Over the last five or 6 years …Papaya Global Essentials… functions on the supplier side and likewise on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds approximately 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 already just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly 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 really very gloomy and I wish I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies preserve different
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly helpful for global companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and prompt payroll payments is a complex challenge for organizations operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, find out how companies forecast payroll expenses to enhance working capital, and find how streamlining global payroll payments can transform them from a challenging job into a strategic possession.
Handling payroll worldwide is a complicated job due to different guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer variety of employees and services contributes to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically lead to manual processes, information silos, and an absence of combination, leading to inconsistencies and inadequacies. In spite of residing in an age of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to provide insights and solutions 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 companies state they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more a service spends on worldwide payroll the less of a photo they see a lack of exposure also extends to payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of global businesses have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes improperly communicated hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the data is shipped to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they depend on the necessary multiple 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 obstacles organization face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and say what is it what doesn’t need to be included ideal and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities 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 client’s own in-country account so there’s intricacy anywhere you look ideal eventually constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like super payments no if however some babies 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 recognition that payroll payments are definitely fundamental and technology is enabling us to type of move on with that it also as well to add to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and financing groups work closer together than ever um I’m always amazed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often 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 people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of crucial to contribute to kind of the level of complexity there’s more and more benefits being organ or being provided by companies throughout the world so again you’re just wanting to include increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine obstacles or genuine tough type of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would certainly say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we need to produce extra handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from an expense perspective from an impact point of view on staff members it is definitely important that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging result on individuals’s well-being and lots of other elements if individuals aren’t paid uh I have actually always been impressed entering this Market sort of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only discover when things go wrong. However, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally also. Therefore, it is vital to make sure that tasks like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the first International Payments first payroll payment option is an excellent initial step towards supplying a comprehensive payroll service for employees worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and bank accounts required for international payroll are essential factors in accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things do not go as planned. Ultimately, we do not do it for the thankfulness.
anyhow we know 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 everyone that’s associated with those procedures and also so picture sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions think of 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 but it would absolutely be an intriguing task trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and in fact see what was going on and kind of try to get back to everyone so proceeding appearance why do business select to primary different checking account there are Papaya Global Essentials organizations out there doing precisely this for specific countries and I have actually worked in a company or numerous services doing exactly that I can state it doesn’t always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for anyone where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the standard I think individuals have got so utilized to we need a brand-new checking account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have embraced 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 lots of other methods um to to sort of do it so I think there’s a variety I think this is a process that requires looking at it requires changing however eventually people are extremely stuck with what they’re familiar
with right um change is a challenging thing all of us don’t like modification um so I think it’s simply type of moving away from the norm 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 several bank accounts however there’s a big quantity of intricacy goes with setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is substantial but I believe the sincere answer is change um people have not been able to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to change but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century approximately there is a lot to monitor and this technique does pose a number of difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Essentials