Over the last 5 or 6 years …Papaya Global Post To Accounts… roles on the supplier side and likewise on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds or so 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 currently just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I actually 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 drizzling here it’s very extremely uninspiring and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies maintain separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially helpful for global companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and timely payroll payments is a complex challenge for services running globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how companies forecast payroll expenses to optimize working capital, and discover how simplifying worldwide payroll payments can change them from a burdensome task into a tactical possession.
Managing payroll worldwide is a complicated job due to different policies, compliance requirements, information security concerns, and banking rules. The sheer variety of employees and services contributes to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Conventional payroll systems typically lead to manual procedures, data silos, and an absence of combination, resulting in disparities and inefficiencies. Despite living in an era of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to supply insights and options to streamline and optimize international 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 Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more a business spends on global payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of global services have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes poorly interacted hires and terminations in addition to absence management and system setups and then when you round everything off and the information is shipped to the incorrect location the typical cost of a worldwide information 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 do not run smoothly if they depend on the essential numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re paying to workers or otherwise that’s a great question I always throw this back and say what is it what doesn’t need to be included right and what does
it require to be thought of there’s varying Bank details 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 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 client’s own in-country account so there’s intricacy any place you look ideal ultimately building a knowledge base is definitely important however everywhere you look with payroll payment they are like very payments no if but some babies 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 believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to sort of move forward with that it likewise too to add to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely crucial that payroll and financing groups work better together than ever um I’m always astonished when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation 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 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 individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to contribute to kind of the level of intricacy there’s more and more advantages being organ or being provided by businesses across the world so once again you’re just seeking to add a growing number of payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine difficulties or genuine challenging sort of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of decades I would certainly state that the bigger an organization 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 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 always need to be the case you understand long gone are the times where we need to develop extra 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 a period that you know that we are operating in today there is no reason why we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any company has from an expense point of view from an impact perspective on workers it is absolutely important 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 need to be done right it has the most significant harmful impact on individuals’s wellness and numerous other factors if people aren’t paid uh I have actually always been amazed coming into this Market type 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 during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people just discover when things fail. However, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally as well. Therefore, it is important to ensure that jobs like Wi-Fi Worldwide and other important matters are done properly. Utilizing the very first Worldwide Payments very first payroll payment service is a terrific initial step towards offering a comprehensive payroll service for employees worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and savings account necessary for global payroll are essential consider attaining business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things do not go as prepared. Ultimately, we don’t do it for the thankfulness.
anyway 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 also so think of sorry I’m just I was simply gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job trying to clean up all those up for sure oh absolutely I can’t picture 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 type of try to get back to everyone so moving on appearance why do business choose to main different bank accounts there are Papaya Global Post To Accounts businesses out there doing precisely this for specific countries and I have actually operated in a service or many services doing precisely that I can state it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not producing additional work for any person where we do not need to and any person that’s dealing with that process 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 think lots of reasons one is it’s the standard I believe individuals have got so utilized to we need a brand-new savings 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 standard individuals have actually adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I think this is a procedure that requires looking at it needs altering but eventually people are very stuck with what they’re familiar
with right um modification is a tough thing all of us do not like modification um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having maintaining numerous bank accounts however there’s a huge amount of complexity chooses establishing a bank account maintaining it ensuring it can send International transfers ensuring it’s established with the right user accesses for private people so the complexity is huge but I think the honest response is change um individuals haven’t been able to change or have not had always the understanding to really make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century approximately there is a lot to monitor and this technique does present several difficulties um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Post To Accounts