Over the last 5 or six years …Papaya Global Automatic Updates… functions on the company side and likewise on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I actually 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 drizzling here it’s very really uninspiring and I wish I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business keep different
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic possession 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.
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for services running internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, find out how business anticipate payroll expenses to optimize working capital, and discover how enhancing global payroll payments can change them from a burdensome task into a tactical asset.
Managing payroll globally is an overwhelming job due to different regulations, compliance requirements, data security issues, and banking guidelines. The large number of workers and organizations adds to the intricacy, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently result in manual procedures, information silos, and an absence of integration, resulting in inconsistencies and inefficiencies. Despite residing in an era of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to provide insights and solutions to streamline and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of a picture they see an absence of presence also encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of international companies have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes inadequately interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the data is delivered to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and state what is it what does not require to be consisted of ideal 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 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 customer’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is absolutely vital but all over you look with payroll payment they resemble incredibly payments no if however some children 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to kind of move on with that it likewise as well to add to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is definitely essential that payroll and financing groups work closer together than ever um I’m always amazed 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 operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being provided by companies across the world so again you’re simply looking to include increasingly more payments to this already intricate landscape so if you kind 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 difficulties or genuine difficult sort of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would absolutely state that the larger a company 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 groups feeding info into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you understand that we are operating in today there is no reason we are still making this as hard as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any business has from an expense perspective from an effect point of view on staff members it is absolutely important that it’s done properly 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 most significant detrimental impact on people’s wellness and lots of other aspects if individuals aren’t paid uh I’ve constantly been surprised coming into this Market kind of the last 5 to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only observe when things go wrong. However, when things go right, it’s seen as just a routine task. This is how it’s viewed externally as well. Therefore, it is essential to guarantee that tasks like Wi-Fi Global and other essential matters are done properly. Using the first Global Payments very first payroll payment option is a great preliminary step towards offering a comprehensive payroll service for staff members worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and checking account needed for international payroll are essential factors in attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things do not go as planned. Eventually, we don’t do it for the appreciation.
anyhow 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 also so imagine sorry I’m just I was simply gon na say envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job trying 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 check out them and actually see what was going on and kind of try to get back to everyone so carrying on look why do companies select to primary different savings account there are Papaya Global Automatic Updates organizations out there doing precisely this for specific nations and I’ve operated in a company or numerous companies doing exactly that I can state it does not always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we do not need to and anybody that’s dealing with that procedure 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 lots of reasons one is it’s the requirement I believe individuals have actually got so utilized to we need a brand-new checking account we open an entity and rightly 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 simply been the requirement and the standard the people have adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it requires altering however eventually people are very stuck with what they’re familiar
with ideal um modification is a challenging thing all of us don’t like modification um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having maintaining several bank accounts but there’s a substantial amount of intricacy chooses establishing a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is substantial however I think the truthful response is change um people haven’t had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to change but we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to keep track of and this approach does position a number of challenges um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I just did you changed our Business 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 Global workers you should have a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Automatic Updates