Over the last five or six years …Papaya Global Payroll Set Up Departments… functions on the supplier side and also on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or two to join we all 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 currently just to hear where everybody 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 sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely bleak and I wish I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies keep separate
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is particularly helpful for global organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured 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 likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and prompt payroll payments is a complex difficulty for services operating worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, learn how business anticipate payroll costs to enhance working capital, and find how improving global payroll payments can transform them from a difficult job into a tactical property.
Managing payroll worldwide is an overwhelming task due to numerous regulations, compliance requirements, information security concerns, and banking rules. The large variety of staff members and organizations adds to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems typically lead to manual processes, information silos, and a lack of integration, leading to disparities and inefficiencies. Regardless of residing in an age of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to supply insights and options 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 services say they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a business spends on worldwide payroll the less of a photo they see an absence of presence also encompasses payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of global businesses have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes badly communicated hires and terminations in addition to lack management and system configurations and after that when you round everything off and the information is shipped to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they depend on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re paying to employees or otherwise that’s a good concern I constantly throw this back and state what is it what does not need to be included ideal and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 have to pay from the customer’s own in-country account so there’s complexity any place you look best eventually constructing a knowledge base is definitely critical but everywhere you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to kind of progress with that it also too to add to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and finance groups work better together than ever um I’m constantly impressed when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 puts a high value on wellness and the payment landscape is becoming increasingly intricate. Organizations are continually presenting brand-new advantages and payment options, which adds to the overall intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can result in ineffectiveness and traffic jams. In my opinion, this doesn’t need to be the case. In today’s technologically sophisticated age, there’s no validation for preserving cumbersome procedures. Payroll, the business’s biggest expense, must be processed properly and on time. Even slight hold-ups can adversely impact workers’ well-being and have far-reaching consequences. Therefore, it’s critical to focus on precise and prompt payments.
payroll group get um so I’m unsure anyone on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everyone 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 deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment solution is a fantastic initial step um offering an end-to-end payroll solution for your staff members worldwide once again I think is another big um procedure again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of businesses and minimizing the number of tools platforms and savings account 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 have actually never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how crucial 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 everybody that’s associated with those processes and likewise so imagine sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task 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 look through them and really see what was going on and kind of shot to get back to everyone so moving on look why do companies pick to main separate savings account there are Papaya Global Payroll Set Up Departments services out there doing precisely this for particular countries and I’ve operated in a service or lots of companies doing precisely that I can say it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for anyone where we don’t have 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 think lots of reasons one is it’s the requirement I believe people 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 think it’s simply been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I think this is a procedure that needs looking at it requires altering but eventually people are extremely stuck to what they recognize
with right um change is a difficult thing all of us don’t like change um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having preserving numerous checking account however there’s a big amount of complexity chooses establishing a bank account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is big but I think the sincere response is change um individuals have not been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter however we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could nearly be identified to be the next Century or two there is a lot to monitor and this approach does present numerous challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so
I just 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 office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Set Up Departments