Over the last 5 or six years …Capterra Papaya Global… functions on the provider side and also on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide 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 type of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it remains 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 very extremely dreary and I want I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business keep separate
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly useful for international organizations with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical possession 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.
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for businesses operating internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, find out how business forecast payroll expenses to enhance working capital, and discover how enhancing international payroll payments can transform them from a troublesome task into a strategic asset.
Handling payroll globally is a daunting job due to numerous guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer variety of workers and companies adds to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently lead to manual procedures, information silos, and an absence of integration, causing 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 by hand, often using pen and paper. This webinar goals to supply insights and solutions to streamline and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more a company invests in global payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and failure to accurately track these payments can result in 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 need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors badly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the information is shipped to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they count on the required several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they’re paying to staff members or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t require to be consisted of ideal and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities 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 best ultimately building a knowledge base is absolutely crucial but all over you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to sort of progress with that it also too to add to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely essential that payroll and financing teams work more detailed together than ever um I’m always impressed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern world places a high value on wellness and the compensation landscape is becoming increasingly complex. Businesses are continuously introducing brand-new advantages and payment options, which contributes to the overall complexity. Large corporations often divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and traffic jams. In my opinion, this does not need to hold true. In today’s technically innovative era, there’s no validation for keeping troublesome procedures. Payroll, the company’s most significant expenditure, need to be processed correctly and on time. Even minor hold-ups can negatively affect staff members’ wellness and have significant repercussions. For that reason, it’s critical to prioritize precise and timely payments.
The payroll team may not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only discover when things go wrong. However, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally also. Therefore, it is vital to guarantee that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Using the very first International Payments very first payroll payment option is a terrific initial step towards supplying a detailed payroll solution for workers worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and bank accounts needed for international payroll are key factors in achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things don’t go as planned. Eventually, we don’t do it for the thankfulness.
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 simple as possible for everyone that’s involved in those processes and likewise so picture sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job trying to clean up 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 need days of the week to attempt to browse them and in fact see what was going on and type of try to return to everyone so carrying on look why do business pick to primary separate savings account there are Capterra Papaya Global services out there doing precisely this for particular nations and I have actually operated in a business or numerous organizations doing precisely that I can say it does not always feel effective and it does create more work I understand we’re not deliberately doing that we’re not developing additional work for anyone where we do not need to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think 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 need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I think this is a process that requires taking a look at it needs changing but ultimately people are really stuck to what they recognize
with right um change is a hard thing we all don’t like modification um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having preserving numerous bank accounts however there’s a substantial amount of intricacy chooses establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual people so the complexity is huge however I believe the honest answer is modification um people have not had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century or so there is a lot to keep track of and this approach does pose several difficulties um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this improved ability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. Capterra Papaya Global