Over the last 5 or six years …Papaya Global Travel Expenses… functions on the company side and also on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it is 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 want I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business preserve separate
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and prompt payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll expenses to enhance working capital, and find how enhancing worldwide payroll payments can transform them from a burdensome task into a tactical asset.
Handling payroll worldwide is a challenging job due to different regulations, compliance requirements, information security concerns, and banking guidelines. The sheer variety of workers and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently lead to manual procedures, data silos, and a lack of combination, leading to disparities and inefficiencies. Regardless of residing in an era of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to offer insights and options to simplify and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service invests in international payroll the less of a picture they see an absence of visibility also reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of international companies 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 mistakes are because of time reporting poor HCM information information entry mistakes inadequately communicated hires and terminations along with lack management and system setups and then when you round it all off and the information is shipped to the wrong place the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they rely on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re paying to staff members or otherwise that’s a good question I always throw this back and say what is it what doesn’t 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 country there’s payment time frames 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 consumer’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to type of progress with that it likewise as well to add to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely necessary that payroll and financing teams work closer together than ever um I’m constantly impressed when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t 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 process it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on well-being and the payment landscape is ending up being significantly elaborate. Organizations are constantly presenting brand-new advantages and payment alternatives, which adds to the total complexity. Big corporations typically divide their payroll and payment processing into different teams, which can result in ineffectiveness and traffic jams. In my viewpoint, this does not have to be the case. In today’s technologically sophisticated era, there’s no justification for preserving troublesome procedures. Payroll, the business’s greatest expense, must be processed correctly and on time. Even small hold-ups can adversely affect workers’ well-being and have significant effects. For that reason, it’s vital to focus on accurate and timely payments.
payroll group get um so I’m unsure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done properly so leveraging the very first Global Payments first payroll payment service is a terrific first step um providing an end-to-end payroll option for your staff members internationally once again I believe is another huge um process once again aligning and ensuring you have standardization International procedures all of those things are definitely key to success success of companies and decreasing the variety of tools platforms and savings account they require for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of 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 complaints where things have not gone quite where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand how how important 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 also so think of sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions envision 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 definitely be an intriguing job trying to clean 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 require days of the week to attempt to look through them and really see what was going on and sort of try to return to everyone so moving on appearance why do business select to primary separate bank accounts there are Papaya Global Travel Expenses services out there doing exactly this for particular countries and I’ve operated in a service or lots of organizations doing precisely that I can say it does not constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not creating additional work for anybody where we don’t need to and anyone that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount 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 checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I think this is a process that requires looking at it needs altering but ultimately individuals are very stuck with what they recognize
with best um modification is a difficult thing all of us don’t like modification um so I believe it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having preserving several bank accounts but there’s a huge quantity of complexity opts for setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private people so the complexity is huge but I believe the sincere answer is modification um individuals have not had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you’ve 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 excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or two there is a lot to keep track of and this approach does posture several challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I just did you changed our Enterprise 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 Global employees you should have a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Travel Expenses