Over the last 5 or six years …Papaya Global Payroll India… functions on the provider side and also on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely dreary and I want I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies keep separate
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving separate savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure precise, effective, and prompt payroll payments is a complex challenge for organizations operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to optimize working capital, and discover how simplifying worldwide payroll payments can change them from a troublesome job into a strategic possession.
Handling payroll worldwide is an overwhelming task due to various guidelines, compliance requirements, data security concerns, and banking rules. The sheer variety of workers and companies contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems often result in manual procedures, data silos, and a lack of integration, leading to disparities and inadequacies. Despite living in a period of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to supply insights and options to streamline and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that provides me sleepless nights and quite frankly the more a service spends on worldwide payroll the less of a picture they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide companies have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes improperly communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the information 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 need to move the money all over the world payroll and payments don’t run efficiently if they depend on the needed numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re paying to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t need 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 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 customer’s own in-country account so there’s intricacy anywhere you look ideal eventually constructing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to kind of move on with that it also too to add to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely vital that payroll and finance teams work more detailed together than ever um I’m constantly amazed when individuals state I’ve 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 estimation I would say no so why do we as a market 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 however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high worth on wellness and the settlement landscape is becoming progressively elaborate. Companies are constantly presenting brand-new benefits and payment alternatives, which adds to the total intricacy. Big corporations often divide their payroll and payment processing into different teams, which can lead to ineffectiveness and traffic jams. In my opinion, this does not need to be the case. In today’s highly advanced period, there’s no validation for keeping troublesome treatments. Payroll, the company’s most significant cost, must be processed correctly and on time. Even minor hold-ups can adversely affect staff members’ well-being and have far-reaching repercussions. For that reason, it’s critical to focus on precise and prompt payments.
payroll team get um so I’m not exactly sure anybody on this type of webinar has 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 employees or not um but ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however 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 also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the first International Payments very first payroll payment option is a terrific initial step um supplying an end-to-end payroll solution for your workers globally once again I think is another substantial um procedure again lining up and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of services and reducing the number of tools platforms and savings account they require for their Worldwide payroll too couldn’t 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 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 complaints where things haven’t gone quite where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks
anyway 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 easy as possible for everyone that’s involved in those procedures and also so think of sorry I’m simply I was simply gon na state imagine 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 discussing hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task 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 was the case um you ‘d require days of the week to try to check out them and really see what was going on and kind of try to get back to everybody so carrying on look why do business choose to primary different savings account there are Papaya Global Payroll India companies out there doing exactly this for specific countries and I have actually worked in an organization or many companies doing precisely that I can say it does not always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not developing additional 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 quantity that we are I believe lots of reasons one is it’s the standard I believe individuals have got so used to we need a new bank account we open an entity and rightly so you need it for payroll functions 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 adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I believe this is a process that requires looking at it needs altering but eventually individuals are really stuck with what they recognize
with ideal um change is a tough thing we all don’t like change um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having keeping multiple bank accounts but there’s a substantial quantity of complexity opts for setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual individuals so the intricacy is huge however I think the sincere answer is modification um people have not had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or two there is a lot to track and this technique does pose a number of obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Payroll India