Over the last five or 6 years …Director Table Method Papaya Global… roles on the company side and likewise on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds approximately to join we all 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 already simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really uninspiring and I wish I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business keep different
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is particularly useful for international companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to optimize working capital, and find how simplifying international payroll payments can transform them from a difficult job into a tactical possession.
Handling payroll internationally is a complicated task due to numerous policies, compliance requirements, data security issues, and banking rules. The sheer number of employees and companies contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems often result in manual procedures, information silos, and an absence of combination, leading to inconsistencies and ineffectiveness. Despite living in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to supply insights and options to streamline and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more a company invests in international payroll the less of an image they see an absence of exposure likewise reaches 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 companies have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes improperly communicated hires and terminations along with absence management and system setups and after that when you round it all off and the information is delivered 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 need to move the money worldwide payroll and payments do not run smoothly if they count on the needed several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re making payments to workers or otherwise that’s a great question I always toss this back and say what is it what doesn’t require to be included best and what does
it require 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 time frames 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 intricacy anywhere you look right ultimately developing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble incredibly payments no if but some infants 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is enabling us to kind of move forward with that it also too to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and finance teams work closer together than ever um I’m constantly surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry 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 information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more crucial to contribute to kind of the level of complexity there’s more and more advantages being organ or being provided by companies throughout the world so again you’re simply wanting to include more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine challenges or real tough type of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams 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 but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an era that you know that we are working in today there is no reason that 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 business has from an expense point of view from an effect perspective on employees it is definitely important that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive impact on people’s well-being and many other factors if people aren’t paid uh I have actually constantly been amazed entering this Market type of the last 5 to ten years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just discover when things go wrong. However, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally also. Therefore, it is important to make sure that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the very first Global Payments very first payroll payment solution is a terrific initial action towards providing a thorough payroll option for staff members worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and checking account needed for global payroll are essential consider achieving business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things don’t go as planned. Ultimately, we don’t do it for the gratitude.
anyhow we know how how important 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 processes and also so envision sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task trying to clean 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 browse them and actually see what was going on and kind of shot to get back to everybody so proceeding look why do companies pick to primary separate checking account there are Director Table Method Papaya Global organizations out there doing precisely this for particular nations and I’ve operated in a business or many services doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we do not have to and anybody that’s handling 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 think many factors one is it’s the standard I believe people have got so used to we need a new checking account we open an entity and appropriately so you require it for payroll functions however 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 actually adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it needs changing but eventually people are very stuck with what they’re familiar
with right um change is a hard thing we all don’t like modification um so I believe it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having keeping multiple checking account but there’s a big amount of intricacy goes with establishing a savings account preserving it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for specific people so the intricacy is huge but I think the honest response is change um individuals haven’t had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century approximately there is a lot to keep an eye on and this technique does pose several difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a variety right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you should have a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Director Table Method Papaya Global