Over the last five or six years …Papaya Global Bonus Payroll… roles on the provider side and likewise on the vendor 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 okay thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is 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 very extremely gloomy and I wish I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies maintain different
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and timely payroll payments is a complex difficulty for businesses operating worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to optimize working capital, and find how improving international payroll payments can change them from a burdensome task into a tactical possession.
Handling payroll globally is an overwhelming job due to different policies, compliance requirements, data security concerns, and banking rules. The large number of workers and companies adds to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems typically result in manual processes, information silos, and a lack of integration, causing disparities and ineffectiveness. In spite of residing in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to offer insights and solutions to simplify and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a company invests in international payroll the less of a picture they see a lack of presence also reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of global businesses have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations as well as lack management and system setups and after that when you round everything off and the data is delivered to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they count on the needed several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s an excellent question I always throw this back and say what is it what does not need to be included right and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities 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 customer’s own in-country account so there’s complexity anywhere you look ideal eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they are like very payments no if however 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 recognition that payroll payments are definitely essential and innovation is permitting us to type of move forward with that it also also to add to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely vital that payroll and financing groups work more detailed together than ever um I’m always amazed when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high worth on well-being and the compensation landscape is ending up being progressively complex. Services are continuously introducing new benefits and payment choices, which adds to the overall intricacy. Large corporations typically divide their payroll and payment processing into separate groups, which can result in ineffectiveness and traffic jams. In my opinion, this does not have to be the case. In today’s technologically advanced age, there’s no reason for maintaining cumbersome procedures. Payroll, the company’s biggest expense, must be processed properly and on time. Even slight hold-ups can negatively impact staff members’ well-being and have significant effects. Therefore, it’s crucial to focus on accurate and prompt payments.
payroll team get um so I’m not sure anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong but 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 also like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done properly so leveraging the very first International Payments first payroll payment service is a great initial step um supplying an end-to-end payroll option for your workers globally once again I believe is another big um procedure again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of organizations and lowering the number of tools platforms and bank accounts they require for their Worldwide 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 do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how important a role 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 simple as possible for everybody that’s involved in those processes and also so imagine sorry I’m just I was simply gon na state imagine 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 discussing hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and kind of try to get back to everyone so proceeding look why do business select to primary separate bank accounts there are Papaya Global Bonus Payroll businesses out there doing precisely this for specific nations and I have actually worked in a company or many services doing precisely that I can say it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for any person where we do not need to and anyone 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 quantity that we are I think lots of reasons one is it’s the standard I think individuals have got so used to we require a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that people have taken a look 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 requires taking a look at it needs altering but eventually people are really stuck to what they’re familiar
with ideal um modification is a tough thing all of us do not like modification um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having preserving several checking account however there’s a substantial quantity of complexity goes with establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the intricacy is huge however I think the honest response is change um people haven’t had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century or two there is a lot to keep track of and this method does present several obstacles um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just did you changed our Business 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 staff members you should have a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Bonus Payroll