Over the last five or 6 years …Papaya Global Updates 2023… roles on the company side and likewise on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it is 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 want I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business maintain separate
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is particularly helpful for global organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining separate checking account for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. 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 wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure precise, effective, and prompt payroll payments is a complex obstacle for businesses running globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, learn how companies forecast payroll expenses to optimize working capital, and find how improving global payroll payments can transform them from a difficult task into a strategic property.
Managing payroll internationally is an overwhelming task due to numerous guidelines, compliance requirements, data security concerns, and banking guidelines. The large variety of workers and organizations adds to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems often result in manual processes, data silos, and an absence of combination, causing disparities and ineffectiveness. Despite living in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to supply insights and services to streamline and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a business invests in worldwide payroll the less of a picture they see a lack of presence likewise extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide businesses have 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 data data entry errors inadequately interacted hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is delivered to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they depend on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re paying to workers or otherwise that’s an excellent question I constantly throw this back and state what is it what does not need to be consisted of right and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy any place you look best ultimately building a knowledge base is definitely crucial but everywhere 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 type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to kind of move on with that it likewise as well to add to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely important that payroll and financing teams work closer together than ever um I’m constantly astonished when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession 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 wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of crucial to contribute to sort of the level of complexity there’s increasingly more advantages being organ or being provided by organizations throughout the world so again you’re simply looking to include 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’m sure but have you got any experience in kind of real challenges or genuine difficult type of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would absolutely say that the larger an organization gets the more it tends to segregate the payroll and the payments operates 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 understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they do not 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 we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any business has from a cost viewpoint from an impact point of view on employees 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 impact on individuals’s wellness and lots of other factors if people aren’t paid uh I’ve always been astonished entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just see when things fail. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s perceived externally also. Therefore, it is essential to make sure that jobs like Wi-Fi Global and other vital matters are done properly. Utilizing the first Global Payments very first payroll payment service is a great preliminary step towards offering a comprehensive payroll option for employees worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and savings account required for international payroll are crucial factors in attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things do not go as planned. Ultimately, we do not do it for the thankfulness.
anyway we know how how crucial 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 involved in those processes and also so imagine sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions imagine 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 certainly be an interesting job attempting to clean all those up for sure oh definitely 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 browse them and actually see what was going on and type of shot to return to everybody so carrying on appearance why do business choose to main separate savings account there are Papaya Global Updates 2023 companies out there doing exactly this for specific countries and I have actually worked in a business or numerous businesses doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we don’t have to and anyone that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe 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 people have actually got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs changing but eventually individuals are very stuck with what they’re familiar
with ideal um change is a difficult thing we all don’t like modification um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having keeping numerous checking account however there’s a substantial amount of intricacy goes with establishing a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for specific individuals so the complexity is substantial however I believe the honest answer is change um individuals have not had the ability to change or have not had always the understanding to truly make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might nearly be determined to be the next Century or so there is a lot to keep track of and this approach does present numerous obstacles um so Johnny might you tell us about those obstacles yeah naturally so there’s a range right there is so
I just did you switched 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 employees you are worthy of a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Updates 2023