Over the last 5 or 6 years …The Papaya Global Company… functions on the supplier side and likewise on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very uninspiring and I want I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies keep different
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly useful for international companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping separate savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical possession 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.
Making sure accurate, efficient, and timely payroll payments is a complex challenge for organizations operating globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, learn how companies anticipate payroll expenses to optimize working capital, and find how streamlining global payroll payments can transform them from a difficult job into a strategic asset.
Managing payroll worldwide is a daunting task due to numerous regulations, compliance requirements, information security concerns, and banking guidelines. The sheer variety of employees and companies adds to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently result in manual processes, data silos, and an absence of integration, resulting in inconsistencies and inadequacies. Regardless of living in an era of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to supply insights and solutions to streamline and optimize worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a service invests in international payroll the less of a photo they see a lack of exposure also encompasses payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of global businesses have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors poorly interacted hires and terminations along with absence management and system setups and then when you round everything off and the data is shipped to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they depend on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re paying to workers or otherwise that’s a good concern I always throw this back and say what is it what doesn’t require to be consisted of best and what does
it require to be considered there’s differing Bank details 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 need to pay from the client’s own in-country account so there’s intricacy anywhere you look right eventually building a knowledge base is definitely critical however everywhere you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type 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 basic and technology is permitting us to kind of move forward with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely important that payroll and finance teams work more detailed together than ever um I’m constantly surprised when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide 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 information 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 contemporary world places a high value on well-being and the payment landscape is ending up being progressively intricate. Services are constantly presenting brand-new advantages and payment options, which adds to the general intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can cause ineffectiveness and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s technologically innovative age, there’s no validation for maintaining cumbersome procedures. Payroll, the company’s greatest expense, need to be processed properly and on time. Even slight hold-ups can adversely affect employees’ well-being and have significant effects. Therefore, it’s important to focus on accurate and timely payments.
payroll team get um so I’m not exactly sure anybody on this sort of webinar has been informed 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 employees or not um however ultimately payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong 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 likewise like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment solution is an excellent first step um providing an end-to-end payroll option for your workers worldwide once again I believe is another substantial um procedure once again aligning and guaranteeing you have standardization International processes all of those things are absolutely key to success success of companies and decreasing the number of tools platforms and checking account they need for their International 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 have actually never had a hundred thousand of 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 believe any of us are really doing that for for the thanks
anyway we know how how important 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 everybody that’s associated with those processes and also so picture sorry I’m simply I was just gon na state picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task attempting 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 need days of the week to attempt to look through them and in fact see what was going on and kind of shot to return to everyone so moving on look why do companies pick to main separate bank accounts there are The Papaya Global Company services out there doing exactly this for particular nations and I’ve operated in a company or many services doing exactly that I can say it does not constantly feel effective and it does create more work I know we’re not purposely doing that we’re not creating additional work for anybody where we do not have to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the requirement I think people have got so used to we need a new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I think this is a process that needs taking a look at it needs altering but eventually people are extremely stuck to what they’re familiar
with ideal um modification is a hard thing we all don’t like modification um so I believe it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having maintaining multiple savings account but there’s a substantial amount of complexity goes with setting up a bank account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the complexity is huge but I think the truthful response is change um people have not had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter however we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be identified to be the next Century or two there is a lot to monitor and this method does posture numerous challenges um so Johnny might you inform us about those obstacles yeah of course 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you should have 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 The Papaya Global Company