Over the last 5 or 6 years …Contact Papaya Global… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really uninspiring and I wish I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies keep different
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially beneficial for global companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
Making sure precise, effective, and prompt payroll payments is a complex obstacle for businesses operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, learn how business anticipate payroll expenses to optimize working capital, and find how improving international payroll payments can change them from a burdensome job into a tactical property.
Managing payroll internationally is an overwhelming job due to various policies, compliance requirements, information security concerns, and banking rules. The sheer variety of workers and companies contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems typically result in manual procedures, information silos, and an absence of combination, leading to inconsistencies and inadequacies. Despite residing in an age of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to provide insights and solutions to simplify and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization invests in global payroll the less of a photo they see a lack of exposure also reaches payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide organizations have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes improperly interacted hires and terminations in addition to lack management and system setups and after that when you round it all off and the information 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 required several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re making payments to workers or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t require to be consisted of ideal and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 client’s own in-country account so there’s complexity any place you look best ultimately developing a knowledge base is absolutely critical but all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort 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 enabling us to kind of move on with that it also as well to add to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely essential that payroll and financing groups work closer together than ever um I’m always amazed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone 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 an industry accept that why our payroll and payments so frequently 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 also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of important to contribute to kind of the level of intricacy there’s more and more advantages being organ or being provided by services throughout the world so once again you’re just seeking to include more and more payments to this currently intricate landscape so if you type of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine difficulties or genuine challenging sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of years I would definitely 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 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 always require to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an age 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 concurred and appropriately as you said payroll is the single greatest liability that any service has from a cost point of view from an impact perspective on workers it is absolutely vital that it’s done correctly and on time so what we mean 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 detrimental impact on people’s well-being and lots of other elements if individuals aren’t paid uh I have actually always been astonished entering into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not sure anyone on this type of webinar has actually been informed 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 employees or not um but ultimately payroll is such an important cycle we all hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this things is done properly so leveraging the very first Global Payments very first payroll payment solution is a great primary step um providing an end-to-end payroll solution for your employees worldwide once again I believe is another big um procedure once again aligning and ensuring you have standardization International procedures all of those things are definitely essential to success success of organizations and decreasing the variety of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
anyway we know 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 everyone that’s involved in those processes and also so imagine sorry I’m just I was simply gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions think of getting that many thank you notes 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 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 try to check out them and actually see what was going on and sort of shot to get back to everybody so moving on look why do companies pick to main different bank accounts there are Contact Papaya Global services out there doing exactly this for specific nations and I have actually operated in an organization or many services doing exactly that I can say it does not constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we do not have to and any person 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 quantity that we are I think numerous reasons one is it’s the requirement I believe individuals have got so used to we require a brand-new bank 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 standard the people 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 numerous other ways um to to type of do it so I believe there’s a range I believe this is a process that requires taking a look at it requires altering but eventually people are really stuck to what they’re familiar
with ideal um change is a challenging thing we all do not like modification um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having preserving multiple savings account but there’s a substantial quantity of complexity chooses establishing a savings account maintaining it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for individual people so the intricacy is big but I believe the sincere answer is modification um people have not been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does pose numerous difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety 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 gained another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Contact Papaya Global