Over the last five or 6 years …Deel Papaya Global… roles on the provider side and also on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort 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 sort of like see where everyone comes from and I actually do hope it’s much sunnier than it remains 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 very extremely dreary and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies maintain different
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping different savings account for payroll in different nations, 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 becoming a strategic property for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and prompt payroll payments is a complex difficulty for services operating worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, discover how business forecast payroll costs to enhance working capital, and find how streamlining international payroll payments can change them from a difficult task into a tactical asset.
Managing payroll internationally is an overwhelming task due to various regulations, compliance requirements, information security concerns, and banking rules. The large number of workers and businesses contributes to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems typically result in manual procedures, data silos, and a lack of integration, causing disparities and ineffectiveness. Regardless of living in a period of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to offer insights and solutions to streamline and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization spends on international payroll the less of an image they see a lack of exposure also extends to payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide services have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the information is delivered to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they count on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they’re paying to workers or otherwise that’s a good concern I constantly throw this back and state what is it what doesn’t require to be consisted of best and what does
it need to be thought of there’s varying 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 abilities 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 wherever you look right eventually developing a knowledge base is absolutely crucial but all over you look with payroll payment they are like extremely payments no if but some children 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 innovation is permitting us to type of progress with that it also as well to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely crucial that payroll and financing groups work closer together than ever um I’m constantly astonished when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on wellness and the payment landscape is ending up being increasingly elaborate. Businesses are constantly presenting brand-new advantages and payment alternatives, which contributes to the overall intricacy. Big corporations often divide their payroll and payment processing into different groups, which can cause ineffectiveness and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s technically innovative period, there’s no justification for maintaining cumbersome treatments. Payroll, the company’s biggest cost, should be processed correctly and on time. Even small delays can adversely impact workers’ well-being and have significant consequences. For that reason, it’s crucial to prioritize accurate and prompt payments.
payroll team get um so I’m not exactly sure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle we all become aware of it when it goes wrong everybody 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 likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done properly so leveraging the very first International Payments first payroll payment option is a fantastic first step um offering an end-to-end payroll service for your employees worldwide once again I believe is another big um procedure once again aligning and ensuring you have standardization Global procedures all of those things are definitely essential to success success of companies and lowering the number of tools platforms and savings account they need for their Worldwide 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 ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I do not think any of us are actually doing that for for the thanks
anyhow we know how how crucial 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 procedures and also so envision sorry I’m just I was just gon na say picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting 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 was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and kind of shot to return to everyone so carrying on look why do companies pick to primary separate checking account there are Deel Papaya Global services out there doing exactly this for specific nations and I have actually operated in a service or lots of companies doing precisely that I can say it does not constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not developing extra work for anybody where we do not have to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I believe individuals have got so utilized to we need a new checking account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I believe this is a process that requires taking a look at it requires altering however eventually people are really stuck to what they’re familiar
with ideal um modification is a challenging thing all of us don’t like change um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having keeping several checking account but there’s a substantial amount of intricacy opts for establishing a bank account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for private individuals so the intricacy is big but I believe the sincere response is change um people haven’t had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be figured out to be the next Century approximately there is a lot to keep track of and this method does position numerous obstacles um so Johnny could you inform us about those challenges yeah of course 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 handle our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements. Deel Papaya Global