Over the last 5 or 6 years …Papaya Global V27.03.211… functions on the company side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone originates 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 very very gloomy and I want I was somewhere else at this moment in time fine 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 handling Worldwide payroll why companies maintain separate
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving different checking account for payroll in various nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and prompt payroll payments is a complex difficulty for organizations running worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, discover how business forecast payroll expenses to enhance working capital, and find how improving international payroll payments can transform them from a burdensome task into a strategic possession.
Managing payroll globally is a challenging job due to numerous regulations, compliance requirements, information security issues, and banking rules. The sheer variety of workers and businesses contributes to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically result in manual processes, data silos, and an absence of combination, leading to disparities and ineffectiveness. Regardless of living in a period of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to provide insights and solutions to simplify and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business spends on global payroll the less of a picture they see a lack of visibility also extends to payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global businesses have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes badly interacted hires and terminations as well as absence management and system configurations and then when you round it all off and the data is delivered to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they rely on the needed numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties service face when they’re paying to employees or otherwise that’s a good concern I always throw this back and say what is it what does not require to be consisted of best and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities 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 intricacy wherever you look right eventually developing a knowledge base is definitely crucial however all over you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to sort of progress with that it likewise too to add to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and financing teams work better together than ever um I’m always amazed when people say I have actually divided 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 computation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of crucial to add to type of the level of complexity there’s increasingly more benefits being organ or being used by organizations across the world so again you’re simply aiming to add more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real obstacles or genuine difficult sort of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s really handling the payment side of things however you know 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 require to develop extra handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason that we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single biggest liability that any service has from a cost viewpoint from an impact perspective on employees it is absolutely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging effect on people’s wellness and many other factors if individuals aren’t paid uh I have actually always been amazed coming into this Market kind of the last five to ten years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only discover when things fail. However, when things go right, it’s seen as just a routine job. This is how it’s perceived externally too. Therefore, it is important to make sure that jobs like Wi-Fi International and other vital matters are done correctly. Using the very first International Payments first payroll payment option is an excellent preliminary step towards providing a detailed payroll option for employees worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and checking account required for international payroll are essential factors in attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things do not go as planned. Eventually, we don’t do it for the gratitude.
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 easy as possible for everyone that’s associated with those processes and also so envision sorry I’m just I was simply gon na state think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and type of try to return to everyone so moving on look why do companies select to main separate savings account there are Papaya Global V27.03.211 organizations out there doing precisely this for particular nations and I’ve worked in a business or many services doing precisely that I can state it does not constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we don’t have to and anyone that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the requirement I believe individuals have actually got so used to we require a brand-new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just 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 many other methods um to to type of do it so I believe there’s a variety I believe this is a procedure that needs looking at it requires changing but ultimately individuals are really stuck to what they recognize
with best um change is a difficult thing all of us don’t like change um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having keeping multiple bank accounts but there’s a huge amount of intricacy opts for establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for private individuals so the complexity is big but I believe the sincere answer is modification um people haven’t been able to alter or have not had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might practically be figured out to be the next Century approximately there is a lot to keep track of and this technique does position several difficulties um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global V27.03.211