Over the last five or 6 years …Papaya Global Child Support… functions on the supplier side and also on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely dreary and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business keep separate
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially useful for worldwide organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical asset 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.
Ensuring accurate, effective, and timely payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to enhance working capital, and find how improving worldwide payroll payments can transform them from a burdensome task into a tactical possession.
Managing payroll worldwide is a challenging task due to various policies, compliance requirements, information security concerns, and banking rules. The sheer variety of workers and companies contributes to the complexity, with an approximated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently lead to manual procedures, information silos, and an absence of combination, resulting in inconsistencies and inadequacies. Despite living in an age of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to offer insights and options to simplify and enhance worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a company spends on international payroll the less of a picture they see an absence of visibility also encompasses payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of global businesses have actually revealed that they don’t 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 bad HCM information information entry errors badly interacted hires and terminations as well as lack management and system configurations and then when you round everything off and the data is shipped to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they depend on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business face when they’re paying to staff members or otherwise that’s a good concern I always throw this back and say what is it what doesn’t require to be included right and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 customer’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like incredibly payments no if but 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology 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 differing Bank Account Particulars differing banking requirements and setup processes is definitely crucial that payroll and finance groups work better together than ever um I’m constantly surprised when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not 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 typically 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 people any place they are but likewise 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 progressively detailed. Organizations are continuously presenting brand-new benefits and payment choices, which contributes to the overall complexity. Large corporations often divide their payroll and payment processing into separate teams, which can lead to inefficiencies and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s technically sophisticated era, there’s no justification for maintaining cumbersome procedures. Payroll, the business’s biggest cost, should be processed properly and on time. Even slight hold-ups can adversely affect workers’ wellness and have far-reaching effects. Therefore, it’s vital to focus on accurate and prompt payments.
payroll group get um so I’m not exactly sure anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done properly so leveraging the very first Global Payments very first payroll payment solution is a great primary step um providing an end-to-end payroll service for your workers 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 essential to success success of businesses and reducing the number of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyway we know how how essential a role 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 simple as possible for everybody that’s involved in those procedures and likewise so think of sorry I’m simply I was just gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse 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 Child Support organizations out there doing exactly this for particular countries and I have actually worked in an organization or numerous services doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not developing extra work for any person 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 believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the standard I believe individuals have actually got so utilized to we need a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I believe this is a procedure that needs looking at it requires altering however ultimately people are very stuck to what they’re familiar
with best um change is a tough thing all of us don’t like modification um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having keeping numerous savings account however there’s a substantial amount of intricacy opts for setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific people so the complexity is substantial but I believe the truthful response is change um individuals haven’t been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I think it is knowledge you know and there is an aspect 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 carrying on and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to keep an eye on and this method does pose a number of obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this improved capability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your achievements. Papaya Global Child Support