Over the last 5 or 6 years …Papaya Global Tree Of Savior… functions on the supplier side and also on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly 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 raining here it’s really extremely uninspiring and I wish I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies preserve different
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and timely payroll payments is a complex difficulty for businesses operating globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to optimize working capital, and find how improving global payroll payments can change them from a difficult task into a strategic possession.
Handling payroll worldwide is an overwhelming task due to various guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer variety of workers and organizations contributes to the complexity, with an estimated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems typically lead to manual procedures, information silos, and an absence of integration, causing inconsistencies and inefficiencies. Regardless of residing in an era of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to supply insights and solutions to streamline and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization invests in global payroll the less of an image they see a lack of presence likewise encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide services 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 mistakes are because of time reporting poor HCM data data entry errors improperly communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the data is shipped to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they depend on the needed numerous 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 challenges business face when they’re paying to employees or otherwise that’s a great question I always throw this back and state what is it what doesn’t require to be included best 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 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 need to pay from the customer’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is definitely critical but all over you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to kind of progress with that it also also to add to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely vital that payroll and financing teams work closer together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they split 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of essential to add to type of the level of intricacy there’s more and more advantages being organ or being offered by services across the world so once again you’re simply seeking to add a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real obstacles or genuine tough type of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of decades I would certainly say that the larger a service 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 details into the next function as it were that’s in fact handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to create additional handoffs at the same times 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 a period of tech and an age that you understand that we are working in today there is no reason why we are still making this as tough 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 impact perspective on workers it is definitely important that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging effect on people’s well-being and lots of other elements if people aren’t paid uh I have actually always been amazed entering this Market kind of the last five to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only discover when things fail. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally as well. Therefore, it is necessary to ensure that jobs like Wi-Fi Global and other crucial matters are done properly. Utilizing the first International Payments first payroll payment service is an excellent initial step towards supplying a detailed payroll option for staff members worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and savings account necessary for international payroll are key factors in attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things do not go as planned. Eventually, we don’t do it for the gratitude.
anyway we understand how how important 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 simple as possible for everyone that’s associated with those procedures and also so picture sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job attempting to clean up 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 need days of the week to attempt to check out them and really see what was going on and kind of try to get back to everyone so carrying on appearance why do business pick to primary separate checking account there are Papaya Global Tree Of Savior organizations out there doing precisely this for specific countries and I have actually operated in a service or numerous services doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we do not have to and any person that’s managing 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 standard I believe individuals have actually got so utilized to we need a brand-new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous 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 altering however eventually people are really stuck with what they’re familiar
with best um modification is a tough thing we all do not like change um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having keeping numerous checking account but there’s a huge quantity of intricacy chooses establishing a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual people so the intricacy is big however I think the truthful answer is modification um individuals have not been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might nearly be figured out to be the next Century or two there is a lot to keep track of and this approach does posture a number of difficulties um so Johnny might you tell us about those difficulties yeah of course 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 handle our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Tree Of Savior