Over the last 5 or 6 years …Papaya Global Vanuatu… functions on the company side and likewise on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it remains 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 really dreary and I want I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies keep different
Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is particularly useful for international organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different checking account for payroll in various nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and timely payroll payments is a complex challenge for services running internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, discover how business anticipate payroll costs to enhance working capital, and discover how improving worldwide payroll payments can change them from a troublesome job into a strategic asset.
Handling payroll internationally is a daunting task due to different regulations, compliance requirements, information security concerns, and banking rules. The sheer variety of staff members and organizations adds to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently result in manual processes, information silos, and an absence of integration, causing inconsistencies and inefficiencies. In spite of living in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to offer insights and services to simplify and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 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 spends on global payroll the less of a photo they see an absence of presence also encompasses payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of international businesses have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors improperly communicated hires and terminations along with lack management and system setups and after that when you round everything off and the data is shipped to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they count on the essential 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 business face when they’re paying to staff members or otherwise that’s a good concern I always toss this back and say what is it what does not need to be included right and what does
it need to be thought of there’s differing Bank information 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 have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy any place you look ideal ultimately developing a knowledge base is absolutely crucial but all over you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to sort of progress with that it also too to add to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely crucial that payroll and finance teams work more detailed together than ever um I’m always surprised when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate 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 frequently 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more important to add to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by businesses throughout the world so again you’re simply wanting to include more and 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 certain however have you got any experience in kind of real difficulties or genuine difficult type of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to develop extra handoffs while doing sos that we operate 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 know that we are working in today there is no reason that we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single greatest liability that any business has from a cost viewpoint from an effect point of view on staff members it is definitely crucial that it’s done correctly and on time so what we suggest 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 well-being and many other factors if individuals aren’t paid uh I have actually always been amazed entering this Market sort of the last 5 to ten years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only observe when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally as well. For that reason, it is vital to make sure that jobs like Wi-Fi International and other essential matters are done properly. Using the first Worldwide Payments first payroll payment option is a great initial action towards offering a thorough payroll service for employees worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and checking account essential for international payroll are crucial consider attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things do not go as prepared. Ultimately, we don’t do it for the thankfulness.
anyhow we understand how how crucial a function 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 everyone that’s involved in those processes and also so imagine sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and actually see what was going on and kind of try to get back to everyone so proceeding look why do companies select to primary separate bank accounts there are Papaya Global Vanuatu organizations out there doing exactly this for particular countries and I have actually worked in a company or lots of companies doing precisely that I can say it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we don’t need to and any person that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the standard I believe people have actually got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I think this is a process that requires looking at it needs altering however eventually people are very stuck with what they’re familiar
with ideal um change is a tough thing we all do not like change um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having keeping numerous bank accounts but there’s a huge quantity of intricacy chooses establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the intricacy is substantial however I think the sincere answer is modification um people have not had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century approximately there is a lot to keep an eye on and this method does pose several challenges um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I recently made a modification 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 acquired another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Papaya Global Vanuatu