Over the last 5 or 6 years …Papaya Global 28.06… roles on the service provider side and likewise on the supplier side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort 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 kind of like see where everyone 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 drizzling here it’s really very uninspiring and I wish I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies preserve different
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is especially useful for worldwide companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different bank accounts for payroll in different nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will also supply a recap 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 obstacle for services running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, find out how business forecast payroll costs to enhance working capital, and find how enhancing global payroll payments can transform them from a difficult task into a strategic possession.
Handling payroll worldwide is a challenging task due to numerous guidelines, compliance requirements, information security issues, and banking guidelines. The large variety of staff members and companies adds to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems often lead to manual processes, data silos, and an absence of combination, causing inconsistencies and ineffectiveness. Despite living in an era of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims 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 just 11 of companies say they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a service spends on worldwide payroll the less of an image they see a lack of presence likewise encompasses payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of international organizations have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors improperly communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the data is delivered to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they depend on the needed multiple 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 obstacles service face when they’re making payments to workers or otherwise that’s an excellent concern I constantly toss this back and state what is it what doesn’t require to be included 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 amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately constructing a knowledge base is absolutely vital however everywhere 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to sort of move forward with that it also also to add to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely important that payroll and financing teams work closer together than ever um I’m always surprised when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market 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 any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more important to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being used by companies across the world so again you’re just wanting to add more and more payments to this currently complex landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine difficult type of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of decades I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s really managing the payment side of things but you know 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 need to develop extra handoffs in the processes that we run in they simply make them more timely they make them less efficient 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 working in today there is no reason that we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single most significant liability that any service has from an expense perspective from an impact point of view on workers it is definitely vital 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 damaging impact on people’s well-being and many other elements if individuals aren’t paid uh I have actually always been surprised coming into 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 fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just discover when things go wrong. Nevertheless, when things go right, it’s seen as just 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 International and other essential matters are done properly. Utilizing the first International Payments first payroll payment option is a terrific initial step towards providing a comprehensive payroll service for employees worldwide. Standardization, global processes, and reducing the number of tools, platforms, and savings account required for global payroll are essential factors in achieving business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things don’t go as prepared. Ultimately, we do not do it for the appreciation.
anyhow we understand 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 everyone that’s associated with those processes and likewise so picture sorry I’m just I was just gon na state imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case 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 moving on look why do companies select to primary separate savings account there are Papaya Global 28.06 businesses out there doing precisely this for specific nations and I’ve operated in an organization or many businesses doing exactly that I can say it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not producing additional work for anyone where we do not need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the requirement I think people have got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires altering but eventually individuals are extremely stuck with what they’re familiar
with ideal um change is a tough thing all of us do not like change um so I think it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having keeping multiple savings account however there’s a big amount of complexity goes with setting up a bank account keeping it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is substantial but I think the sincere response is change um people haven’t been able to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century or two there is a lot to keep an eye on and this method does posture a number of obstacles um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global 28.06