Over the last five or 6 years …Papaya Global Russia… roles on the service provider side and likewise on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll sort 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 everyone comes from and I really do hope it’s much sunnier than it remains 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 really really bleak and I wish I was elsewhere at this moment in time alright 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 separate
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of maintaining different savings account for payroll in different countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and prompt payroll payments is a complex obstacle for businesses running worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, find out how companies forecast payroll costs to enhance working capital, and find how improving global payroll payments can transform them from a troublesome task into a tactical property.
Managing payroll internationally is a difficult task due to various guidelines, compliance requirements, information security concerns, and banking rules. The sheer variety of workers and businesses contributes to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems typically lead to manual procedures, information silos, and an absence of integration, resulting in disparities and inadequacies. Regardless of living in an era of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to offer insights and services to streamline and optimize international payroll payments.
about it to provide you an idea 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 rather honestly the more a business invests in worldwide payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international businesses have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes poorly interacted hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the average cost of a worldwide data 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 don’t run efficiently if they rely on the needed several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re paying to staff members or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t need to be consisted of right and what does
it require to be considered 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 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 wherever you look ideal eventually building a knowledge base is definitely vital however all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 allowing us to kind of move on with that it likewise also to add to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is definitely imperative 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 split the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on wellness and the payment landscape is becoming increasingly intricate. Services are constantly presenting new benefits and payment choices, which adds to the overall intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can cause inefficiencies and traffic jams. In my viewpoint, this does not have to hold true. In today’s technically sophisticated era, there’s no validation for keeping troublesome procedures. Payroll, the business’s biggest expenditure, should be processed properly and on time. Even minor hold-ups can negatively affect workers’ well-being and have far-reaching consequences. For that reason, it’s crucial to focus on accurate and prompt payments.
The payroll group might not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just notice when things go wrong. However, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally also. Therefore, it is vital to make sure that tasks like Wi-Fi Worldwide and other vital matters are done properly. Using the first Global Payments very first payroll payment option is a great initial step towards providing a thorough payroll option for workers worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and bank accounts necessary for global payroll are essential consider achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things do not go as planned. Eventually, we don’t do it for the appreciation.
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 everyone that’s associated with those processes and likewise so imagine sorry I’m simply I was simply gon na say picture 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 talking about hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and actually see what was going on and type of shot to return to everybody so moving on look why do business choose to main different bank accounts there are Papaya Global Russia businesses out there doing precisely this for specific nations and I’ve worked in a service or numerous organizations doing precisely that I can say it does not constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not producing additional work for anybody where we don’t have to and anyone 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 lots of reasons one is it’s the requirement I think individuals have got so used to we require a new bank account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have embraced 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 methods um to to type of do it so I believe there’s a range I think this is a process that needs taking a look at it needs altering however eventually people are extremely stuck with what they recognize
with best um modification is a tough thing we all don’t like modification um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having maintaining several bank accounts but there’s a substantial quantity of complexity opts for setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is substantial but I believe the honest answer is modification um individuals have not been able to alter or have not had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we’ve constantly 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 could practically be determined to be the next Century approximately there is a lot to keep an eye on and this method does pose a number of challenges um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Russia