Over the last five or 6 years …Papaya Global Serial… roles 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 among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly 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 really dreary and I want I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business preserve separate
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is particularly helpful for global organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping different checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and prompt payroll payments is a complex obstacle for services operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, learn how business anticipate payroll expenses to optimize working capital, and discover how improving worldwide payroll payments can transform them from a burdensome task into a tactical asset.
Managing payroll globally is a complicated task due to different policies, compliance requirements, data security issues, and banking guidelines. The large number of workers and businesses adds to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently lead to manual processes, information silos, and an absence of combination, causing disparities and inefficiencies. In spite of residing in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to offer insights and options to simplify and enhance worldwide 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 information in real time that’s another number that offers me sleep deprived nights and quite honestly the more an organization invests in global payroll the less of a photo they see an absence of presence likewise reaches payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of international businesses have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes poorly interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the data is shipped to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they depend on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re paying to staff members or otherwise that’s a great question I constantly toss this back and state what is it what does not require to be included ideal and what does
it require to be thought of there’s differing Bank details 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 need to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal ultimately developing a knowledge base is definitely crucial however all over you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type 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 also too to contribute to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely important that payroll and financing teams work better together than ever um I’m always astonished when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on wellness and the compensation landscape is becoming increasingly elaborate. Businesses are continuously introducing new advantages and payment choices, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into different groups, which can cause ineffectiveness and bottlenecks. In my viewpoint, this does not need to hold true. In today’s technically advanced era, there’s no validation for preserving cumbersome procedures. Payroll, the company’s most significant expense, should be processed correctly and on time. Even small delays can adversely impact staff members’ well-being and have significant consequences. For that reason, it’s crucial to focus on precise and prompt payments.
payroll group get um so I’m unsure anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle we all find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout 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 things is done properly so leveraging the first International Payments first payroll payment solution is a terrific initial step um offering an end-to-end payroll service for your workers globally again I think is another huge um procedure again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of businesses and lowering the number of tools platforms and savings account they need 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’ve never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re meant to be um I do not think any of us are really 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 processes and also so imagine sorry I’m simply I was just gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions envision getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and type of try to get back to everybody so moving on look why do companies pick to primary different checking account there are Papaya Global Serial services out there doing exactly this for specific countries and I have actually worked in an organization or many organizations doing precisely that I can say it does not constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we don’t need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the requirement I think individuals have actually got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I believe this is a procedure that needs looking at it requires altering however ultimately people are very stuck with what they recognize
with best um modification is a tough thing all of us don’t like modification um so I believe it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having keeping multiple bank accounts but there’s a substantial quantity of complexity chooses setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual people so the complexity is huge but I think the honest response is modification um individuals have not had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an element 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 understand what could nearly be identified to be the next Century approximately there is a lot to monitor and this approach does pose numerous difficulties um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Serial