Over the last five or 6 years …Papaya Global Database Username… roles on the service provider side and likewise on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it remains 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 really really dreary and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we’ll also discuss a recap and that ought to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more typical and managing them ends up being a growing number of complex International companies are seeking to find Solutions and brand-new ways to improve processes particularly from a payroll and cross-border payment viewpoint many organizations preserve separate checking account just for payroll while some have several accounts in different countries does it make sense for companies to keep separate savings account in some cases in different nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies improve the episode complex processes of
Ensuring precise, efficient, and prompt payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how companies forecast payroll expenses to enhance working capital, and find how streamlining worldwide payroll payments can change them from a challenging job into a strategic property.
Handling payroll internationally is a daunting task due to various regulations, compliance requirements, information security concerns, and banking guidelines. The sheer variety of staff members and organizations contributes to the complexity, with an approximated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically lead to manual processes, information silos, and an absence of integration, resulting in inconsistencies and inadequacies. Regardless of residing in a period of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to offer insights and options to simplify and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that provides me sleepless nights and quite frankly the more an organization spends on worldwide payroll the less of an image they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of global businesses have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors inadequately interacted hires and terminations as well as lack management and system configurations and after that when you round it all off and the data is delivered to the incorrect place the typical cost 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 all over the world payroll and payments don’t run efficiently if they rely on the necessary multiple processes 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 challenges organization face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and state what is it what does not need to be consisted of right and what does
it need to be thought of there’s varying Bank information 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 have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity any place you look right eventually developing a knowledge base is absolutely critical but all over you look with payroll payment they resemble super payments no if but some children 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 think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to type of progress with that it likewise also to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely important that payroll and financing teams work more detailed together than ever um I’m constantly surprised when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody 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 information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on well-being and the settlement landscape is becoming progressively detailed. Companies are continually presenting new advantages and payment choices, which contributes to the general intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s technically innovative era, there’s no reason for maintaining troublesome treatments. Payroll, the business’s most significant expense, need to be processed correctly and on time. Even small delays can negatively impact workers’ well-being and have significant effects. For that reason, it’s important to prioritize accurate and prompt payments.
payroll team get um so I’m not exactly sure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think 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 stuff is definitely crucial that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment service is a fantastic primary step um providing an end-to-end payroll service for your workers worldwide once again I think is another big um procedure once again aligning and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of services and decreasing the number of tools platforms and savings account they need 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 have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyhow we know how how essential a role 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 also so picture sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and really see what was going on and kind of try to return to everyone so carrying on appearance why do companies select to primary different savings account there are Papaya Global Database Username organizations out there doing exactly this for particular nations and I’ve worked in a company or lots of services doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not developing extra work for anybody where we do not need to and anyone that’s dealing with 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 amount that we are I think many factors one is it’s the requirement I think individuals have actually got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I think this is a process that requires looking at it needs altering but eventually individuals are extremely stuck with what they’re familiar
with ideal um modification is a challenging thing we all do not like modification um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having keeping multiple checking account but there’s a substantial amount of complexity chooses establishing a checking account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private people so the complexity is substantial but I believe the sincere response is change um people have not had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change however 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 could practically be determined to be the next Century or so there is a lot to monitor and this method does posture several challenges um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so
I simply 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 more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Database Username