Over the last 5 or six years …To Receive 25 Papaya Global Pal… functions on the company side and likewise on the supplier side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everyone another number of uh well one of 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 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 originates from and I actually do hope it’s much sunnier than it is 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 very really gloomy and I want I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business maintain separate
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is especially helpful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in different nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and timely payroll payments is a complex obstacle for companies running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, find out how business forecast payroll costs to optimize working capital, and find how simplifying global payroll payments can change them from a burdensome task into a strategic asset.
Managing payroll internationally is a daunting task due to different regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of staff members and services contributes to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently result in manual procedures, data silos, and an absence of integration, resulting in inconsistencies and inadequacies. Despite living in a period 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 objectives to offer insights and options to streamline and enhance worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more a company invests in global payroll the less of an image they see a lack of visibility also reaches payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of international organizations have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations as well as absence management and system configurations and after that when you round it all off and the data is shipped to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they count on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and say what is it what does not 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 nation there’s payment timespan 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 consumer’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is absolutely important but all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you 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 fundamental and technology is enabling us to sort of move on with that it also as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely necessary that payroll and financing teams work closer together than ever um I’m constantly amazed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from computation 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 process it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of crucial to add to type of the level of intricacy there’s more and more advantages being organ or being used by services across the world so once again you’re just aiming to add more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real obstacles or genuine challenging kind of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would definitely 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 teams feeding info into the next function as it were that’s really managing 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 know long gone are the times where we need to produce extra handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and a period that you understand that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any service has from an expense perspective from an impact point of view on workers it is definitely crucial that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive impact on people’s wellness and lots of other elements if people aren’t paid uh I’ve constantly been amazed entering this Market sort of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people just observe when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally too. Therefore, it is necessary to make sure that jobs like Wi-Fi Worldwide and other important matters are done properly. Using the first Global Payments very first payroll payment option is an excellent preliminary action towards offering a detailed payroll service for workers worldwide. Standardization, international processes, and lowering the number of tools, platforms, and checking account required for worldwide payroll are crucial factors in attaining service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things don’t go as prepared. Ultimately, we do not do it for the appreciation.
anyway we know 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 easy as possible for everyone that’s involved in those procedures and likewise so envision sorry I’m just I was simply gon na say imagine 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 hundreds of thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job attempting to clean up 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 attempt to look through them and really see what was going on and type of try to get back to everybody so moving on appearance why do companies choose to primary separate savings account there are To Receive 25 Papaya Global Pal services out there doing precisely this for particular countries and I’ve operated in an organization or numerous companies doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not developing additional work for anyone where we do not have to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I believe individuals have actually got so used to we require a new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I believe this is a process that needs looking at it needs altering but ultimately individuals are very stuck to what they’re familiar
with right um modification is a tough thing we all do not like modification um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having keeping numerous checking account but there’s a substantial quantity of complexity opts for establishing a checking account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for individual people so the complexity is huge however I think the sincere response is change um individuals haven’t been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we’ve 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 understand what could almost be identified to be the next Century or so there is a lot to track and this approach does pose numerous challenges um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements. To Receive 25 Papaya Global Pal