Over the last five or six years …Papaya Global Furloughed Employees… functions on the company side and likewise on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it is 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 very gloomy and I want I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies maintain different
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly useful for global organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of maintaining different savings account for payroll in different countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and prompt payroll payments is a complex obstacle for businesses operating worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how companies anticipate payroll costs to optimize working capital, and discover how simplifying international payroll payments can transform them from a difficult task into a strategic possession.
Handling payroll internationally is a difficult job due to different regulations, compliance requirements, data security concerns, and banking guidelines. The large number of workers and companies contributes to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems often lead to manual processes, information silos, and an absence of integration, causing disparities and inefficiencies. In spite of living in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to supply insights and services to simplify and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of global organizations have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes inadequately communicated hires and terminations in addition to absence management and system setups and after that when you round everything off and the data is shipped to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they depend on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint 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 great question I constantly toss this back and say what is it what does not require to be included right and what does
it require to be thought of there’s varying 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 have to pay from the client’s own in-country account so there’s intricacy wherever you look ideal eventually building a knowledge base is absolutely vital however all over you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is allowing us to type of progress with that it likewise also to add to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely crucial that payroll and finance teams work better together than ever um I’m always surprised when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone 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 an industry 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 people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of important to contribute to type of the level of intricacy there’s more and more advantages being organ or being offered by companies across the world so again you’re simply looking to add increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine obstacles or real tough kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would definitely 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 teams feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we run in they just make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason why we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single most significant liability that any organization has from an expense perspective from an effect point of view on employees it is absolutely important 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 result on individuals’s well-being and numerous other aspects if people aren’t paid uh I’ve always been surprised entering this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle all of us find out about it when it fails 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 deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done properly so leveraging the first Global Payments first payroll payment option is an excellent primary step um offering an end-to-end payroll option for your workers internationally again I believe is another big um procedure once again lining up and ensuring you have standardization International procedures all of those things are absolutely essential to success success of companies and decreasing the variety of tools platforms and checking account they require for their International 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 have actually never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks
anyway we understand how how important 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 easy as possible for everyone that’s associated with those processes and also so picture sorry I’m just I was simply gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and kind of try to get back to everyone so moving on look why do business select to main separate checking account there are Papaya Global Furloughed Employees businesses out there doing precisely this for particular countries and I’ve operated in an organization or many companies doing exactly that I can state it does not always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anybody where we don’t need to and anyone that’s managing 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 amount that we are I believe many factors one is it’s the requirement I believe individuals have got so utilized to we require a brand-new bank 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 requirement and the norm individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I believe this is a procedure that requires looking at it requires altering however eventually individuals are really stuck with what they’re familiar
with right um modification is a challenging thing we all do not like change um so I believe it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having preserving numerous checking account but there’s a big amount of complexity chooses setting up a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the intricacy is big however I believe the sincere answer is modification um people haven’t been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but 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 understand what might practically be identified to be the next Century or two there is a lot to keep an eye on and this technique does present several challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I recently made a change to our Business 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 gained another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Furloughed Employees