Over the last 5 or 6 years …Papaya Global Kiribati… functions on the provider side and also on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I actually 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 raining here it’s really really bleak and I wish I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies preserve different
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly useful for worldwide organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and prompt payroll payments is a complex challenge for services operating worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, learn how business forecast payroll expenses to optimize working capital, and find how improving worldwide payroll payments can transform them from a burdensome task into a tactical property.
Handling payroll worldwide is a difficult task due to numerous guidelines, compliance requirements, data security issues, and banking guidelines. The large number of staff members and services contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems typically lead to manual processes, information silos, and a lack of combination, causing inconsistencies and inadequacies. Despite living in an era of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to offer insights and options to simplify and enhance worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company invests in worldwide payroll the less of an image they see a lack of presence also reaches payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of international companies have revealed that they do not 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 poor HCM information information entry mistakes inadequately interacted hires and terminations as well as lack management and system setups and then when you round it all off and the information is shipped to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they count on the necessary numerous procedures 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 challenges company face when they’re making payments to workers or otherwise that’s a good concern I constantly toss this back and state what is it what does not need to be included best and what does
it require to be thought of there’s differing 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 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 consumer’s own in-country account so there’s intricacy any place you look right ultimately building a knowledge base is absolutely vital but all over you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is enabling us to sort of progress with that it likewise too to add to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely important that payroll and financing teams work closer together than ever um I’m always amazed 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 operate in the payroll profession would they divide the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more essential to add to sort of the level of complexity there’s increasingly more benefits being organ or being offered by services across the world so again you’re simply wanting to include 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 real obstacles or real challenging type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would certainly say 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 information into the next function as it were that’s in fact managing 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 require to develop additional handoffs in the processes that we run in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any business has from a cost perspective from an impact point of view on employees it is definitely crucial 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 need to be done right it has the most significant harmful result on individuals’s wellness and many other aspects if people aren’t paid uh I have actually constantly been surprised entering into this Market type of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just discover when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally too. Therefore, it is necessary to make sure that jobs like Wi-Fi International and other important matters are done properly. Using the first Worldwide Payments very first payroll payment option is a fantastic initial step towards offering a comprehensive payroll solution for workers worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and bank accounts needed for international payroll are key consider attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things don’t go as prepared. Eventually, we do not do it for the appreciation.
anyway we know how how important 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 everybody that’s associated with those procedures and likewise so envision sorry I’m just I was just gon na say envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job attempting to clean all those up for sure oh definitely 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 browse them and really see what was going on and kind of try to get back to everyone so moving on look why do business pick to main different bank accounts there are Papaya Global Kiribati organizations 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 doesn’t constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not creating extra work for anybody where we don’t have to and anyone that’s dealing with 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 factors one is it’s the standard I think people have got so used to we require a new checking account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires altering however ultimately people are extremely stuck to what they recognize
with right um change is a hard thing all of us don’t like modification um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having keeping multiple bank accounts but there’s a huge quantity of intricacy goes with setting up a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for specific individuals so the complexity is huge however I think the truthful answer is change um individuals haven’t had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I think 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 proceeding and moving into you understand what could nearly be determined to be the next Century or so there is a lot to track and this technique does pose a number of difficulties um so Johnny might you tell us about those challenges yeah naturally so there’s a variety 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 tasks on one platform. It feels like our CFO has gotten another CFO, and with this improved capability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Kiribati