Over the last 5 or six years …Papaya Global Reached Number Of Employees… functions on the supplier side and also on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I really 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 drizzling here it’s very really uninspiring and I want I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business maintain different
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is especially useful for global organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping different bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for services operating globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, learn how business anticipate payroll costs to enhance working capital, and find how simplifying international payroll payments can transform them from a burdensome job into a tactical possession.
Handling payroll worldwide is a challenging task due to various policies, compliance requirements, data security concerns, and banking guidelines. The large number of staff members and companies adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems often result in manual procedures, information silos, and a lack of combination, leading to disparities and ineffectiveness. Regardless of living in an era of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to offer insights and services to simplify and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company invests in global payroll the less of a picture they see an absence of exposure also extends to payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of global organizations have actually revealed that they do not have the level of standardization they need 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 interacted hires and terminations as well as absence management and system setups and after that when you round all of it off and the data is delivered to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they rely on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties company face when they’re making payments to staff members or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t need to be included best and what does
it need to be thought of 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is definitely critical but everywhere you look with payroll payment they are like incredibly 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 acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to kind of move forward with that it likewise also to add to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely imperative that payroll and financing groups work closer together than ever um I’m constantly impressed when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation 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 individuals any place they are but also paying statutory authorities and on statutory third parties so with the
The modern world positions a high value on wellness and the settlement landscape is ending up being progressively intricate. Organizations are constantly introducing brand-new benefits and payment options, which contributes to the general complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can result in ineffectiveness and traffic jams. In my opinion, this does not need to hold true. In today’s highly innovative era, there’s no justification for keeping troublesome treatments. Payroll, the business’s biggest expenditure, need to be processed properly and on time. Even small hold-ups can negatively impact staff members’ wellness and have far-reaching repercussions. For that reason, it’s vital to focus on accurate and prompt payments.
payroll team get um so I’m unsure anyone on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe 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 Worldwide Payments first payroll payment option is a fantastic first step um providing an end-to-end payroll option for your workers internationally again I believe is another big um process again lining up and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of companies and lowering the number of tools platforms and bank accounts they require for their Global 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 ever had a hundred countless 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 complaints where things haven’t gone quite where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyhow we know how how important 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 everybody that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine 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 certainly be an intriguing job trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and in fact see what was going on and type of try to return to everyone so proceeding look why do business select to main separate savings account there are Papaya Global Reached Number Of Employees businesses out there doing exactly this for particular countries and I have actually operated in a company or many services doing exactly that I can say it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we do not need to and anyone that’s managing that process 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 lots of factors one is it’s the requirement I think individuals have actually got so used to we need a brand-new savings account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I think this is a process that needs looking at it requires changing however ultimately people are very stuck with what they’re familiar
with best um modification is a tough thing all of us don’t like modification um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having maintaining numerous checking account however there’s a substantial amount of complexity goes with establishing a bank account keeping it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for private individuals so the intricacy is substantial but I believe the truthful answer is change um individuals have not been able to change or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we have actually always done it that way is no real reason for not looking 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 or two there is a lot to monitor and this approach does position numerous obstacles um so Johnny might you tell us about those challenges yeah of course 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you deserve a corner office with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Reached Number Of Employees