Over the last 5 or six years …Papaya Global Vs Senangpay… roles on the company side and also on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind 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 kind of like see where everybody originates from and I truly do hope it’s much sunnier than it remains 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 extremely really dreary and I want I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies preserve separate
Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of preserving different bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic asset 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.
Ensuring precise, efficient, and prompt payroll payments is a complex difficulty for companies operating worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to enhance working capital, and discover how improving global payroll payments can transform them from a difficult job into a strategic possession.
Managing payroll globally is a challenging job due to numerous policies, compliance requirements, data security concerns, and banking rules. The sheer number of workers and services contributes to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems often result in manual processes, information silos, and an absence of combination, causing disparities and ineffectiveness. Despite residing in an age of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to supply insights and services to simplify and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization invests in worldwide payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of international services have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the data is shipped to the wrong location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they depend on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to staff members or otherwise that’s a great concern I always throw this back and say what is it what does not need to be included best and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 have to pay from the consumer’s own in-country account so there’s complexity any place you look ideal ultimately constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble extremely payments no if however some babies 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 believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to kind of move forward with that it also too to contribute to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely imperative that payroll and financing teams work closer together than ever um I’m always amazed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often 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 individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on well-being and the payment landscape is ending up being significantly complex. Companies are constantly introducing new advantages and payment options, which contributes to the total complexity. Big corporations often divide their payroll and payment processing into separate groups, which can result in inefficiencies and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s highly innovative era, there’s no reason for preserving cumbersome procedures. Payroll, the company’s biggest expenditure, should be processed correctly and on time. Even minor delays can negatively affect workers’ well-being and have significant consequences. Therefore, it’s vital to focus on precise and prompt payments.
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only observe when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally too. For that reason, it is necessary to make sure that jobs like Wi-Fi International and other important matters are done properly. Utilizing the very first International Payments very first payroll payment solution is a terrific initial action towards offering an extensive payroll option for workers worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and bank accounts needed for international payroll are key consider attaining organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as planned. Ultimately, we don’t do it for the thankfulness.
anyhow we understand how how important a function 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 everyone that’s involved in those procedures and also so imagine sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions picture getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and really see what was going on and kind of try to get back to everybody so proceeding look why do companies choose to primary different checking account there are Papaya Global Vs Senangpay organizations out there doing precisely this for specific nations and I’ve worked in a company or numerous businesses doing precisely that I can state it does not always feel effective and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we don’t need to and anybody that’s dealing with 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 amount that we are I think many factors one is it’s the requirement I think people have got so used to we require a new savings account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that needs looking at it needs changing however eventually people are extremely stuck with what they recognize
with right um change is a challenging thing all of us don’t like change um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having maintaining numerous bank accounts however there’s a huge amount of complexity opts for setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is substantial but I think the sincere response is modification um people have not been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be figured out 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 could you inform us about those obstacles yeah of course so there’s a variety right there is so
I just 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 acquired another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Vs Senangpay