Over the last 5 or 6 years …Papaya Global What Is Er… roles on the provider side and likewise on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just 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 remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely gloomy and I want I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies maintain different
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of keeping separate savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
Making sure precise, effective, and timely payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how business forecast payroll expenses to optimize working capital, and find how streamlining global payroll payments can change them from a challenging job into a tactical property.
Managing payroll internationally is a difficult task due to numerous regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of staff members and businesses contributes to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems often result in manual processes, information silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. Despite residing in an age of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to provide insights and services to streamline and optimize worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that gives me sleepless nights and quite honestly the more a service invests in international payroll the less of a picture they see a lack of exposure also encompasses payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide companies have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors inadequately interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they count on the needed numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service 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 doesn’t require to be consisted of right and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 customer’s own in-country account so there’s complexity anywhere you look ideal eventually constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 absolutely essential and technology is allowing us to sort of move on with that it also also to add to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely vital that payroll and finance groups work more detailed together than ever um I’m constantly impressed when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession 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 often split and cut up um eventually 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 however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more essential to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being used by businesses throughout the world so once again you’re simply wanting to include a growing number of payments to this currently complex landscape so if you sort 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 difficulties or genuine difficult kind of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from an expense viewpoint from an impact perspective on workers it is definitely crucial that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest detrimental effect on individuals’s well-being and many other aspects if people aren’t paid uh I have actually constantly been surprised entering this Market kind of the last five to ten years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anybody has 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 only discover when things fail. However, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally too. For that reason, it is important to guarantee that jobs like Wi-Fi Worldwide and other important matters are done properly. Utilizing the first Global Payments very first payroll payment solution is a terrific preliminary step towards providing an extensive payroll option for workers worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and bank accounts essential for global payroll are crucial consider attaining organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things do not go as prepared. Eventually, we do not do it for the thankfulness.
anyhow we know how how crucial 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 associated with those procedures and likewise so imagine sorry I’m simply I was just gon na say picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task attempting to clean all those up for sure oh definitely 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 attempt to browse them and in fact see what was going on and sort of shot to return to everybody so proceeding appearance why do companies pick to primary separate checking account there are Papaya Global What Is Er companies out there doing exactly this for specific nations and I’ve worked in an organization or numerous services doing exactly that I can state it does not constantly feel effective and it does create more work I know we’re not purposely doing that we’re not creating extra work for any person where we do not need to and any person that’s handling 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 numerous factors one is it’s the standard I think individuals have actually got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I think this is a process that needs looking at it needs changing however eventually individuals are really stuck to what they recognize
with best um modification is a difficult thing all of us don’t like modification um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having keeping several savings account but there’s a huge amount of intricacy chooses setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for private people so the complexity is big but I think the sincere response is change um individuals haven’t been able to change or have not had always the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century approximately there is a lot to monitor and this technique does pose numerous challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you deserve a corner workplace with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global What Is Er