Over the last five or six years …Register Papaya Global… functions on the service provider side and also on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone comes 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 really gloomy and I wish I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies maintain separate
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is especially helpful for global organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of preserving different savings account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and timely payroll payments is a complex difficulty for organizations running globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll costs to optimize working capital, and find how streamlining global payroll payments can transform them from a difficult task into a strategic asset.
Handling payroll worldwide is an overwhelming job due to numerous guidelines, compliance requirements, data security issues, and banking guidelines. The large number of workers and companies contributes to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently result in manual procedures, data silos, and an absence of integration, leading to disparities and inadequacies. Despite living in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to offer insights and solutions to streamline and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a service invests in global payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of international companies have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes poorly interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is delivered to the incorrect location the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they count on the needed several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties company face when they’re paying to employees or otherwise that’s a good concern I constantly throw this back and say what is it what does not need to be consisted of best and what does
it need to be considered there’s differing 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 any place you look ideal ultimately constructing a knowledge base is absolutely important but all over you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 basic and innovation is enabling us to kind of move on with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is definitely imperative that payroll and financing teams work better together than ever um I’m always surprised when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but 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 increasingly more advantages being organ or being used by organizations across the world so again you’re simply seeking 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 vast experience here and I make sure but have you got any experience in kind of genuine challenges or real tough type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you understand that we are working in today there is no reason we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single most significant liability that any business has from a cost point of view from an effect perspective on workers it is definitely crucial that it’s done correctly 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 biggest damaging effect on people’s well-being and numerous other elements if individuals aren’t paid uh I’ve constantly been astonished entering this Market sort of the last 5 to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only discover when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally also. For that reason, it is necessary to make sure that jobs like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the very first Worldwide Payments very first payroll payment service is a terrific preliminary step towards offering a thorough payroll option for employees worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and savings account necessary for worldwide payroll are crucial factors in achieving business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things don’t go as prepared. Ultimately, we do not do it for the thankfulness.
anyhow we know 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 involved in those processes and also so think of sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and really see what was going on and type of try to return to everyone so carrying on appearance why do business choose to primary different savings account there are Register Papaya Global companies out there doing precisely this for specific countries and I have actually worked in an organization or many businesses doing precisely that I can state it does not always feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we do not have to and anybody that’s handling that process 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 believe lots of factors one is it’s the requirement I think people have actually got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have 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 ways um to to kind of do it so I think there’s a variety I think this is a process that requires taking a look at it needs changing however ultimately individuals are very stuck with what they recognize
with best um modification is a hard 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 lot of track of stuff um I understand undoubtedly the advantages of having preserving numerous checking account however there’s a huge quantity of complexity opts for setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is huge however I think the truthful response is change um people have not had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century or so there is a lot to monitor and this technique does present numerous challenges um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this boosted capability, I have successfully protected 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 achievements. Register Papaya Global