Over the last five or 6 years …Papaya Global 50 Not Updating Pay Raise… roles on the service provider side and also on the supplier side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating 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 everyone comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely really gloomy and I wish I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business keep different
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and prompt payroll payments is a complex challenge for companies running internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, discover how companies anticipate payroll expenses to enhance working capital, and find how improving worldwide payroll payments can change them from a burdensome task into a strategic possession.
Managing payroll globally is a daunting task due to various guidelines, compliance requirements, information security concerns, and banking rules. The large number of employees and organizations adds to the complexity, with an approximated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently result in manual procedures, information silos, and a lack of combination, resulting in disparities and inefficiencies. Regardless of residing in a period of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to offer insights and options to simplify and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization spends on global payroll the less of a photo they see a lack of visibility also extends to payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international organizations have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations along with lack management and system setups and after that when you round all of it off and the information is delivered to the wrong place the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they count on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t require to be consisted of ideal and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 anywhere you look best ultimately developing a knowledge base is absolutely crucial however 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 sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to kind of move on with that it also also to add to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and financing teams work more detailed together than ever um I’m constantly astonished when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more crucial to add to sort of the level of intricacy there’s more and more advantages being organ or being provided by organizations across the world so once again you’re just aiming to add more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine challenges or real difficult kind of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that does not always require to be the case you know long gone are the times where we require to produce additional handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason why we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any company has from an expense perspective from an effect perspective on employees 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 have to be done right it has the most significant damaging result on people’s wellness and lots of other elements if individuals aren’t paid uh I have actually always been amazed entering into this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment service is a terrific initial step um supplying an end-to-end payroll solution for your workers worldwide once again I believe is another huge um process once again lining up and ensuring you have standardization Global processes all of those things are absolutely essential to success success of businesses and lowering the variety of tools platforms and savings account they need for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyway we know 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 everybody that’s associated with those processes and likewise so envision sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions imagine 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 but it would definitely be a fascinating task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and sort of try to return to everyone so carrying on appearance why do companies pick to main different checking account there are Papaya Global 50 Not Updating Pay Raise organizations out there doing precisely this for specific countries and I have actually operated in a service or lots of services doing precisely that I can say it doesn’t always feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we do not have to and anybody that’s handling 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 believe lots of factors one is it’s the standard I think people have actually got so utilized to we need a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I believe this is a procedure that requires taking a look at it requires changing however ultimately individuals are extremely stuck to what they’re familiar
with best um modification is a hard thing all of us do not like modification um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having preserving multiple checking account but there’s a substantial amount of complexity opts for setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is big however I think the truthful answer is change um individuals have not had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or so there is a lot to track and this approach does pose numerous challenges um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global 50 Not Updating Pay Raise