Over the last five or 6 years …Papaya Global Mail Checks… functions on the company side and also on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everybody another number of uh well among 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 currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I truly 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 dreary and I wish I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies keep separate
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of preserving separate savings account for payroll in different nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will also provide 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 services operating internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, find out how companies forecast payroll costs to optimize working capital, and find how improving global payroll payments can change them from a difficult task into a tactical asset.
Managing payroll internationally is a daunting task due to various regulations, compliance requirements, data security concerns, and banking guidelines. The large variety of employees and services contributes to the complexity, with an approximated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems often result in manual procedures, information silos, and a lack of integration, resulting in disparities and ineffectiveness. Despite residing in an era of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to supply insights and options to streamline and enhance international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that gives 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 presence likewise extends to 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 businesses have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors poorly interacted hires and terminations along with lack management and system configurations and then when you round everything off and the information is delivered to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they count on the needed numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t require to be consisted of 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 country 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 need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is definitely important but everywhere you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to sort of move on with that it also also to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and financing teams work more detailed together than ever um I’m always astonished when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry 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 likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of crucial to add to sort of the level of intricacy there’s more and more benefits being organ or being used by organizations across the world so again you’re just looking to add more and more payments to this already intricate 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 genuine tough kind of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would definitely state that the bigger a company 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 info into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we require to develop extra handoffs in the processes that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason that we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single greatest liability that any business has from an expense perspective from an effect perspective on staff members it is absolutely critical that it’s done properly 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 greatest destructive impact on people’s wellness and lots of other aspects if people aren’t paid uh I have actually constantly been astonished coming into this Market sort of the last five to ten years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll during 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 a crucial cycle, and people only see when things go wrong. However, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally also. For that reason, it is important to make sure that jobs like Wi-Fi Global and other crucial matters are done properly. Utilizing the very first Global Payments first payroll payment solution is an excellent initial action towards supplying a thorough payroll service for workers worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and checking account necessary for global payroll are key factors in attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things do not go as prepared. Eventually, we do not do it for the appreciation.
anyway we understand how how crucial 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 also so imagine sorry I’m simply I was simply gon na state picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job attempting to clean all those up for sure oh definitely I can’t envision 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 actually see what was going on and type of try to return to everyone so carrying on look why do business choose to main different checking account there are Papaya Global Mail Checks businesses out there doing exactly this for specific countries and I have actually worked in a service or many services doing precisely that I can state it does not always feel effective and it does create more work I know we’re not intentionally doing that we’re not producing extra work for any person where we do not have to and anybody that’s dealing with 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 think lots of reasons one is it’s the standard I think individuals have actually got so utilized to we need a brand-new checking account we open an entity and rightly so you need 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 requirement and the standard individuals have adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs altering however ultimately individuals are really stuck to what they recognize
with ideal um modification is a difficult thing we all do not like modification um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having keeping multiple bank accounts however there’s a big amount of complexity goes with establishing a savings account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is big however I believe the sincere response is change um individuals haven’t been able to change or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we’ve always 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 could almost be identified to be the next Century or two there is a lot to monitor and this method does position several difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I simply did you switched our Business 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 deserve a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Mail Checks