Over the last five or six years …Papaya Global Dominica… roles on the provider side and also on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everyone another couple 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 already simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly 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 extremely uninspiring and I wish I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies keep different
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly beneficial for global companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping different savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure precise, effective, and timely payroll payments is a complex challenge for services operating worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, learn how business anticipate payroll costs to optimize working capital, and discover how streamlining international payroll payments can transform them from a challenging job into a strategic property.
Handling payroll worldwide is a challenging task due to numerous regulations, compliance requirements, data security concerns, and banking guidelines. The sheer number of staff members and companies adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically lead to manual processes, data silos, and a lack of integration, causing disparities and ineffectiveness. Regardless of living in an age of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to provide insights and services to simplify and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in global payroll the less of an image they see a lack of presence also encompasses payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international companies have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes improperly interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is delivered to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they count on the required several 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 company face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t require to be included ideal and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 right eventually developing a knowledge base is definitely critical but all over you look with payroll payment they resemble incredibly payments no if however some infants 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 innovation is permitting us to type of progress with that it also too to contribute to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing teams work better together than ever um I’m constantly surprised when people say I have actually split payroll and payment um if you walk down the street and asked anybody 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 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 people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on well-being and the compensation landscape is ending up being significantly elaborate. Companies are constantly introducing brand-new advantages and payment choices, which adds to the overall intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to inadequacies and traffic jams. In my viewpoint, this does not have to be the case. In today’s technically advanced era, there’s no justification for maintaining troublesome treatments. Payroll, the company’s biggest expense, need to be processed correctly and on time. Even small delays can negatively impact employees’ well-being and have significant consequences. Therefore, it’s critical to focus on accurate and timely payments.
payroll team get um so I’m not sure anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout 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 definitely crucial that all of this things is done correctly so leveraging the first International Payments very first payroll payment service is an excellent primary step um supplying an end-to-end payroll option for your employees globally again I believe is another big um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely crucial to success success of organizations 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 had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyway 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 processes and likewise so envision sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task 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 browse them and actually see what was going on and kind of try to get back to everyone so carrying on look why do business choose to primary separate savings account there are Papaya Global Dominica services out there doing precisely this for specific nations and I have actually worked in a company or many services doing precisely that I can state it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for any person where we do not have to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I think individuals have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it needs altering but ultimately individuals are really stuck with what they recognize
with ideal um change is a difficult thing all of us do not like change um so I think it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having preserving multiple bank accounts however there’s a substantial quantity of complexity goes with establishing a savings account preserving it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is big however I believe the sincere response is modification um people haven’t had the ability to change or have not had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century or so there is a lot to monitor and this method does position numerous challenges um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I just did you switched 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 should have a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Dominica