it’s the requirement I think individuals have got so used to we require a new bank 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 think it’s just been the standard and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that requires looking at it requires altering but eventually individuals are very stuck with what they recognize
with right um modification is a difficult thing all of us do not like modification um so I think it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having preserving multiple savings account but there’s a substantial amount of complexity opts for establishing a savings account keeping it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is big however I think the honest answer is modification um individuals have not had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I believe 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’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century or two there is a lot to keep track of and this technique does posture several obstacles um so Johnny might you tell us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your achievements. Papaya Global Coronavirus Module