Over the last five or six years …How To Migrate Papaya Global… functions on the company side and likewise on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I truly 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 raining here it’s really very uninspiring and I want I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business preserve separate
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined option. 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 offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and prompt payroll payments is a complex obstacle for services operating globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, find out how business forecast payroll expenses to optimize working capital, and discover how simplifying worldwide payroll payments can transform them from a burdensome job into a strategic possession.
Handling payroll worldwide is an overwhelming task due to various policies, compliance requirements, data security concerns, and banking rules. The large number of staff members and companies adds to the complexity, with an approximated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems often lead to manual procedures, data silos, and a lack of combination, resulting in inconsistencies and ineffectiveness. Despite residing in an era of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to provide insights and options to simplify and enhance international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service spends on global payroll the less of a picture they see an absence of exposure also reaches payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of global services have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors improperly communicated hires and terminations as well as lack management and system setups and then when you round everything off and the information is delivered to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they depend on the required several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not need to be consisted of ideal and what does
it require to be considered there’s varying 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 capabilities 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 client’s own in-country account so there’s intricacy anywhere you look ideal eventually constructing a knowledge base is absolutely vital however all over you look with payroll payment they resemble super 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 innovation is permitting us to type of move forward with that it likewise also to add to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely essential that payroll and financing teams work better together than ever um I’m constantly surprised when people state I have actually split 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 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 ultimately it’s payroll is an end-to-end procedure 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 reside in and wellness being more and more essential to add to sort of the level of complexity there’s more and more benefits being organ or being provided by companies throughout the world so again you’re just looking to add a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real 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 decades I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s actually managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to develop additional handoffs at the same times that we run in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason why we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any business has from a cost perspective from an impact viewpoint on staff members it is absolutely crucial that it’s done properly 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 greatest harmful result on individuals’s wellness and many other aspects if people aren’t paid uh I have actually constantly been amazed entering this Market type of the last five 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 great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only observe when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally also. For that reason, it is necessary to ensure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the first Worldwide Payments first payroll payment service is a terrific initial step towards supplying an extensive payroll service for workers worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and bank accounts needed for global payroll are key consider accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things don’t go as planned. Ultimately, we don’t do it for the thankfulness.
anyhow we know how how essential a function 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 likewise so imagine sorry I’m just I was simply gon na say picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job trying to clean up all those up for sure oh definitely I can’t imagine 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 proceeding look why do business pick to main different savings account there are How To Migrate Papaya Global organizations out there doing exactly this for particular countries and I have actually worked in an organization or lots of services doing precisely that I can say it doesn’t always feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we don’t need to and anybody that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the requirement I believe people have actually got so utilized to we require a new bank account we open an entity and rightly 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 norm the people have actually adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I believe this is a process that requires taking a look at it requires changing but ultimately people are very stuck to what they recognize
with best um change is a difficult thing we all don’t like change um so I think it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having maintaining multiple savings account however there’s a substantial quantity of intricacy opts for establishing a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for specific individuals so the complexity is huge however I think the honest response is modification um individuals have not been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to keep track of and this technique does position a number of difficulties um so Johnny could you inform us about those challenges yeah obviously 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 employees you should have a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you How To Migrate Papaya Global