Over the last 5 or six years …Papaya Global Paying For The First Time… functions on the service provider side and also on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just offer everybody another couple 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 interesting and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone originates 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 raining here it’s very very bleak and I wish I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies preserve separate
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of preserving separate savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and prompt payroll payments is a complex obstacle for companies operating internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to enhance working capital, and find how streamlining global payroll payments can transform them from a troublesome job into a tactical asset.
Handling payroll worldwide is a daunting task due to different regulations, compliance requirements, data security issues, and banking rules. The large variety of staff members and services adds to the complexity, with an approximated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems typically result in manual processes, information silos, and a lack of integration, leading to disparities and inefficiencies. Regardless of living in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to supply insights and solutions 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 services state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a company spends on international payroll the less of an image they see an absence of visibility likewise encompasses payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the deal nearly half of international services have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors badly communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the information is shipped to the incorrect place 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 do not run efficiently if they depend on the needed several processes 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 challenges organization 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 doesn’t require to be consisted of ideal and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy wherever you look best eventually constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like super payments no if but 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 acknowledgment that payroll payments are absolutely basic and technology is enabling us to type of move forward with that it also too to contribute to that payroll and finance need to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely important that payroll and finance groups work more detailed together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t 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 frequently 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 people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of essential to add to type of the level of complexity there’s more and more benefits being organ or being provided by organizations across the world so again you’re simply wanting to add a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine obstacles or real challenging sort of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number 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 job there are groups feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to create additional handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you understand that we are working 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 effect point of view on employees it is absolutely important that it’s done correctly and on time so what we mean 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 destructive result on people’s well-being and many other elements if people aren’t paid uh I have actually constantly been impressed coming into this Market kind of the last 5 to ten years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people just discover when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally as well. For that reason, it is important to guarantee that tasks like Wi-Fi Worldwide and other important matters are done correctly. Using the first International Payments very first payroll payment solution is a great preliminary step towards supplying an extensive payroll service for staff members worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and checking account required for global payroll are essential consider achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things do not go as planned. Eventually, we do not do it for the gratitude.
anyhow we know how how essential 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 imagine sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and kind of shot to return to everybody so proceeding appearance why do business pick to primary separate checking account there are Papaya Global Paying For The First Time companies out there doing exactly this for specific countries and I have actually operated in a service or many organizations doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for any person where we do not need to and anyone that’s managing 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 quantity that we are I think lots of factors one is it’s the requirement I think individuals have actually got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I believe this is a process that needs looking at it requires changing but eventually people are extremely stuck to what they’re familiar
with right um change is a difficult thing we all don’t like change um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having preserving several bank accounts but there’s a substantial amount of intricacy chooses setting up a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is big but I believe the sincere response is modification um people have not been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what could practically be identified to be the next Century or so there is a lot to keep an eye on and this method does present numerous obstacles um so Johnny might you tell us about those obstacles yeah naturally so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Paying For The First Time