Over the last five or six years …Papaya Global Is A Bonus A Net Payment… functions on the company side and also on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody comes 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 raining here it’s really really dreary and I wish I was elsewhere 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 obstacle years of handling International payroll why companies preserve separate
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in various nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic possession 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 precise, effective, and prompt payroll payments is a complex challenge for organizations operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how business forecast payroll expenses to enhance working capital, and discover how enhancing international payroll payments can change them from a challenging job into a tactical asset.
Handling payroll internationally is a complicated task due to numerous guidelines, compliance requirements, information security concerns, and banking rules. The large variety of workers and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically result in manual procedures, information silos, and an absence of combination, leading to inconsistencies and inefficiencies. Regardless of living in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to supply insights and services to simplify and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more an organization invests in worldwide payroll the less of an image they see a lack of exposure likewise reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide businesses have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors improperly interacted hires and terminations as well as absence management and system configurations and then when you round it all off and the information is delivered to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they rely on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to employees or otherwise that’s a great question I always toss this back and state what is it what does not require to be included right and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look right ultimately building a knowledge base is absolutely vital however all over you look with payroll payment they are like super payments no if but 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 think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to type of progress with that it also also to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely crucial that payroll and financing groups work more detailed together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from estimation 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 procedure it’s the point of data collection all the way through to paying individuals any place they are however 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 add to kind of the level of intricacy there’s a growing number of benefits being organ or being offered by companies throughout the world so again you’re just aiming to add increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real obstacles or real difficult type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments operates 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 managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to create additional handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and an age that you know that we are operating in today there is no reason why we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single most significant liability that any service has from an expense point of view from an effect point of view on staff members it is absolutely important that it’s done properly and on time so what we suggest 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 well-being and many other elements if individuals aren’t paid uh I’ve constantly been amazed entering into this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise 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 things is absolutely crucial that all of this things is done correctly so leveraging the very first International Payments first payroll payment solution is a great initial step um providing an end-to-end payroll option for your workers internationally once again I think is another big um procedure again lining up and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of companies and minimizing the variety of tools platforms and savings account they require for their Worldwide payroll too could not 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 countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I do not 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 involved in those processes and likewise so think of sorry I’m just I was just gon na state think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions picture getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task attempting to clean up 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 sort of try to get back to everybody so proceeding look why do business select to main different savings account there are Papaya Global Is A Bonus A Net Payment organizations out there doing exactly this for particular countries and I’ve worked in a company or many organizations doing precisely that I can state it doesn’t always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we don’t have to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the standard I believe people have got so utilized to we need a brand-new savings account we open an entity and rightly 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 standard and the standard individuals have actually adopted 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 many other methods um to to sort of do it so I think there’s a range I think this is a process that requires looking at it needs changing however ultimately individuals are really stuck with what they recognize
with best um change is a difficult thing all of us don’t like change um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having preserving multiple checking account but there’s a big amount of intricacy goes with establishing a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for specific people so the intricacy is big but I think the sincere response is modification um individuals have not had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might almost be identified to be the next Century or two there is a lot to track and this method does posture a number of challenges um so Johnny might you tell us about those difficulties yeah of course so there’s a range 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 jobs on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Is A Bonus A Net Payment