Over the last five or 6 years …Papaya Global Payroll Debit Card… roles on the supplier side and likewise on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely gloomy and I wish I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies keep different
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is particularly useful for worldwide organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping different savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will also provide a recap of the bottom lines 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 businesses running internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, discover how companies anticipate payroll costs to enhance working capital, and find how streamlining global payroll payments can transform them from a challenging job into a strategic possession.
Handling payroll internationally is an overwhelming job due to numerous guidelines, compliance requirements, information security concerns, and banking guidelines. The large variety of staff members and businesses contributes to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically lead to manual procedures, information silos, and a lack of combination, resulting in disparities and inadequacies. Regardless of residing in an era of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to supply insights and services to streamline and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a business spends on worldwide payroll the less of an image they see a lack of presence likewise encompasses payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of global services have expressed that they don’t 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 poor HCM data data entry errors improperly interacted hires and terminations along with lack management and system setups and then when you round everything off and the data is shipped to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they depend on the required 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 challenges organization face when they’re paying to employees or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t need to be included ideal and what does
it need to be considered there’s varying Bank details 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 need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is definitely vital but everywhere you look with payroll payment they are like extremely 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 basic and technology is allowing us to kind of move forward with that it also as well to add to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely important that payroll and finance teams work more detailed together than ever um I’m constantly impressed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to add to sort of the level of intricacy there’s increasingly more advantages being organ or being provided by companies across the world so again you’re simply seeking to add a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine obstacles or real challenging type of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would certainly state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions 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 necessarily need to be the case you know long gone are the times where we require to produce extra handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an era that you understand that we are working in today there is no reason that we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any organization has from an expense perspective from an impact point of view on workers it is absolutely vital 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 biggest harmful impact on individuals’s well-being and many other factors if individuals aren’t paid uh I’ve constantly been astonished coming into this Market kind of the last 5 to ten years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only observe when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally too. Therefore, it is essential to guarantee that tasks like Wi-Fi Global and other vital matters are done properly. Using the very first Global Payments first payroll payment option is a fantastic preliminary action towards supplying a comprehensive payroll option for staff members worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and bank accounts essential for worldwide payroll are crucial consider achieving organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things do not go as prepared. Eventually, we do not do it for the thankfulness.
anyway we understand 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 simple as possible for everyone that’s associated with those processes and likewise so imagine sorry I’m simply I was just gon na state 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 talking about numerous thousands potentially Millions imagine 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 certainly be an intriguing job attempting to clean all those up for sure oh definitely I can’t imagine 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 in fact see what was going on and kind of shot to return to everybody so moving on look why do companies select to main separate savings account there are Papaya Global Payroll Debit Card businesses out there doing precisely this for particular countries and I’ve operated in a business or lots of services doing exactly that I can state it doesn’t always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for any person where we don’t have 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 quantity that we are I think numerous factors one is it’s the requirement I think individuals have got so utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety 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 passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a process that requires looking at it requires changing however ultimately individuals are extremely stuck to what they recognize
with right um modification is a challenging thing all of us don’t like modification um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having preserving numerous bank accounts but there’s a big quantity of intricacy goes with establishing a savings account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific people so the complexity is big but I believe the honest answer is change um individuals haven’t been able to change or have not had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we’ve constantly 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 identified to be the next Century or so there is a lot to track and this technique does present numerous challenges um so Johnny might you tell us about those obstacles yeah of course so there’s a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you are worthy of a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Debit Card