Over the last 5 or six years …Papaya Global Hr 100M Series… functions on the supplier side and also on the supplier side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everybody another number 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 quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it is 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 very really bleak and I want I was elsewhere at this moment in time all right 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 preserve separate
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is particularly useful for international organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of preserving separate bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore 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 offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and timely payroll payments is a complex challenge for businesses running globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, learn how companies anticipate payroll expenses to enhance working capital, and discover how enhancing worldwide payroll payments can change them from a challenging job into a tactical property.
Handling payroll globally is a challenging job due to various policies, compliance requirements, data security concerns, and banking guidelines. The large number of workers and companies adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently lead to manual procedures, data silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. In spite of residing in a period of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to provide insights and options to streamline and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization spends on worldwide payroll the less of a picture they see an absence of presence likewise extends to payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international organizations have expressed 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 because of time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations in addition to absence management and system configurations and after that when you round it all off and the data is delivered to the incorrect place 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 around the globe payroll and payments do not run efficiently if they depend on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties service 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 need to be consisted of ideal and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 wherever you look ideal eventually constructing a knowledge base is absolutely critical however all over you look with payroll payment they resemble super payments no if but 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 acknowledgment that payroll payments are absolutely essential and innovation is enabling us to kind of move on with that it also also to contribute to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely necessary that payroll and finance groups work more detailed together than ever um I’m always amazed when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market 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 individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of important to add to type of the level of intricacy there’s a growing number of advantages being organ or being used by companies across the world so once again you’re just aiming to add a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine difficulties or real challenging kind of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of years I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams 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 does not necessarily require to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we run in they just make them more timely they make them less effective and they don’t make them what they need to be in in a period 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 difficult as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any service has from a cost perspective from an effect perspective on employees it is absolutely crucial that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental result on people’s wellness and lots of other factors if individuals aren’t paid uh I’ve always been impressed entering into this Market sort of the last 5 to ten years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally as well. For that reason, it is necessary to ensure that tasks like Wi-Fi Global and other essential matters are done properly. Using the first Global Payments very first payroll payment service is an excellent initial step towards supplying an extensive payroll service for workers worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and checking account necessary for worldwide payroll are key factors in attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things don’t go as planned. Ultimately, we do not do it for the appreciation.
anyhow we know 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 involved in those procedures and likewise so imagine sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions envision getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and actually see what was going on and sort of try to get back to everyone so moving on appearance why do companies choose to primary different bank accounts there are Papaya Global Hr 100M Series businesses out there doing exactly this for particular nations and I’ve worked in an organization or numerous services doing precisely that I can state it does not constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we don’t 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 amount that we are I think lots of reasons one is it’s the standard I think people have got so utilized to we need a new savings account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a process that requires looking at it needs changing however eventually individuals are really stuck with what they recognize
with best um change is a hard thing all of us don’t like change um so I think it’s just 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 undoubtedly the advantages of having keeping multiple checking account but there’s a substantial amount of complexity opts for establishing a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for specific individuals so the complexity is huge but I believe the truthful response is change um individuals haven’t had the ability to change or have not had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century or two there is a lot to keep track of and this technique does present numerous challenges um so Johnny might you tell 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Hr 100M Series