Over the last 5 or six years …Papaya Global Cuba… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely bleak and I want I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business preserve different
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially helpful for international companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving separate savings account for payroll in various nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and timely payroll payments is a complex difficulty for businesses operating worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to enhance working capital, and discover how simplifying international payroll payments can transform them from a challenging task into a strategic possession.
Handling payroll worldwide is a complicated job due to various guidelines, compliance requirements, information security concerns, and banking rules. The sheer number of staff members and services contributes to the complexity, with an estimated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems often lead to manual processes, information silos, and a lack of combination, causing inconsistencies and ineffectiveness. In spite of residing in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to provide insights and solutions to simplify and enhance worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more a service spends on worldwide payroll the less of a photo they see an absence of presence also extends to payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of international services have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors inadequately communicated hires and terminations in addition to lack management and system setups and then when you round it all off and the data is shipped to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they rely on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and state what is it what does not need to be consisted of right and what does
it require 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 client’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is absolutely critical but everywhere 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 think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to kind of move forward with that it likewise also to add to that payroll and financing need to work closer together um with differing Checking account Particulars 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 stroll down the street and asked anyone what is payroll who does not work 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to contribute to sort of the level of complexity there’s more and more advantages being organ or being offered by businesses 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 sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real obstacles or real difficult sort of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would certainly say that the bigger a company 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 teams feeding details into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we run in they just make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and an age that you understand that we are working in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an impact point of view on workers it is absolutely critical 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 need to be done right it has the greatest harmful impact on people’s wellness and numerous other factors if individuals aren’t paid uh I’ve always been impressed entering this Market sort of the last 5 to 10 years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anyone 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 people only discover when things fail. However, when things go right, it’s seen as just a regular job. This is how it’s perceived externally as well. For that reason, it is essential to ensure that jobs like Wi-Fi International and other important matters are done properly. Utilizing the very first Global Payments very first payroll payment option is an excellent preliminary action towards providing a detailed payroll service for staff members worldwide. Standardization, international processes, and reducing the number of tools, platforms, and bank accounts needed for worldwide payroll are key factors in achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things don’t go as prepared. Ultimately, we do not do it for the thankfulness.
anyway we know how how important a function 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 also so imagine sorry I’m just I was simply gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions picture 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 certainly be a fascinating job trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and type of try to return to everyone so carrying on appearance why do companies choose to main different bank accounts there are Papaya Global Cuba businesses out there doing precisely this for specific nations and I’ve operated in a service or lots of companies doing exactly that I can say it does not always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we do not have to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts 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 standard I believe 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 but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a process that requires looking at it requires altering however ultimately individuals are extremely stuck with what they’re familiar
with right um modification is a difficult thing all of us don’t like change um so I believe it’s just kind 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 comprehend certainly the benefits of having maintaining several bank accounts but there’s a huge quantity of complexity goes with setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the intricacy is substantial but I think the truthful answer is modification um individuals have not been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to alter however we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century or so there is a lot to track and this technique does posture several obstacles um so Johnny could you tell us about those difficulties yeah of course so there’s a range 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 actually gotten another CFO, and with this improved capability, I have effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Cuba