Over the last five or six years …Papaya Global Papua New Guinea… roles on the provider side and also on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very bleak and I want I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business preserve different
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is particularly useful for global companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of keeping different checking account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and timely payroll payments is a complex challenge for companies running worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, find out how companies forecast payroll expenses to optimize working capital, and discover how enhancing worldwide payroll payments can transform them from a difficult task into a strategic asset.
Handling payroll globally is a challenging task due to numerous policies, compliance requirements, data security concerns, and banking guidelines. The large variety of workers and services adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems typically result in manual processes, data silos, and an absence of combination, causing disparities and ineffectiveness. Despite residing in an age of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to supply insights and options to simplify and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a company invests in international payroll the less of a photo they see a lack of presence also extends to payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction nearly half of global businesses have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors badly communicated hires and terminations along with absence management and system setups and after that when you round all of it off and the information is delivered to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they count on the required several procedures 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 challenges organization face when they’re making payments 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 included ideal and what does
it need to be thought about 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 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 developing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to sort of progress with that it likewise too to add to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and financing groups work better together than ever um I’m always impressed when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work 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 typically 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 however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to contribute to sort of the level of complexity there’s more and more advantages being organ or being used by businesses throughout the world so once again you’re just seeking to include more and more payments to this currently complicated landscape so if you sort 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 real difficulties or genuine difficult kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of years I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to produce additional handoffs at the same times that we run in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason that we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single biggest liability that any company has from an expense perspective from an effect point of view on workers it is absolutely crucial that it’s done properly 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 detrimental result on individuals’s well-being and numerous other factors if individuals aren’t paid uh I’ve constantly been astonished coming into this Market sort of the last five to 10 years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only discover when things go wrong. However, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally also. For that reason, it is necessary to ensure that jobs like Wi-Fi International and other important matters are done correctly. Using the first Global Payments very first payroll payment option is a fantastic initial step towards providing a thorough payroll service for employees worldwide. Standardization, international procedures, and reducing the variety of tools, platforms, and checking account essential for international payroll are key factors in attaining company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things don’t go as planned. Eventually, we do not do it for the appreciation.
anyhow 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 easy as possible for everyone that’s associated with those procedures and also so picture sorry I’m just I was just gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions picture getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and really see what was going on and sort of try to get back to everyone so carrying on appearance why do companies choose to primary different checking account there are Papaya Global Papua New Guinea services out there doing exactly this for specific nations and I’ve worked in a company or lots of services doing exactly that I can state it does not always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not developing additional work for anyone where we don’t have to and any person that’s managing 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 think lots of reasons one is it’s the requirement I believe people have actually got so used to we need a new bank account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires changing but eventually people are extremely stuck to what they recognize
with best um modification is a hard thing all of us don’t like modification um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having maintaining numerous bank accounts however there’s a huge amount of complexity chooses establishing a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the intricacy is huge however I believe the sincere response is modification um individuals have not had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we’ve always 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 could practically be determined to be the next Century or so there is a lot to keep track of and this technique does pose numerous obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so
I just 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 deserve a corner workplace with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Papua New Guinea