Over the last 5 or six years …Papaya Global Paying An Employee For The First Time… functions on the supplier side and also on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone 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 sunshine is it it’s not no it’s it’s drizzling here it’s very really bleak and I wish I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies keep separate
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is particularly helpful for international organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving separate savings account for payroll in different nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and timely payroll payments is a complex difficulty for organizations operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll expenses to enhance working capital, and find how streamlining international payroll payments can transform them from a challenging job into a strategic asset.
Handling payroll globally is a difficult task due to numerous policies, compliance requirements, data security concerns, and banking guidelines. The large variety of staff members and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently result in manual processes, information silos, and an absence of combination, resulting in disparities and ineffectiveness. Despite residing in a period of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to offer insights and services to streamline and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a service invests in worldwide payroll the less of an image they see an absence of exposure likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of worldwide businesses have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes improperly communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is shipped to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they count on the essential several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and say what is it what does not need 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 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 consumer’s own in-country account so there’s complexity any place you look right ultimately building a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble incredibly payments no if however some children 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 think there’s now a bit more recognition that payroll payments are definitely basic and technology is allowing us to sort of move on with that it also too to add to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely essential that payroll and financing teams work better together than ever um I’m constantly amazed when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry 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 information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more important to contribute to sort of the level of complexity there’s a growing number of benefits being organ or being used by businesses across the world so once again you’re just aiming to add a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine challenges or real challenging kind of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to create additional handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and an age that you know that we are operating in today there is no reason why we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any service has from a cost viewpoint from an effect perspective on workers it is absolutely critical 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 need to be done right it has the biggest damaging effect on people’s wellness and many other factors if people aren’t paid uh I’ve always been surprised entering this Market type of the last five to ten 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 been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals just discover when things go wrong. However, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally also. Therefore, it is necessary to ensure that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the first Global Payments very first payroll payment option is a terrific initial action towards offering an extensive payroll solution for staff members worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and checking account necessary for worldwide payroll are key consider accomplishing business success. While we do not anticipate 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 appreciation.
anyway 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 everybody that’s involved in those procedures and also so think of sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and really see what was going on and kind of try to return to everyone so proceeding appearance why do companies select to main separate savings account there are Papaya Global Paying An Employee For The First Time services out there doing exactly this for particular countries and I’ve operated in a service or numerous businesses 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 extra work for any person where we don’t have to and anyone that’s handling that procedure I ‘d be interested to hear your ideas 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 believe people have actually got so used to we require a brand-new savings account we open an entity and appropriately so you need 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 standard and the norm individuals have actually embraced 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 lots of other methods um to to sort of do it so I think there’s a range I think this is a process that requires looking at it needs changing however eventually people are very stuck with what they’re familiar
with best um change is a tough thing all of us don’t like modification um so I believe it’s just type 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 understand clearly the benefits of having preserving numerous bank accounts but there’s a substantial quantity of complexity goes with setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the complexity is big but I believe the truthful response is modification um people haven’t had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be figured out to be the next Century or two there is a lot to track and this technique does present several challenges um so Johnny might you inform us about those challenges yeah obviously so there’s a variety 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 should have a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Paying An Employee For The First Time