Over the last five or six years …Year To Date Adjustment In Papaya Global… functions on the service provider side and also on the vendor side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give 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 sort of let them do that so it ‘d be quite interesting 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 everybody originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really uninspiring and I wish I was elsewhere at this moment in time alright so let’s start 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 business maintain different
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is particularly beneficial for global organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving different checking account for payroll in various nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and timely payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, learn how business forecast payroll costs to optimize working capital, and discover how streamlining international payroll payments can transform them from a difficult task into a tactical property.
Handling payroll worldwide is a challenging task due to different policies, compliance requirements, data security issues, and banking rules. The large variety of workers and services adds to the complexity, with an estimated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems often result in manual procedures, information silos, and an absence of combination, leading to disparities and ineffectiveness. Regardless of living in an age of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to provide insights and services to simplify and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a company invests in international payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of global services have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes improperly interacted hires and terminations along with lack management and system configurations and then when you round it all off and the information is delivered to the wrong location the typical expense 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 all over the world payroll and payments don’t run smoothly if they rely on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and state what is it what doesn’t need to be consisted of right and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 complexity any place you look right eventually constructing a knowledge base is absolutely critical but all over you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link 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 type of move forward with that it also also to contribute to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely vital that payroll and finance groups work more detailed together than ever um I’m constantly surprised when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more important to add to kind of the level of complexity there’s a growing number of benefits being organ or being used by businesses throughout the world so once again you’re simply wanting to add more and more payments to this currently complicated 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 genuine difficulties or genuine difficult kind of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would absolutely state that the bigger an organization 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 really handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to produce additional handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and an era that you know that we are operating in today there is no reason that we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any service has from an expense viewpoint from an effect point of view on employees it is definitely critical 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 damaging result on people’s wellness and many other aspects if people aren’t paid uh I have actually constantly been amazed entering this Market type of the last five to 10 years is how little thanks the
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals only notice when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally also. For that reason, it is necessary to ensure that jobs like Wi-Fi Global and other vital matters are done properly. Using the first Global Payments first payroll payment service is a terrific initial step towards offering a comprehensive payroll service for workers worldwide. Standardization, worldwide procedures, and reducing the number of tools, platforms, and savings account necessary for global payroll are crucial consider accomplishing business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
anyway we understand how how essential a role 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 everybody that’s involved in those processes and likewise so imagine sorry I’m just I was simply gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and type of try to get back to everybody so proceeding appearance why do business choose to primary different savings account there are Year To Date Adjustment In Papaya Global companies out there doing precisely this for specific countries and I’ve worked in a business or lots of services doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we don’t need to and anybody that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe many factors one is it’s the standard I think individuals have got so utilized to we require a brand-new bank account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I believe this is a process that requires looking at it requires altering but ultimately people are really stuck to what they’re familiar
with right um change is a challenging thing all of us don’t like change um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having keeping multiple checking account however there’s a substantial quantity of complexity chooses setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for private individuals so the complexity is big but I believe the honest response is modification um individuals have not had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change but we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be identified to be the next Century or two there is a lot to monitor and this method does pose a number of challenges um so Johnny could you tell us about those difficulties yeah obviously so there’s a range 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 Worldwide staff members you should have a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Year To Date Adjustment In Papaya Global