Over the last five or 6 years …Papaya Global V26.01.244… functions on the company side and also on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating 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 actually 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 very gloomy and I want I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business maintain separate
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and timely payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, discover how companies anticipate payroll costs to enhance working capital, and discover how streamlining worldwide payroll payments can change them from a challenging job into a tactical property.
Managing payroll internationally is a challenging job due to numerous guidelines, compliance requirements, data security issues, and banking rules. The sheer variety of employees and services contributes to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems often lead to manual procedures, information silos, and an absence of combination, leading to inconsistencies and ineffectiveness. Regardless of residing in an age of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to offer insights and services to streamline and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a service spends on global payroll the less of a picture they see an absence of presence likewise extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of global organizations have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes inadequately interacted hires and terminations along with lack management and system configurations and after that when you round all of it 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 as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they count on the required multiple procedures 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 challenges company face when they’re making payments to staff members or otherwise that’s an excellent question I constantly toss this back and state what is it what doesn’t require to be included best and what does
it need to be thought of there’s varying 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 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 intricacy anywhere you look ideal eventually building a knowledge base is definitely important but all over you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is permitting us to kind of progress with that it also as well 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 groups work more detailed together than ever um I’m constantly amazed when individuals say I’ve 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 computation 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 anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world places a high value on well-being and the compensation landscape is ending up being progressively complex. Companies are continuously introducing new benefits and payment alternatives, which adds to the total intricacy. Large corporations often divide their payroll and payment processing into different groups, which can cause ineffectiveness and bottlenecks. In my viewpoint, this does not have to hold true. In today’s technologically sophisticated age, there’s no reason for maintaining troublesome procedures. Payroll, the business’s greatest expense, need to be processed properly and on time. Even slight delays can adversely impact employees’ well-being and have significant repercussions. Therefore, it’s important to focus on precise and timely payments.
payroll team get um so I’m uncertain anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe 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 absolutely crucial that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment service is a great primary step um offering an end-to-end payroll option for your employees worldwide once again I believe is another huge um process again lining up and ensuring you have standardization Global procedures all of those things are absolutely key to success success of companies and minimizing the number of tools platforms and bank accounts they require for their Global 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 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 grievances where things have not gone rather where they’re suggested to be um I do not think any of us are actually doing that for for the thanks
anyway we understand how how important a function 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 involved in those processes and likewise so imagine sorry I’m just I was just gon na state picture 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 speaking about hundreds of thousands possibly Millions picture getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and sort of try to return to everyone so carrying on look why do business choose to main different savings account there are Papaya Global V26.01.244 businesses out there doing exactly this for particular countries and I have actually operated in an organization or many services doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not creating additional work for anyone where we do not have to and any person that’s handling that process 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 think people have actually got so utilized to we need a new checking account we open an entity and rightly 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 just been the standard and the norm individuals 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 numerous other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it needs altering however ultimately people are extremely stuck to what they’re familiar
with best um modification is a challenging thing we all don’t like modification um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having maintaining several bank accounts however there’s a huge quantity of complexity opts for setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private people so the intricacy is substantial however I believe the honest answer is change um individuals have not been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century or two there is a lot to keep track of and this technique does pose several difficulties um so Johnny might you tell us about those obstacles yeah naturally so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global V26.01.244