Over the last 5 or six years …Papaya Global Sri Lanka… functions on the provider side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays 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 everyone is um it’s nice to to sort of like see where everybody comes from and I actually do hope it’s much sunnier than it is 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 extremely very gloomy and I wish I was somewhere else 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 International payroll why business keep separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly helpful for global organizations with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical asset 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.
Making sure accurate, efficient, and prompt payroll payments is a complex challenge for services operating worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, learn how companies forecast payroll expenses to enhance working capital, and discover how improving global payroll payments can change them from a troublesome job into a strategic property.
Managing payroll globally is a difficult job due to numerous guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer variety of employees and companies contributes to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Traditional payroll systems often result in manual processes, information silos, and a lack of integration, resulting in disparities and inadequacies. In spite of residing in an era of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to supply insights and solutions to streamline and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a company spends on global payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of international businesses have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors badly interacted hires and terminations along with lack management and system setups and after that when you round all of it off and the information is shipped to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they depend on the needed several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and state what is it what does not require to be included best and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 client’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to kind of move on with that it also also to add to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely important that payroll and finance teams work better together than ever um I’m always surprised when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high worth on wellness and the settlement landscape is becoming increasingly intricate. Businesses are continually introducing brand-new benefits and payment choices, which adds to the total intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can cause inadequacies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s technically innovative period, there’s no reason for maintaining troublesome treatments. Payroll, the business’s greatest expenditure, need to be processed properly and on time. Even slight hold-ups can negatively affect staff members’ well-being and have far-reaching repercussions. Therefore, it’s vital to focus on precise and timely payments.
payroll team get um so I’m unsure anyone on this sort of webinar has been informed 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 eventually payroll is such an essential cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe 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 stuff is definitely crucial that all of this things is done correctly so leveraging the first Global Payments very first payroll payment solution is a terrific initial step um providing an end-to-end payroll service for your workers internationally again I believe is another substantial um process again aligning and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of organizations and lowering 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 terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyhow 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 associated with those processes and also so imagine sorry I’m just I was just gon na state imagine the amount 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 numerous thousands possibly Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and sort of shot to return to everyone so carrying on look why do companies select to main separate checking account there are Papaya Global Sri Lanka businesses out there doing precisely this for specific nations and I have actually worked in an organization or many businesses doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for any person where we do not need to and any person 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 quantity that we are I think lots of factors one is it’s the standard I believe people have actually got so used to we need a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I believe this is a process that needs taking a look at it requires altering however eventually individuals are very stuck with what they recognize
with best um change is a difficult thing we all don’t like modification um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having preserving multiple bank accounts but there’s a big amount of complexity opts for setting up a bank account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual people so the intricacy is big but I think the honest response is modification um people haven’t had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century or so there is a lot to monitor and this technique does pose numerous difficulties um so Johnny could you tell us about those obstacles yeah obviously 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 handle our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Sri Lanka