Over the last 5 or six years …Papaya Global Flexible Furlough… functions on the supplier side and also on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very gloomy and I want I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business keep separate
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is particularly useful for worldwide organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining separate bank accounts for payroll in different nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex obstacle for organizations operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how business forecast payroll costs to enhance working capital, and find how enhancing worldwide payroll payments can change them from a difficult task into a tactical asset.
Managing payroll worldwide is a challenging task due to different regulations, compliance requirements, information security issues, and banking rules. The large number of employees and businesses adds to the complexity, with an estimated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems frequently lead to manual processes, information silos, and an absence of integration, resulting in disparities and inadequacies. Despite residing in an age of technological improvements, 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 objectives to supply insights and services to simplify and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a business spends on global payroll the less of an image they see a lack of exposure also extends to payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide organizations have expressed 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 errors poorly interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is shipped to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they depend on the required multiple processes 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 obstacles company face when they’re making payments to workers or otherwise that’s a great question I constantly throw 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 country 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 consumer’s own in-country account so there’s intricacy anywhere you look right eventually building a knowledge base is absolutely important but all over you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you take a 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 definitely essential and technology is enabling us to kind of progress with that it also as well to add to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely crucial that payroll and financing teams work more detailed together than ever um I’m always astonished when people say I have actually divided 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 split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high worth on well-being and the settlement landscape is becoming progressively intricate. Businesses are continually presenting brand-new benefits and payment options, which contributes to the general intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this does not have to be the case. In today’s technologically innovative age, there’s no validation for preserving cumbersome treatments. Payroll, the company’s most significant expenditure, must be processed correctly and on time. Even minor delays can adversely affect workers’ well-being and have far-reaching repercussions. For that reason, it’s important to focus on accurate and prompt payments.
payroll group get um so I’m uncertain anyone on this type of webinar has actually 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 workers or not um but ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely important that all of this things is done properly so leveraging the very first International Payments very first payroll payment option is a terrific first step um supplying an end-to-end payroll solution for your employees globally again I think is another big um process once again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of companies and reducing the number of tools platforms and checking account they need for their Worldwide 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’ve never ever had a hundred countless them within a payroll cycle do not anticipate 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 implied to be um I don’t 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 everyone that’s involved in those procedures and likewise so envision sorry I’m simply I was simply gon na state think of 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 speaking about hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and kind of try to get back to everyone so carrying on look why do companies choose to main different bank accounts there are Papaya Global Flexible Furlough businesses out there doing exactly this for particular nations and I’ve worked in a company or lots of companies doing exactly that I can state it doesn’t always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we don’t have 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 think lots of reasons one is it’s the standard I believe individuals have actually got so used to we need a 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 just been the requirement and the standard individuals have embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I think this is a procedure that needs looking at it needs altering but eventually people are really stuck with what they recognize
with right um modification is a tough thing we all don’t like change um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having preserving several bank accounts but there’s a big amount of intricacy goes with setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for private people so the complexity is huge but I think the honest response is modification um people haven’t had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I think you’ve struck 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 genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could almost be determined to be the next Century approximately there is a lot to keep track of and this method does posture several challenges um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you should have a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Flexible Furlough