Over the last 5 or 6 years …Register Online Papaya Global Account… roles on the provider side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly 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 drizzling here it’s really extremely bleak and I want I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business preserve different
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate checking account for payroll in various nations, 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 discuss why they are ending up being 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, effective, and prompt payroll payments is a complex challenge for services running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll costs to enhance working capital, and find how streamlining global payroll payments can transform them from a burdensome task into a tactical possession.
Handling payroll internationally is an overwhelming job due to different regulations, compliance requirements, data security issues, and banking rules. The large variety of employees and services adds to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems often result in manual procedures, information silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. In spite of residing in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to supply insights and solutions to streamline and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that offers me sleepless nights and rather honestly the more a service invests in international payroll the less of a photo they see a lack of presence likewise extends to payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal almost half of global organizations have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors badly interacted hires and terminations as well as lack management and system setups and then when you round all of it off and the data is delivered to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they count on the needed multiple procedures 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 a great question I always throw this back and state what is it what does not need to be included 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 nation 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 need to pay from the client’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is definitely crucial but all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to type of progress with that it also as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely vital that payroll and financing teams work closer together than ever um I’m constantly impressed when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of essential to add to sort of the level of complexity there’s more and more advantages being organ or being used by organizations across the world so once again you’re just seeking to add more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real obstacles or real challenging kind of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of years I would certainly say that the larger 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 teams feeding details into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to produce additional handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in an age of tech and a period that you understand that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any company has from a cost viewpoint from an impact viewpoint on staff members it is definitely important that it’s done properly and on time so what we imply 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 people’s well-being and numerous other elements if people aren’t paid uh I’ve constantly been surprised entering this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it fails 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 stuff is definitely essential that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment option is a terrific primary step um supplying an end-to-end payroll option for your employees worldwide once again I think is another big um process once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely key to success success of organizations and lowering the number of tools platforms and savings account they need for their Worldwide 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 thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyway we understand how how crucial a role 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 simple as possible for everyone that’s associated with those processes and likewise so envision sorry I’m just I was simply gon na say think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and in fact see what was going on and kind of shot to get back to everyone so moving on look why do business choose to primary different bank accounts there are Register Online Papaya Global Account businesses out there doing precisely this for specific countries and I have actually operated in a service or many services doing exactly that I can say it does not constantly feel effective 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 any person that’s dealing with that procedure 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 believe lots of factors one is it’s the requirement I think people have got so used to we need a brand-new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs altering however eventually people are very stuck to what they’re familiar
with ideal um modification is a challenging thing we all don’t like change um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having keeping several bank accounts however there’s a huge quantity of complexity chooses setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for private people so the intricacy is big but I think the sincere answer is change um people haven’t had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or so there is a lot to keep track of and this method does pose several difficulties um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Register Online Papaya Global Account