Over the last five or 6 years …Papaya Global Move Data Files… roles on the service provider side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely dreary and I want I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business maintain different
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially helpful for worldwide organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate savings account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and timely payroll payments is a complex challenge for organizations operating worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, find out how companies forecast payroll costs to optimize working capital, and find how simplifying worldwide payroll payments can change them from a burdensome job into a strategic possession.
Managing payroll internationally is a daunting task due to various guidelines, compliance requirements, data security issues, and banking rules. The sheer variety of workers and companies contributes to the complexity, with an estimated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems typically result in manual processes, data silos, and a lack of combination, causing inconsistencies and inadequacies. Despite living in a period of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to offer insights and options to streamline and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more an organization invests in international payroll the less of an image they see a lack of visibility likewise reaches payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of international businesses 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 bad HCM information information entry mistakes poorly interacted hires and terminations as well as absence management and system setups and then when you round it all off and the information is shipped to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they count on the needed multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles organization face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and say what is it what doesn’t require to be included best and what does
it need 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 amount of time there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity wherever you look right ultimately constructing a knowledge base is definitely important 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 look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to kind of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely essential that payroll and financing groups work closer together than ever um I’m always astonished when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split 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 individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high value on well-being and the compensation landscape is ending up being increasingly intricate. Companies are constantly introducing brand-new advantages and payment options, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can cause inefficiencies and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s technologically advanced age, there’s no justification for maintaining cumbersome procedures. Payroll, the company’s greatest expenditure, need to be processed properly and on time. Even minor hold-ups can negatively affect workers’ wellness and have far-reaching consequences. For that reason, it’s vital to prioritize precise and prompt payments.
payroll group get um so I’m not exactly sure anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think 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 definitely vital that all of this things is done properly so leveraging the first International Payments first payroll payment service is a great primary step um supplying an end-to-end payroll service for your employees worldwide again I think is another big um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely key to success success of services and lowering the variety of tools platforms and bank accounts 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 have actually never had a hundred thousand of them within a payroll cycle do not anticipate 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 quite where they’re indicated to be um I do not think 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 associated with those procedures and likewise so picture sorry I’m just I was simply gon na say picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and in fact see what was going on and sort of try to return to everybody so proceeding appearance why do business select to main separate bank accounts there are Papaya Global Move Data Files businesses out there doing precisely this for specific countries and I have actually operated in a service or many companies doing precisely that I can say it doesn’t constantly 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 don’t have to and anyone that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the standard I believe people have got so used to we need a new savings account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have adopted 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 lots of other ways um to to sort of do it so I think there’s a range I think this is a process that needs looking at it requires changing but ultimately individuals are extremely stuck with what they recognize
with right um change is a difficult thing we all don’t like modification um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having keeping numerous savings account however there’s a huge amount of intricacy chooses setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is substantial but I believe the sincere response is modification um individuals have not had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be identified to be the next Century approximately there is a lot to track and this method does pose numerous challenges um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Move Data Files