Over the last 5 or six years …Papaya Global Dummy Fps… functions on the service provider side and likewise on the vendor side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very dreary and I want I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies keep different
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of maintaining separate savings account for payroll in various nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and prompt payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, find out how companies forecast payroll expenses to optimize working capital, and find how enhancing worldwide payroll payments can transform them from a challenging job into a strategic asset.
Handling payroll internationally is an overwhelming job due to various guidelines, compliance requirements, information security concerns, and banking rules. The large number of workers and businesses contributes to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently lead to manual procedures, information silos, and a lack of integration, resulting in disparities and inadequacies. Regardless of residing in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to supply insights and services to streamline and optimize worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service invests in worldwide payroll the less of an image they see an absence of presence also reaches payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the deal almost half of international organizations have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors badly interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the information is delivered to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they depend on the required several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re paying to staff members or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t require to be included right and what does
it require to be thought of there’s differing Bank details 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy wherever you look ideal eventually building a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to type of move forward with that it also also to add to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely important that payroll and finance groups work better together than ever um I’m constantly impressed when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to add to kind of the level of complexity there’s increasingly more benefits being organ or being used by businesses throughout the world so once again you’re simply seeking to include increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real challenges or real challenging type of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of years I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we operate in they just 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 an era that you know that we are operating in today there is no reason why we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any company has from an expense viewpoint from an effect perspective on workers 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 harmful impact on people’s wellness and numerous other elements if people aren’t paid uh I’ve always 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 anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just observe when things fail. However, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally too. Therefore, it is necessary to guarantee that tasks like Wi-Fi International and other vital matters are done properly. Using the very first International Payments first payroll payment solution is a terrific preliminary step towards offering a comprehensive payroll solution for employees worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and checking account necessary for worldwide payroll are essential factors in accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things do not go as prepared. Eventually, we don’t do it for the thankfulness.
anyway we understand how how crucial a function 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 everybody that’s involved in those procedures and likewise so imagine sorry I’m simply I was simply gon na say think of 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 speaking about hundreds of thousands possibly Millions envision getting that lots of 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 all those up for sure oh definitely I can’t envision 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 really see what was going on and type of shot to return to everyone so moving on look why do business pick to main separate bank accounts there are Papaya Global Dummy Fps organizations out there doing exactly this for particular nations and I’ve operated in a company or many organizations doing precisely that I can state it does not always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we do not need to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the requirement I think people have got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a range I think this is a procedure that needs looking at it requires changing however ultimately people are very stuck with what they’re familiar
with best um change is a difficult thing we all don’t like change um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having preserving several bank accounts but there’s a big amount of complexity chooses setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is huge however I think the truthful response is change um individuals have not had the ability to alter or have not had necessarily the understanding to really 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 however we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century or two there is a lot to keep an eye on and this method does present several obstacles um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Dummy Fps