Over the last five or 6 years …How To Use Papaya Global Software… roles on the company side and also on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort 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 sunlight is it it’s not no it’s it’s drizzling here it’s really extremely gloomy 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 looking at the challenge years of managing Worldwide payroll why companies preserve different
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping different savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to optimize working capital, and discover how simplifying global payroll payments can change them from a burdensome job into a strategic asset.
Managing payroll worldwide is an overwhelming task due to numerous regulations, compliance requirements, information security concerns, and banking guidelines. The large number of employees and companies adds to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems often result in manual procedures, data silos, and a lack of integration, leading to disparities and inadequacies. Regardless of residing in an age of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to supply insights and services to streamline and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business invests in global payroll the less of a picture they see an absence of presence also reaches payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of worldwide organizations have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes badly communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is shipped to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they depend on the necessary numerous 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 obstacles business face when they’re paying to employees or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t need to be consisted of right 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 consumer’s own in-country account so there’s complexity wherever you look right eventually building a knowledge base is definitely important but everywhere you look with payroll payment they resemble incredibly payments no if however some infants 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 sort of move forward with that it also also to add to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance teams work closer together than ever um I’m constantly astonished when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually 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 but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of important to contribute to kind of the level of complexity there’s more and more benefits being organ or being provided by companies across the world so once again you’re just looking to include increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real difficulties or genuine difficult type of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would certainly state that the bigger an organization 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 groups feeding info into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any service has from an expense perspective from an effect viewpoint on workers it is absolutely vital that it’s done properly and on time so what we suggest 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 effect on people’s wellness and lots of other factors if individuals aren’t paid uh I have actually constantly been surprised entering into this Market kind 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 fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals only discover when things fail. However, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally also. Therefore, it is necessary to ensure that jobs like Wi-Fi Worldwide and other important matters are done properly. Using the very first Global Payments first payroll payment solution is a great preliminary step towards offering a detailed payroll service for employees worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and savings account needed for worldwide payroll are essential consider attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things don’t go as prepared. Eventually, 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 easy as possible for everyone that’s associated with those processes and likewise so envision sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions imagine getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require 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 carrying on appearance why do business choose to primary different savings account there are How To Use Papaya Global Software businesses out there doing precisely this for particular nations and I have actually operated in a service or lots of organizations doing precisely that I can state it doesn’t always feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we do not have to and anyone 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 think numerous factors one is it’s the requirement I think people have actually got so used to we need a new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I believe this is a procedure that requires looking at it needs altering however eventually individuals are really stuck to what they recognize
with ideal um change is a hard thing we all don’t like change um so I think it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having maintaining multiple savings account but there’s a big quantity of complexity goes with establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is substantial but I believe the honest answer is modification um individuals haven’t been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century or so there is a lot to track and this approach does posture numerous difficulties um so Johnny could you inform us about those challenges yeah naturally 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 workers you deserve a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you How To Use Papaya Global Software