Over the last five or six years …Papaya Global Online Payslips… functions on the company side and likewise on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody 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 sunlight is it it’s not no it’s it’s raining here it’s really really bleak and I want I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies preserve separate
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate savings account for payroll in different 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 talk about why they are ending up being a tactical asset for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for companies running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to enhance working capital, and discover how simplifying global payroll payments can change them from a difficult job into a tactical asset.
Managing payroll internationally is a difficult job due to numerous policies, compliance requirements, data security issues, and banking rules. The large variety of staff members and services contributes to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems typically result in manual procedures, information silos, and an absence of integration, resulting in disparities and ineffectiveness. In spite of living in an era of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to offer insights and solutions to simplify and optimize global 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 Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a business spends on international payroll the less of an image they see an absence of exposure also encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of international businesses have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes poorly interacted hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is delivered to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they depend on the necessary numerous 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 difficulties business face when they’re paying to staff members or otherwise that’s a good concern I always throw this back and state what is it what doesn’t need to be consisted of right 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 nation there’s payment time frames 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 any place you look right eventually building a knowledge base is definitely crucial however all over you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in 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 innovation is allowing us to type of move on with that it likewise also to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing groups work more detailed together than ever um I’m constantly amazed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on well-being and the compensation landscape is ending up being increasingly complex. Organizations are constantly presenting brand-new advantages and payment alternatives, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s highly sophisticated age, there’s no justification for maintaining cumbersome treatments. Payroll, the business’s greatest expense, must be processed correctly and on time. Even slight hold-ups can adversely affect workers’ wellness and have far-reaching repercussions. Therefore, it’s important to focus on accurate and timely payments.
payroll group get um so I’m not sure anybody on this sort of webinar has actually 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 employees or not um however eventually payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this things is done properly so leveraging the very first International Payments very first payroll payment option is a fantastic first step um offering an end-to-end payroll solution for your workers worldwide again I think is another substantial um procedure again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely crucial to success success of companies and minimizing the number of tools platforms and bank accounts they require for their International payroll too couldn’t 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 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 grievances where things haven’t gone quite where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
anyhow 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 everybody that’s involved in those procedures and likewise so imagine sorry I’m just I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous 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 certainly be an intriguing task trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and kind of shot to get back to everybody so carrying on appearance why do business choose to primary separate checking account there are Papaya Global Online Payslips services out there doing precisely this for particular nations and I’ve worked in an organization or many businesses doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not developing additional work for anybody where we do not need to and anybody that’s dealing with 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 quantity that we are I think many factors one is it’s the requirement I think individuals have got so used to we require 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 requirement and the standard individuals have adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I think this is a process that requires looking at it needs altering however ultimately people are really stuck to what they recognize
with right um change is a tough thing all of us do not like change um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining multiple checking account however there’s a big amount of intricacy opts for establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for individual people so the complexity is big but I think the sincere response is change um people haven’t been able to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century or so there is a lot to keep an eye on and this technique does position numerous difficulties um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so
I simply 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 International workers you deserve a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Online Payslips