Over the last 5 or 6 years …Papaya Global Crash Log… functions on the company side and likewise on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very bleak and I wish I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business keep separate
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially beneficial for international organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different checking account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for services running worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, find out how business anticipate payroll expenses to enhance working capital, and find how streamlining worldwide payroll payments can change them from a difficult task into a strategic asset.
Handling payroll worldwide is a challenging task due to numerous policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of workers and companies adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems typically lead to manual processes, data silos, and an absence of combination, leading to disparities and ineffectiveness. Regardless of residing in an era of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to offer insights and services to simplify and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more a company invests in worldwide payroll the less of a picture they see a lack of exposure also reaches payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide companies have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors improperly interacted hires and terminations as well as lack management and system setups and then when you round it all off and the data is shipped to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they rely on the required multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and say what is it what does not require to be included right and what does
it require to be thought about 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 abilities so can you pay it from International or do you need 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 best eventually developing a knowledge base is definitely critical but everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a 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 absolutely basic and technology is enabling us to sort of move forward with that it also too to add to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and financing groups work better together than ever um I’m constantly surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of important to contribute to kind of the level of complexity there’s more and more advantages being organ or being offered by companies across the world so again you’re just wanting to include a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine tough sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would absolutely state that the larger a company 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 details into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to create extra handoffs in the processes that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and an age that you understand that we are working in today there is no reason that we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any organization has from a cost point of view from an impact viewpoint on employees it is definitely vital that it’s done correctly and on time so what we indicate 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 destructive impact on people’s well-being and many other aspects if people aren’t paid uh I’ve always been surprised coming into this Market kind of the last five to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only discover when things fail. 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 ensure that jobs like Wi-Fi International and other vital matters are done properly. Using the first Global Payments first payroll payment solution is an excellent initial action towards supplying a comprehensive payroll option for staff members worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and checking account necessary for worldwide payroll are key factors in accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things don’t go as prepared. Eventually, we do not do it for the thankfulness.
anyway we know how how important 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 processes and likewise so envision sorry I’m just I was just gon na state think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions picture 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 certainly be an intriguing job trying to clean up all those up for sure oh absolutely I can’t imagine 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 in fact see what was going on and kind of try to get back to everybody so carrying on look why do business pick to primary different checking account there are Papaya Global Crash Log organizations out there doing precisely this for particular nations and I’ve worked in an organization or lots of businesses doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we do not have to and anybody 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 quantity that we are I think lots of factors one is it’s the standard I think individuals have got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I think this is a process that requires taking a look at it requires changing but eventually individuals are extremely stuck to what they’re familiar
with ideal um change is a tough thing we all don’t like change um so I think it’s just type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having keeping numerous checking account but there’s a substantial quantity of complexity chooses setting up a checking account preserving it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is big however I think the honest response is change um individuals have not been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might practically be identified to be the next Century or so there is a lot to track and this method does posture a number of challenges um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so
I just 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 seems like our CFO has actually acquired another CFO, and with this improved capability, I have effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Crash Log