Over the last five or six years …Papaya Global Login One… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds approximately 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 currently just to hear where everyone is um it’s nice to to type 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 sunlight is it it’s not no it’s it’s raining here it’s really very gloomy and I want 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 difficulty years of handling Global payroll why business preserve separate
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic 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.
Ensuring accurate, efficient, and prompt payroll payments is a complex difficulty for companies running internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how business forecast payroll costs to optimize working capital, and discover how simplifying global payroll payments can change them from a difficult job into a strategic property.
Managing payroll internationally is a complicated job due to different policies, compliance requirements, information security concerns, and banking guidelines. The large number of workers and services adds to the intricacy, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom are in Africa, and 230 million services worldwide.
Standard payroll systems frequently lead to manual processes, data silos, and an absence of integration, causing inconsistencies and inefficiencies. In spite of living in an era of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to offer insights and options to streamline and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more an organization invests in international payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international companies have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes improperly communicated hires and terminations in addition to lack management and system setups and then when you round everything off and the information is shipped to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s a good concern I always toss this back and state what is it what does not need to be included 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 country there’s payment time frames there’s payment abilities 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 intricacy anywhere you look right eventually developing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 basic and innovation is allowing us to kind of move forward with that it also as well to add to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely necessary that payroll and finance teams work better together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not 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 data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more important to add to kind of the level of intricacy there’s more and more advantages being organ or being offered by organizations across the world so again you’re simply aiming to add a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine obstacles or real tough kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would definitely state that the larger a company 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 info into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to create additional handoffs in the processes that we operate 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 an era that you understand that we are working in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from an expense point of view from an effect perspective 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 have to be done right it has the biggest harmful result on people’s wellness and numerous other aspects if people aren’t paid uh I have actually constantly been astonished entering into this Market kind of the last 5 to ten years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only observe when things fail. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s perceived externally also. Therefore, it is necessary to guarantee that tasks like Wi-Fi International and other crucial matters are done correctly. Using the first Global Payments first payroll payment service is an excellent initial action towards offering an extensive payroll service for workers worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and checking account necessary for international payroll are key factors in accomplishing organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyway we know how how crucial a role 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 involved in those procedures and likewise so imagine sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many 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 think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and really see what was going on and type of try to return to everybody so moving on look why do companies choose to main separate bank accounts there are Papaya Global Login One companies out there doing precisely this for particular countries and I have actually worked in a business or many businesses doing precisely that I can state it does not always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we do not have to and anyone 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 believe many factors one is it’s the standard I think people have actually got so utilized to we require a brand-new checking account we open an entity and rightly so you need 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 norm individuals have adopted and continue to do over years and years passed by to contribute 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 believe there’s a range I believe this is a process that needs taking a look at it requires changing but ultimately people are really stuck with what they recognize
with ideal um change is a challenging thing we all don’t like change um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having preserving multiple bank accounts however there’s a huge amount of complexity chooses setting up a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is huge however I believe the honest response is change um people haven’t been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might almost be determined to be the next Century approximately there is a lot to monitor and this technique does posture numerous difficulties um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so
I simply 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 International workers you should have a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Login One