Over the last five or 6 years …Papaya Global On Cloud… functions on the provider side and also on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody 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 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 extremely very bleak and I want I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies keep different
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is especially useful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic 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.
Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for services operating globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, learn how companies forecast payroll costs to optimize working capital, and find how streamlining worldwide payroll payments can transform them from a troublesome task into a tactical possession.
Managing payroll worldwide is a complicated task due to different policies, compliance requirements, data security issues, and banking guidelines. The sheer variety of employees and organizations adds to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems often result in manual procedures, information silos, and an absence of integration, resulting in inconsistencies and inadequacies. Despite living in an era of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to provide insights and services to simplify and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business invests in international payroll the less of an image they see an absence of exposure likewise extends to payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of international companies have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors badly interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the data is delivered to the wrong place the average cost of an international 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 do not run efficiently if they depend on the essential multiple processes 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 difficulties company face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and say what is it what doesn’t need to be included ideal and what does
it need to be thought of there’s varying 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 capabilities 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 best ultimately building a knowledge base is absolutely important but all over you look with payroll payment they are like extremely 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 between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to kind of progress with that it also too to add to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely important that payroll and financing teams work more detailed together than ever um I’m constantly impressed when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to add to sort of the level of complexity there’s more and more benefits being organ or being offered by companies across the world so once again you’re simply aiming to include increasingly more payments to this already complex 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 real difficulties or genuine challenging type of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of decades I would absolutely state that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s really managing the payment side of things but 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 while doing sos that we run in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and an age that you know that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any business has from an expense perspective from an impact point of view on employees it is absolutely important 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 harmful result on people’s wellness and lots of other elements if individuals aren’t paid uh I have actually always been amazed coming into this Market kind of the last 5 to ten years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals just notice when things go wrong. However, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally too. Therefore, it is important to ensure that jobs like Wi-Fi International and other important matters are done correctly. Utilizing the first Global Payments first payroll payment service is a terrific initial step towards offering a comprehensive payroll service for employees worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and checking account required for worldwide payroll are key factors in achieving business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things do not go as prepared. Ultimately, we don’t do it for the appreciation.
anyhow we understand 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 associated with those procedures and also so imagine sorry I’m just I was simply gon na say picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and actually see what was going on and kind of try to get back to everyone so proceeding appearance why do companies choose to primary separate savings account there are Papaya Global On Cloud services out there doing precisely this for particular nations and I have actually operated in a service or numerous organizations doing exactly that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we do not have to and anybody that’s dealing with that procedure 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 believe many reasons one is it’s the standard I believe individuals have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I think this is a process that requires looking at it needs altering but ultimately people are very stuck with what they recognize
with right um modification is a difficult thing we all don’t like change um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having maintaining numerous checking account but there’s a substantial amount of complexity goes with setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for specific people so the complexity is big however I think the sincere response is modification um individuals have not had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I believe it is understanding you know and there is a component of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might almost be figured out to be the next Century or two there is a lot to keep track of and this technique does posture a number of difficulties um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a modification 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 gained another CFO, and with this improved ability, I have effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global On Cloud