Over the last 5 or six years …Papaya Global Payroll Discount… functions on the service provider side and also on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it remains 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 very extremely uninspiring and I want I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business keep separate
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset 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.
Making sure precise, effective, and prompt payroll payments is a complex obstacle for services operating worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how business anticipate payroll expenses to optimize working capital, and find how enhancing worldwide payroll payments can change them from a troublesome task into a tactical property.
Handling payroll internationally is a difficult task due to various regulations, compliance requirements, data security concerns, and banking guidelines. The large number of workers and organizations adds to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently lead to manual procedures, data silos, and an absence of integration, causing disparities and inadequacies. In spite of living in an age of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to offer insights and options to simplify and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in global payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international services have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes badly interacted hires and terminations as well as lack management and system configurations and after that when you round it all off and the data is shipped to the incorrect place the typical 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 money around the globe payroll and payments don’t run efficiently if they depend on the required several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s a great question I always throw this back and state what is it what does not need to be included ideal and what does
it require to be thought of there’s varying Bank information 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 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 anywhere you look best ultimately constructing a knowledge base is definitely critical but all over you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is enabling us to type of progress with that it also as well to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and financing groups work closer together than ever um I’m constantly amazed when individuals say I have actually divided 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 split the payroll payment from computation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more essential to add to kind of the level of complexity there’s more and more benefits being organ or being provided by companies across the world so once again you’re simply looking to add a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine challenges or real challenging type of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would certainly say that the larger 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 details into the next function as it were that’s actually managing the payment side of things but you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we need to produce extra handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason why we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any organization has from an expense point of view from an effect viewpoint on workers it is definitely critical 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 greatest destructive result on people’s wellness and numerous other factors if people aren’t paid uh I have actually constantly been amazed entering this Market sort of the last 5 to ten years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally too. For that reason, it is vital to ensure that tasks like Wi-Fi Global and other vital matters are done properly. Using the first Worldwide Payments first payroll payment solution is an excellent preliminary step towards providing a detailed payroll option for workers worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and checking account essential for worldwide payroll are crucial consider accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
anyway we understand 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 processes and also so envision sorry I’m just I was simply gon na state think of the quantity 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 hundreds of thousands potentially Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of shot to return to everyone so proceeding appearance why do business select to main different bank accounts there are Papaya Global Payroll Discount companies out there doing precisely this for specific countries and I’ve worked in a business or numerous businesses doing exactly that I can say it does not constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we do not have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the requirement I think people have actually got so used to we require a new checking account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have embraced 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 numerous other ways um to to kind of do it so I think there’s a range I think this is a process that needs taking a look at it requires changing however eventually people are extremely stuck to what they’re familiar
with best um change is a tough thing all of us do not like change um so I think 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 stuff um I understand certainly the advantages of having maintaining multiple checking account however there’s a substantial amount of intricacy chooses setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is huge but I believe the truthful response is modification um individuals haven’t been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century approximately there is a lot to track and this method does present numerous obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Payroll Discount