Over the last 5 or 6 years …Papaya Global Invoice… roles on the company side and likewise on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely really dreary and I wish I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies keep different
Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different savings account for payroll in different nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic 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.
Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for services operating globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to enhance working capital, and find how streamlining global payroll payments can change them from a burdensome job into a strategic property.
Managing payroll worldwide is an overwhelming job due to different policies, compliance requirements, information security concerns, and banking rules. The sheer variety of workers and companies adds to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems typically result in manual procedures, data silos, and a lack of combination, causing inconsistencies and ineffectiveness. In spite of living in a period of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to provide insights and options to streamline and enhance worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service spends on international payroll the less of a picture they see an absence of visibility also reaches payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide businesses have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors poorly interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the information is shipped to the wrong place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they rely on the necessary multiple 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 employees or otherwise that’s a great question I always throw this back and say what is it what doesn’t require to be consisted of right and what does
it need 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 abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is absolutely critical but all over you look with payroll payment they are like very payments no if but some children 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 recognition that payroll payments are absolutely basic and innovation is enabling us to type of move on with that it also too to add to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely vital that payroll and financing teams work closer together than ever um I’m always astonished when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work 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 process it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more important to contribute to type of the level of complexity there’s increasingly more advantages being organ or being offered by services throughout the world so again you’re just aiming to add a growing number of 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 sure but have you got any experience in kind of genuine obstacles or real difficult sort of pay utilizes to play to pay people I think yeah I imply over the last well yeah a number of years I would absolutely state that the bigger an organization 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 info into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we require to develop extra handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason why we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any organization has from a cost perspective from an impact viewpoint on workers it is absolutely crucial that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental effect on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I’ve always been amazed entering this Market sort of the last 5 to 10 years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only notice when things fail. However, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally also. Therefore, it is important to guarantee that jobs like Wi-Fi Global and other crucial matters are done properly. Using the first International Payments very first payroll payment service is an excellent initial step towards offering an extensive payroll option for workers worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and savings account necessary for international payroll are essential consider attaining organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as planned. Ultimately, we don’t do it for the appreciation.
anyhow we understand 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 easy as possible for everybody that’s associated with those procedures and also so envision sorry I’m simply I was simply 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 make sure we’re discussing numerous thousands potentially Millions picture getting that numerous 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 an intriguing job trying to clean up all those up for sure oh absolutely 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 really see what was going on and type of shot to get back to everybody so carrying on appearance why do companies pick to primary different bank accounts there are Papaya Global Invoice companies out there doing exactly this for particular countries and I’ve worked in a business or lots of companies doing exactly that I can state it does not always feel effective and it does create more work I know we’re not deliberately doing that we’re not developing additional work for anyone where we don’t need to and any person that’s managing that procedure 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 many reasons one is it’s the requirement I think individuals have actually got so utilized to we need a new bank 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 think it’s just been the standard and the norm individuals have embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I think this is a process that needs taking a look at it requires altering however ultimately individuals are really stuck with what they recognize
with ideal um modification is a challenging thing we all do not like modification um so I believe it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having keeping numerous bank accounts but there’s a big quantity of intricacy goes with setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for specific individuals so the complexity is big however I believe the honest answer is change um people haven’t been able to change or have not had always the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century or two there is a lot to keep an eye on and this technique does position a number of difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a modification to our Business 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 enhanced capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Invoice