Over the last 5 or 6 years …Papaya Global Re Do Payroll… roles on the supplier side and also on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone 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 drizzling here it’s very really gloomy and I want I was elsewhere at this moment in time alright so let’s begin our program 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 savings account for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving separate checking account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and prompt payroll payments is a complex difficulty for services running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to optimize working capital, and find how enhancing worldwide payroll payments can transform them from a troublesome task into a strategic possession.
Handling payroll globally is a daunting job due to different guidelines, compliance requirements, data security concerns, and banking rules. The sheer variety of staff members and businesses adds to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically result in manual procedures, data silos, and a lack of combination, leading to disparities and inadequacies. Regardless of residing in an age of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to supply insights and solutions to simplify 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 organizations say they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company invests in international payroll the less of a photo they see a lack of visibility likewise reaches payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of global companies have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes inadequately interacted hires and terminations in addition to absence management and system setups and then when you round everything off and the information is delivered to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they rely on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re paying to employees or otherwise that’s a great question I always throw this back and say what is it what does not need to be consisted of ideal and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 customer’s own in-country account so there’s complexity any place you look ideal ultimately constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to sort of progress with that it also also to contribute to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely essential that payroll and financing groups work better together than ever um I’m always impressed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody 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 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 procedure 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 3rd parties so with the
world we live in and well-being being a growing number of important to add to kind of the level of intricacy there’s more and more benefits being organ or being provided by businesses throughout the world so once again you’re just wanting to add increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real obstacles or genuine challenging type of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments functions 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 understand in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an age 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 concurred and appropriately as you stated payroll is the single most significant liability that any business has from a cost viewpoint from an effect point of view on workers it is definitely vital that it’s done correctly 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 greatest harmful effect on individuals’s well-being and lots of other elements if people aren’t paid uh I’ve always been surprised entering 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 properly processing payroll during 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 just notice when things go wrong. However, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally as well. Therefore, it is vital to make sure that tasks like Wi-Fi Global and other crucial matters are done properly. Using the first Global Payments first payroll payment option is a terrific initial step towards providing an extensive payroll solution for employees worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and checking account necessary for global payroll are crucial consider accomplishing company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.
anyway we understand how how crucial 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 simple as possible for everyone that’s associated with those procedures and likewise so picture sorry I’m just I was just gon na say think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions picture getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job attempting to clean all those up for sure oh absolutely 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 look through them and in fact see what was going on and sort of try to return to everybody so proceeding look why do business pick to main separate savings account there are Papaya Global Re Do Payroll companies out there doing precisely this for specific nations and I have actually operated in a business or lots of services doing precisely that I can say it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we don’t have to and anyone that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the requirement I believe people have actually got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it requires altering however eventually individuals are really stuck with what they recognize
with best um change is a challenging thing all of us do not like modification um so I think it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having preserving several savings account but there’s a huge amount of intricacy opts for setting up a bank account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for private individuals so the complexity is big however I think the honest response is modification um people haven’t had the ability to alter or have not had always the understanding to really make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you know and there is a component of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century approximately there is a lot to track and this method does position numerous challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Re Do Payroll