Over the last five or six years …Papaya Global Hong Kong… roles on the company side and also on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite 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 everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely really uninspiring and I wish I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies preserve separate
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is especially beneficial for international organizations with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and timely payroll payments is a complex difficulty for services running internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, discover how companies forecast payroll costs to optimize working capital, and discover how simplifying worldwide payroll payments can transform them from a burdensome job into a strategic property.
Handling payroll internationally is a complicated task due to different guidelines, compliance requirements, information security concerns, and banking rules. The sheer variety of employees and services adds to the complexity, with an approximated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently result in manual procedures, data silos, and a lack of integration, resulting in disparities and inefficiencies. Despite residing in a period of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to offer insights and services to streamline and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization invests in global payroll the less of a picture they see an absence of presence also reaches payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide services have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes inadequately communicated hires and terminations along with lack management and system setups and then when you round everything off and the information is delivered to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars when 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 needed multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s an excellent concern I always toss this back and state what is it what does not need to be included ideal and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities 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 customer’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to kind of progress with that it also also to add to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely crucial that payroll and finance teams work closer together than ever um I’m constantly impressed when people say 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 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 information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to contribute to type of the level of intricacy there’s more and more benefits being organ or being used by businesses across the world so again you’re simply aiming to add a growing number of payments to this currently complicated landscape so if you kind 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 difficulties or genuine difficult sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of years I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups 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 understand 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 produce additional handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from an expense perspective from an effect point of view on staff members it is absolutely critical that it’s done properly and on time so what we mean 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 harmful result on individuals’s wellness and numerous other elements if people aren’t paid uh I have actually always been amazed entering this Market type of the last five 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 actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just notice when things fail. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s viewed externally too. For that reason, it is essential to guarantee that tasks like Wi-Fi Global and other important matters are done correctly. Using the first International Payments very first payroll payment service is a great initial action towards supplying a comprehensive payroll service for workers worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and savings account required for worldwide payroll are key consider accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things do not go as prepared. Eventually, we don’t do it for the gratitude.
anyway we understand how how essential a role 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 simple as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task attempting to clean up 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 really see what was going on and sort of shot to get back to everybody so proceeding appearance why do business choose to main different checking account there are Papaya Global Hong Kong companies out there doing exactly this for specific countries and I’ve worked in an organization or numerous companies doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we do not have to and any person that’s handling 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 think numerous reasons one is it’s the standard I believe individuals have got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I believe this is a process that requires looking at it needs changing however ultimately people are very stuck to what they recognize
with best um change is a difficult thing all of us do not like modification um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having preserving multiple bank accounts however there’s a huge amount of complexity opts for establishing a savings account preserving it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the complexity is big but I believe the truthful response is change um people have not had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century or two there is a lot to keep an eye on and this method does position a number of challenges um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I simply did you switched our Enterprise 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 employees you should have a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Hong Kong