Over the last five or 6 years …Papaya Global Purchase… functions on the provider side and also on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everyone 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 rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I really 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 drizzling here it’s extremely extremely uninspiring and I want I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why business maintain separate
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of preserving separate checking account for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and prompt payroll payments is a complex difficulty for services running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business forecast payroll expenses to enhance working capital, and find how enhancing worldwide payroll payments can transform them from a troublesome job into a strategic property.
Handling payroll internationally is a complicated job due to different guidelines, compliance requirements, information security issues, and banking guidelines. The large variety of workers and companies contributes to the complexity, with an estimated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems often lead to manual procedures, information silos, and a lack of integration, causing disparities and ineffectiveness. Despite residing in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to offer insights and solutions to streamline and optimize international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on international payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal almost half of worldwide businesses have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors poorly communicated hires and terminations along with lack management and system setups and then when you round it all off and the data is delivered to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they count on the needed numerous procedures 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 difficulties organization face when they’re paying to employees or otherwise that’s a great question I always throw this back and state what is it what doesn’t require to be consisted of right and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities 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 client’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is definitely critical but everywhere you look with payroll payment they resemble super payments no if but some babies 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 acknowledgment that payroll payments are definitely fundamental and technology is enabling us to sort of move on with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely vital that payroll and financing teams work closer together than ever um I’m always astonished when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone 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 a market accept that why our payroll and payments so often 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 individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on well-being and the compensation landscape is ending up being progressively elaborate. Companies are continually presenting brand-new benefits and payment choices, which adds to the overall complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can cause ineffectiveness and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s highly advanced age, there’s no validation for keeping cumbersome treatments. Payroll, the company’s biggest expense, need to be processed properly and on time. Even slight hold-ups can adversely impact staff members’ wellness and have significant repercussions. For that reason, it’s important to focus on accurate and prompt payments.
payroll team get um so I’m not sure anybody on this type of webinar has actually been informed 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 workers or not um but eventually payroll is such an essential cycle we all find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box workout 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 stuff is absolutely vital that all of this things is done correctly so leveraging the first Global Payments first payroll payment solution is a terrific initial step um supplying an end-to-end payroll option for your staff members internationally again I think is another big um procedure again lining up and ensuring you have standardization Global processes all of those things are definitely key to success success of companies and reducing the variety 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 terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we know 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 think of sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job trying to clean up all those up for sure oh definitely 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 try to browse them and actually see what was going on and sort of shot to return to everybody so moving on look why do companies select to main separate savings account there are Papaya Global Purchase companies out there doing precisely this for specific nations and I’ve operated in a company or many services doing exactly that I can say it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we do not need to and any person that’s handling that procedure 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 believe many factors one is it’s the standard I think individuals have got so utilized to we require a new bank account we open an entity and appropriately 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 simply been the requirement and the norm the people have actually 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 numerous other ways um to to sort of do it so I think there’s a range I believe this is a process that needs looking at it requires altering but ultimately people are really stuck to what they recognize
with ideal um modification is a difficult thing we all do not like change um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having keeping numerous checking account but there’s a big quantity of complexity chooses establishing a bank account keeping it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is big but I think the honest response is modification um people haven’t been able to alter or have not had always the understanding to truly make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century or so there is a lot to keep an eye on and this technique does position several challenges um so Johnny could you tell us about those difficulties yeah obviously so there’s a range right there is so
I simply did you changed our Enterprise 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 employees you should have a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Purchase