Over the last five or six years …Running Papaya Global… roles on the service provider side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very uninspiring and I wish I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business maintain different
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly beneficial for global organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping different bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and prompt payroll payments is a complex challenge for services running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to optimize working capital, and find how enhancing international payroll payments can change them from a difficult job into a strategic property.
Managing payroll worldwide is a challenging job due to various guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer number of employees and organizations adds to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems often result in manual processes, information silos, and an absence of integration, causing disparities and inefficiencies. In spite of residing in an era of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to supply insights and solutions to streamline and enhance worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in global payroll the less of a picture they see an absence of presence likewise reaches payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of global services have 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 because of time reporting bad HCM information data entry errors improperly communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the data is delivered to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they depend on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s an excellent question I constantly throw this back and state what is it what does not need to be included right and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 client’s own in-country account so there’s intricacy anywhere you look best ultimately constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble incredibly 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 believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is allowing us to type of move forward with that it likewise also to add to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely necessary that payroll and financing groups work closer together than ever um I’m always astonished when individuals say I have actually 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 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 often 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 3rd parties so with the
The modern world places a high value on wellness and the compensation landscape is becoming significantly detailed. Companies are constantly presenting brand-new benefits and payment alternatives, which contributes to the overall intricacy. Big corporations often divide their payroll and payment processing into different teams, which can result in inadequacies and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s technologically advanced age, there’s no validation for preserving troublesome procedures. Payroll, the business’s most significant expenditure, must be processed correctly and on time. Even small delays can adversely impact employees’ well-being and have significant effects. Therefore, it’s critical to prioritize precise and timely payments.
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only see when things go wrong. However, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally too. Therefore, it is necessary to make sure that tasks like Wi-Fi International and other vital matters are done properly. Using the first Worldwide Payments first payroll payment solution is a terrific initial step towards offering a thorough payroll solution for staff members worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and checking account required for international payroll are crucial consider accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyway we understand how how essential 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 easy as possible for everybody that’s involved in those procedures and likewise so think of sorry I’m simply I was just gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job trying to clean all those up for sure oh absolutely I can’t picture 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 in fact see what was going on and sort of try to get back to everyone so proceeding look why do business choose to main separate bank accounts there are Running Papaya Global businesses out there doing exactly this for particular countries and I have actually operated in a company or many businesses doing precisely that I can say it does not always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for anybody where we do not have to and any person that’s handling 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 quantity that we are I think many reasons one is it’s the requirement I believe people have got so used to we need a brand-new savings account we open an entity and appropriately so you require 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 standard and the norm the people have 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 believe this is a procedure that needs looking at it needs altering but eventually individuals are very stuck to what they’re familiar
with ideal um change is a tough thing we all don’t like change um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having maintaining numerous savings account however there’s a substantial amount of complexity goes with establishing a savings account keeping it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the intricacy is substantial but I believe the sincere answer is change um people have not had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to keep track of and this method does pose a number of difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you deserve a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Running Papaya Global