Over the last 5 or 6 years …Papaya Global Run Report… functions on the supplier side and likewise on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everyone 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 rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very uninspiring and I want I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business preserve different
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is especially beneficial for global 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 countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and prompt 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, learn how business forecast payroll expenses to optimize working capital, and discover how streamlining global payroll payments can change them from a burdensome job into a strategic asset.
Managing payroll globally is a complicated task due to various regulations, compliance requirements, information security issues, and banking rules. The large variety of workers and organizations adds to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems typically lead to manual processes, data silos, and a lack of integration, resulting in disparities and inadequacies. Despite living in an age of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to provide insights and options to streamline and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more a company invests in worldwide payroll the less of a photo they see an absence of presence also reaches payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of international companies have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors inadequately interacted hires and terminations along with lack management and system configurations and then when you round all of it off and the data is delivered to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they count on the needed several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t require to be included ideal and what does
it require to be thought of 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 capabilities 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 consumer’s own in-country account so there’s intricacy any place you look best ultimately constructing a knowledge base is absolutely crucial but all over you look with payroll payment they are like very payments no if however some children 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 fundamental and technology is permitting us to sort of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely crucial that payroll and finance 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 work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often 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 individuals anywhere they are but likewise 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 kind of the level of complexity there’s a growing number of benefits being organ or being provided by organizations across the world so again you’re simply looking to add increasingly more payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real obstacles or real challenging sort of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s actually managing the payment side of things but you know 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 require to develop additional handoffs in the processes that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and a period that you understand that we are working in today there is no reason that we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from a cost perspective from an impact viewpoint on employees it is absolutely crucial that it’s done correctly 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 detrimental impact on people’s well-being and numerous other aspects if people aren’t paid uh I have actually always been amazed entering into this Market kind of the last five to 10 years is how little thanks the
The payroll team may not have been thanked for correctly 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 a crucial cycle, and people just observe when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s perceived externally as well. For that reason, it is vital to guarantee that tasks like Wi-Fi International and other crucial matters are done properly. Utilizing the first Worldwide Payments very first payroll payment service is a terrific initial step towards supplying a comprehensive payroll service for staff members worldwide. Standardization, global processes, and lowering the number of tools, platforms, and checking account necessary for worldwide payroll are key consider accomplishing company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things do not go as prepared. Eventually, we do not do it for the appreciation.
anyway we understand how how essential 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 everyone that’s associated with those processes and also so think of sorry I’m simply I was simply gon na state think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions envision getting that many 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 interesting task attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and in fact see what was going on and sort of shot to get back to everybody so proceeding look why do business choose to main different savings account there are Papaya Global Run Report organizations out there doing precisely this for particular nations and I’ve worked in an organization or lots of companies doing exactly that I can state it does not constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not developing extra work for any person where we do not have to and any person that’s managing that process 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 lots of factors one is it’s the requirement I believe individuals have got so used to we require a new savings account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just 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 taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I think this is a process that needs taking a look at it needs changing but eventually individuals are extremely stuck to what they recognize
with ideal um modification is a challenging thing all of us don’t like modification um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having maintaining numerous checking account however there’s a big amount of complexity opts for establishing a bank account preserving it ensuring it can send International transfers ensuring it’s established with the best user accesses for private people so the complexity is huge but I believe the sincere answer is modification um individuals have not been able to alter or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to keep track of and this technique does posture numerous challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Run Report