Over the last five or 6 years …American Version Of Papaya Global… functions on the supplier side and also on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort 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 type of like see where everybody comes 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 extremely dreary and I want I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies maintain separate
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially beneficial for global organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of preserving separate savings account for payroll in different nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and prompt payroll payments is a complex challenge for companies running internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to optimize working capital, and find how streamlining international payroll payments can transform them from a burdensome job into a strategic asset.
Managing payroll worldwide is a challenging task due to numerous policies, compliance requirements, data security concerns, and banking guidelines. The sheer variety of workers and organizations adds to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically lead to manual procedures, information silos, and a lack of integration, resulting in inconsistencies and inadequacies. In spite of residing in an era of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to provide insights and options to simplify and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more a company spends on worldwide payroll the less of an image they see a lack of exposure also extends to payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal almost half of global services have revealed 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 poor HCM information data entry errors badly communicated hires and terminations in addition to lack management and system setups and then when you round everything off and the information is shipped to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they depend on the essential several processes 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 service face when they’re making payments to employees or otherwise that’s a great question I always throw this back and state what is it what does not need to be included best and what does
it require to be thought about 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 consumer’s own in-country account so there’s complexity any place you look right eventually constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to sort of progress with that it also as well to add to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and finance teams work more detailed together than ever um I’m constantly impressed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession 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 ultimately 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 likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of crucial to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being provided by businesses across the world so once again you’re just aiming to include more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real challenges or genuine difficult sort of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we run in they simply make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and an era that you know that we are working in today there is no reason that we are still making this as tough as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any company has from a cost perspective from an effect viewpoint on staff members it is definitely vital that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest damaging impact on individuals’s wellness and numerous other factors if people aren’t paid uh I have actually always been amazed entering into this Market kind of the last 5 to ten years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually 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 just discover when things fail. However, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally too. Therefore, it is vital to ensure that jobs like Wi-Fi International and other crucial matters are done correctly. Utilizing the first International Payments first payroll payment solution is an excellent preliminary action towards providing a comprehensive payroll option for workers worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and savings account essential for international payroll are crucial consider achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of problems when things do not go as prepared. Eventually, we don’t do it for the appreciation.
anyway we understand how how crucial a role 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 everybody that’s involved in those procedures and likewise so picture sorry I’m just I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine 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 absolutely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and sort of shot to return to everybody so carrying on look why do companies select to main different checking account there are American Version Of Papaya Global services out there doing exactly this for specific nations and I’ve worked in a business or numerous businesses doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not creating extra 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 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 think people have got so used to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I think this is a procedure that needs looking at it requires altering but ultimately people are very stuck to what they recognize
with ideal um modification is a difficult thing we all do not like modification um so I think 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 stuff um I understand obviously the advantages of having maintaining numerous bank accounts but there’s a substantial quantity of intricacy goes with establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for private individuals so the intricacy is huge however I think the honest response is change um individuals have not been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or so there is a lot to monitor and this technique does posture a number of difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you deserve a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you American Version Of Papaya Global