Over the last five or six years …How To Get Rid Of A Payment On Papaya Global… functions on the service provider side and also on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really uninspiring and I want I was elsewhere at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business maintain different
Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and prompt payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, learn how business forecast payroll costs to enhance working capital, and discover how streamlining international payroll payments can transform them from a burdensome task into a strategic property.
Handling payroll globally is a challenging job due to numerous policies, compliance requirements, information security concerns, and banking guidelines. The large number of workers and companies contributes to the complexity, with an approximated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically lead to manual processes, information silos, and an absence of combination, leading to inconsistencies and inefficiencies. Regardless of living in an age of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to provide insights and solutions to simplify and optimize worldwide payroll payments.
about it to give you an idea 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 offers me sleep deprived nights and quite honestly the more a company invests in worldwide payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal almost half of international companies 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 errors are due to time reporting poor HCM information data entry mistakes badly communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is shipped to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they depend on the essential several processes systems and partners it is simply 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 employees or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t need to be consisted of ideal and what does
it require to be thought about there’s differing 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 consumer’s own in-country account so there’s intricacy any place you look right ultimately constructing a knowledge base is definitely crucial however all over you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is enabling us to sort of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and financing teams work more detailed together than ever um I’m always amazed when individuals state I have actually split payroll and payment um if you stroll 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more important to add to kind of the level of complexity there’s a growing number of benefits being organ or being offered by organizations throughout the world so again you’re simply aiming to include increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine tough kind of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s really managing the payment side of things however 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 require to create extra handoffs while doing sos that we run in they just make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and a period that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any business has from an expense point of view from an impact viewpoint on staff members it is definitely 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 need to be done right it has the most significant detrimental effect on individuals’s well-being and many other aspects if people aren’t paid uh I’ve always been surprised entering into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m unsure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment service is a great primary step um offering an end-to-end payroll option for your staff members worldwide again I believe is another huge um process again aligning and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of organizations and minimizing the number of tools platforms and savings account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I do not believe any of us are really doing that for for the thanks
anyway we understand how how important a function 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 associated with those procedures and also so picture sorry I’m just I was simply gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and type of shot to get back to everyone so proceeding look why do companies choose to main different checking account there are How To Get Rid Of A Payment On Papaya Global businesses out there doing precisely this for particular countries and I have actually worked in a business or lots of companies doing exactly that I can state it does not always feel effective and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for any person where we don’t need to and anybody that’s managing that process I ‘d be interested to hear your ideas 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 people have got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that needs looking at it needs changing however eventually individuals are extremely stuck with what they recognize
with ideal um modification is a difficult thing all of us don’t like modification um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having maintaining numerous bank accounts but there’s a huge quantity of complexity chooses establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for private people so the intricacy is substantial but I believe the truthful answer is modification um individuals haven’t been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this method does present numerous difficulties um so Johnny could 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you should have a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you How To Get Rid Of A Payment On Papaya Global