Over the last 5 or six years …Papaya Global Furloughed… functions on the service provider side and likewise on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everyone 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 intriguing and I can see it going on already 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 definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very gloomy 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 looking at the difficulty years of managing International payroll why business maintain separate
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will likewise supply a wrap-up 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 challenge for companies operating globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to enhance working capital, and find how simplifying worldwide payroll payments can transform them from a troublesome task into a strategic possession.
Handling payroll globally is an overwhelming job due to various policies, compliance requirements, data security concerns, and banking guidelines. The large number of staff members and companies contributes to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently lead to manual procedures, data silos, and an absence of integration, causing disparities and inefficiencies. In spite of residing in an era of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to supply insights and options to streamline and optimize global payroll payments.
about it to offer you an idea 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 a business invests in global payroll the less of a photo they see a lack of visibility also extends to payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of international organizations have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors improperly communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the information is shipped to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they rely on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re paying to workers or otherwise that’s a great concern I always toss this back and say what is it what does not need to be included right and what does
it need 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is absolutely critical but everywhere 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to sort of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely necessary that payroll and financing groups work better together than ever um I’m always amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more essential to contribute to type of the level of complexity there’s a growing number of benefits being organ or being provided by organizations across the world so once again you’re simply seeking to add more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real difficulties or real difficult kind of pay utilizes to play to pay individuals I think yeah I suggest 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 functions um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we run in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any organization has from an expense perspective from an impact viewpoint on staff members it is definitely important that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest detrimental result on people’s wellness and many other elements if individuals aren’t paid uh I’ve constantly been impressed entering into this Market kind of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just see when things go wrong. However, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally as well. For that reason, it is necessary to ensure that jobs like Wi-Fi International and other crucial matters are done properly. Utilizing the first International Payments first payroll payment service is a terrific initial action towards providing a thorough payroll solution for employees worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and bank accounts necessary for global payroll are crucial factors in achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things do not go as planned. Eventually, we don’t do it for the thankfulness.
anyway we know 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 processes and also so think of sorry I’m just I was simply gon na state think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous 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 however it would absolutely be a fascinating job trying 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 look through them and actually see what was going on and kind of try to get back to everybody so carrying on appearance why do business choose to primary separate savings account there are Papaya Global Furloughed organizations out there doing precisely this for particular countries and I’ve operated in a company or many services doing exactly that I can state it doesn’t always feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we don’t have to and any person that’s handling 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 amount that we are I believe numerous factors one is it’s the standard I think individuals have got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll purposes but 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 embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I believe this is a procedure that needs looking at it needs changing but ultimately people are extremely stuck with what they’re familiar
with best um change is a tough thing we all do not like change um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having preserving numerous checking account however there’s a huge quantity of intricacy chooses setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for private people so the intricacy is huge but I think the honest response is change um people have not had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however 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 might nearly be identified to be the next Century approximately there is a lot to track and this method does present a number of difficulties um so Johnny might you inform us about those obstacles yeah of course so there’s a variety right there is so
I simply 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 International workers you should have a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Furloughed