Over the last five or 6 years …Papaya Global Default Backup Location… functions on the company side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating 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 everybody comes from and I truly do hope it’s much sunnier than it is 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 extremely very bleak and I want I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why business maintain separate
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is especially helpful for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of preserving different savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming 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.
Ensuring precise, effective, and timely payroll payments is a complex challenge for companies running internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, find out how business anticipate payroll expenses to optimize working capital, and find how simplifying global payroll payments can change them from a troublesome job into a tactical possession.
Managing payroll worldwide is a daunting job due to different policies, compliance requirements, information security issues, and banking guidelines. The large variety of employees and services contributes to the complexity, with an approximated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems typically result in manual procedures, data silos, and an absence of combination, causing disparities and inadequacies. In spite of residing in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to provide insights and services to streamline and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization invests in worldwide payroll the less of an image they see a lack of visibility likewise extends to payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction almost half of global businesses have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes badly communicated hires and terminations as well as absence management and system configurations and after that when you round everything off and the information is shipped to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they depend on the essential numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re paying to employees or otherwise that’s a good concern I always toss this back and state what is it what doesn’t require to be consisted of ideal and what does
it require to be thought about 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 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 customer’s own in-country account so there’s complexity anywhere you look best eventually constructing a knowledge base is absolutely important however everywhere you look with payroll payment they are like extremely 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 think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is enabling us to sort of progress with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely vital that payroll and financing teams work more detailed together than ever um I’m constantly impressed when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of important to add to sort of the level of complexity there’s a growing number of advantages being organ or being used by companies across the world so again you’re simply aiming to add increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine challenges or genuine difficult sort of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to develop extra 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 an age of tech and a period that you know that we are working in today there is no reason why we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from a cost point of view from an impact viewpoint on staff members it is absolutely vital that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the biggest detrimental result on people’s well-being and lots of other aspects if individuals aren’t paid uh I have actually constantly been impressed coming into this Market kind of the last 5 to 10 years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anyone has actually 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 just see when things fail. However, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally also. Therefore, it is essential to make sure that tasks like Wi-Fi Global and other vital matters are done properly. Using the very first Worldwide Payments first payroll payment option is a great preliminary action towards supplying a thorough payroll option for staff members worldwide. Standardization, worldwide processes, and lowering the variety of tools, platforms, and checking account necessary for global payroll are essential factors in attaining business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.
anyhow we understand how how essential a function 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 procedures and also so envision sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and type of try to get back to everybody so moving on look why do companies select to primary separate savings account there are Papaya Global Default Backup Location businesses out there doing exactly this for specific countries and I’ve worked in a business or lots of businesses doing precisely that I can state it does not always feel efficient and it does create more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we do not need to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I think individuals have actually got so utilized to we require a new checking 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 standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I think this is a process that needs taking a look at it requires altering but ultimately individuals are extremely stuck to what they’re familiar
with right um change is a difficult thing we all don’t like modification um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having maintaining multiple bank accounts but there’s a huge quantity of intricacy goes with setting up a savings account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for individual people so the intricacy is substantial but I think the sincere answer is modification um people haven’t had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could practically be identified to be the next Century approximately there is a lot to track and this approach does posture numerous difficulties um so Johnny could you tell us about those challenges yeah naturally 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 manage our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Default Backup Location