Over the last 5 or six years …Papaya Global French Guiana… roles on the service provider side and also on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating 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 everyone comes 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 extremely really gloomy and I wish I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why companies maintain separate
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for businesses running internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll costs to optimize working capital, and discover how streamlining worldwide payroll payments can transform them from a challenging job into a tactical possession.
Handling payroll globally is a complicated task due to numerous regulations, compliance requirements, data security issues, and banking guidelines. The sheer variety of staff members and companies adds to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently result in manual processes, information silos, and an absence of combination, causing inconsistencies and ineffectiveness. In spite of residing in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar goals to supply insights and options to streamline and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company invests in global payroll the less of an image they see an absence of visibility also reaches payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide businesses have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes inadequately interacted hires and terminations in addition to lack management and system setups and then when you round all of it off and the information is delivered to the wrong location the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they rely on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be included right and what does
it need 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 need to pay from the client’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is definitely vital however all over you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is enabling us to sort of progress with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work closer together than ever um I’m always amazed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation 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 information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on well-being and the compensation landscape is becoming significantly detailed. Organizations are continually introducing new benefits and payment choices, which contributes to the total intricacy. Large 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 technologically innovative period, there’s no justification for maintaining cumbersome treatments. Payroll, the company’s biggest cost, should be processed properly and on time. Even slight delays can negatively impact employees’ well-being and have significant consequences. Therefore, it’s crucial to prioritize precise and timely payments.
payroll group get um so I’m uncertain anyone on this type of webinar has been told 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 staff members or not um however eventually payroll is such an essential cycle we all 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 exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment option is an excellent primary step um supplying an end-to-end payroll service for your workers internationally once again I believe is another big um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of companies and minimizing the number of tools platforms and checking account they need for their Global 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’ve never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I do not think any of us are actually doing that for for the thanks
anyway we know how how important a role 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 easy as possible for everybody that’s involved in those processes and likewise so imagine sorry I’m just I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task attempting to clean all those up for sure oh absolutely I can’t envision 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 actually see what was going on and type of shot to get back to everybody so carrying on look why do business select to main separate bank accounts there are Papaya Global French Guiana organizations out there doing exactly this for specific nations and I’ve operated in a business or numerous companies doing exactly that I can state it does not always feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating additional work for anybody where we don’t need to and any person that’s managing that procedure 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 believe many factors one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a process that requires looking at it requires altering but eventually people are really stuck with what they’re familiar
with best um modification is a tough thing we all don’t like modification 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 understand undoubtedly the advantages of having keeping numerous bank accounts however there’s a huge amount of intricacy opts for setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for private individuals so the complexity is big however I believe the honest answer is modification um individuals haven’t been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to change however we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does position a number of obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you are worthy of a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global French Guiana