Over the last five or six years …Papaya Global Netherlands… roles on the service provider side and likewise on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really extremely bleak and I want I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies preserve different
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving separate checking account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming 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 accurate, effective, and timely payroll payments is a complex difficulty for companies running globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, discover how business forecast payroll costs to enhance working capital, and find how streamlining international payroll payments can transform them from a challenging task into a tactical possession.
Managing payroll worldwide is an overwhelming job due to different regulations, compliance requirements, information security issues, and banking rules. The sheer variety of staff members and businesses contributes to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems often lead to manual processes, data silos, and a lack of integration, causing inconsistencies and inadequacies. In spite of living in an era of technological developments, 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 supply insights and options to streamline and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company invests in worldwide payroll the less of an image they see an absence of presence also extends to payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of worldwide businesses have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes badly communicated hires and terminations in addition to lack management and system setups and then when you round all of it off and the data is shipped to the incorrect place the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they count on the necessary 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 business face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t require to be included right and what does
it need to be thought about there’s varying Bank information 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 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 consumer’s own in-country account so there’s complexity any place you look ideal eventually constructing a knowledge base is absolutely crucial 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 look at the type 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 absolutely essential and innovation is allowing us to type of progress with that it also as well to contribute to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work more detailed together than ever um I’m always impressed when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work 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 frequently 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 individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high value on well-being and the compensation landscape is becoming progressively intricate. Organizations are constantly introducing brand-new advantages and payment alternatives, which contributes to the total complexity. Big corporations frequently divide their payroll and payment processing into different groups, which can result in ineffectiveness and traffic jams. In my opinion, this doesn’t need to hold true. In today’s highly advanced age, there’s no reason for maintaining cumbersome treatments. Payroll, the business’s most significant expense, need to be processed correctly and on time. Even slight delays can negatively affect staff members’ well-being and have far-reaching effects. Therefore, it’s vital to focus on accurate and prompt payments.
payroll team get um so I’m not exactly sure anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle we all find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment option is a great first step um providing an end-to-end payroll option for your staff members internationally once again I believe is another big um procedure once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of businesses and minimizing the variety of tools platforms and bank accounts they need 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’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyway 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 processes and also so picture sorry I’m simply I was simply gon na state think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and really see what was going on and kind of try to return to everybody so proceeding look why do business pick to main separate bank accounts there are Papaya Global Netherlands businesses out there doing exactly this for specific nations and I have actually worked in a business or many services doing exactly that I can say it doesn’t always feel effective and it does develop more work I know we’re not purposely doing that we’re not developing additional work for anybody where we don’t need to and anyone that’s handling 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 amount that we are I think lots of reasons one is it’s the requirement I think individuals have actually got so utilized to we require a new bank account we open an entity and rightly so you need 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 requirement and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I think this is a process that requires looking at it needs altering but ultimately individuals are very stuck to what they recognize
with ideal um change is a hard thing we all do not like change um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having keeping numerous checking account but there’s a big amount of intricacy opts for setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the complexity is huge however I believe the truthful answer is modification um people haven’t been able to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century or two there is a lot to keep an eye on and this method does present numerous difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a variety right there is so
I just did you switched our Business 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 International staff members you should have a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Netherlands