Over the last five or six years …Papaya Global 45… functions on the provider side and also on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I truly 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 raining here it’s very really uninspiring and I want I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies keep separate
Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is especially useful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss 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 timely payroll payments is a complex obstacle for organizations running internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how business forecast payroll expenses to optimize working capital, and find how simplifying global payroll payments can transform them from a burdensome job into a tactical asset.
Handling payroll internationally is a difficult job due to numerous policies, compliance requirements, data security concerns, and banking guidelines. The sheer number of employees and services adds to the complexity, with an estimated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual procedures, information silos, and an absence of combination, resulting in inconsistencies and inefficiencies. Regardless of residing in an age of technological advancements, 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 services to streamline and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company spends on international payroll the less of a photo they see an absence of visibility also reaches payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of international services have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes poorly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is shipped to the incorrect location the typical expense 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 cash around the globe payroll and payments don’t run efficiently if they count on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties company face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t require to be consisted of right and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity any place you look right eventually building a knowledge base is absolutely vital however everywhere 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 look at the sort of link in 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 allowing us to sort of progress with that it likewise also to add to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely imperative that payroll and financing teams work better together than ever um I’m constantly astonished when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market 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 individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world positions a high worth on wellness and the payment landscape is ending up being increasingly complex. Organizations are continually introducing brand-new advantages and payment options, which contributes to the total intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can result in ineffectiveness and traffic jams. In my viewpoint, this does not need to hold true. In today’s technically advanced age, there’s no validation for preserving troublesome procedures. Payroll, the business’s greatest expense, must be processed correctly and on time. Even minor delays can negatively affect workers’ wellness and have far-reaching repercussions. Therefore, it’s vital to prioritize accurate and timely payments.
payroll group get um so I’m unsure 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 staff members or not um but ultimately payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done properly so leveraging the first Global Payments very first payroll payment solution is an excellent primary step um offering an end-to-end payroll service for your employees globally once again I believe is another big um procedure again aligning and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of organizations and minimizing the variety of tools platforms and checking account they require 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 had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 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 really doing that for for the thanks
anyway we know how how crucial 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 simple as possible for everybody that’s involved in those procedures and also so picture sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job attempting 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 browse them and in fact see what was going on and kind of try to get back to everybody so carrying on appearance why do business select to main different checking account there are Papaya Global 45 businesses out there doing exactly this for specific nations and I’ve worked in a business or lots of organizations doing exactly that I can say it doesn’t always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anybody 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 think that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the requirement I think people have got so used to we require a new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires altering however eventually people are extremely stuck to what they recognize
with ideal um modification is a tough thing we all do not like modification um so I think it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining multiple bank accounts however there’s a huge amount of intricacy goes with establishing a checking account preserving it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the intricacy is huge but I think the sincere response is change um people haven’t been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might almost be figured out to be the next Century or so there is a lot to track and this method does posture a number of challenges um so Johnny could you tell us about those difficulties 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 closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global 45