Over the last 5 or 6 years …Papaya Global 28.02… functions on the service provider side and also on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very gloomy and I want I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies keep separate
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate checking account for payroll in various nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for businesses running internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, find out how business anticipate payroll expenses to enhance working capital, and find how enhancing worldwide payroll payments can change them from a burdensome job into a strategic asset.
Managing payroll worldwide is a challenging task due to numerous regulations, compliance requirements, information security issues, and banking rules. The sheer variety of staff members and services adds to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently lead to manual processes, information silos, and an absence of combination, causing disparities and ineffectiveness. Despite living in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to offer insights and solutions to simplify and enhance worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more an organization invests in international payroll the less of a photo they see a lack of exposure also encompasses payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of global services have revealed that they do not 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 bad HCM data information entry errors improperly interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they rely on the necessary numerous processes 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 making payments to employees or otherwise that’s a great concern I always throw this back and say what is it what does not require to be included right and what does
it need 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 amount of time 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 consumer’s own in-country account so there’s intricacy wherever you look right ultimately building a knowledge base is definitely critical however all over you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you 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 definitely essential and innovation is allowing us to type of move forward with that it likewise too to add to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and finance teams work closer together than ever um I’m constantly surprised when people say I have actually split payroll and payment um if you walk down the street and asked anyone 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 an industry 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 information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to contribute to kind of the level of intricacy there’s more and more advantages being organ or being offered by services throughout the world so again you’re simply seeking to add a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real difficulties or genuine tough kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s really handling the payment side of things however you know 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 extra handoffs at the same times that we run in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from an expense point of view from an impact point of view on staff members it is absolutely crucial that it’s done properly 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 detrimental effect on individuals’s well-being and numerous other elements if individuals aren’t paid uh I have actually always been surprised entering this Market kind of the last five to 10 years is how little thanks the
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anybody 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 individuals just see when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally as well. For that reason, it is important to make sure that jobs like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the first Global Payments very first payroll payment service is an excellent initial step towards offering a thorough payroll solution for workers worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and savings account needed for worldwide payroll are crucial consider attaining company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as planned. Eventually, we do not do it for the gratitude.
anyhow 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 everyone that’s involved in those procedures and also so think of sorry I’m just I was just gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and actually see what was going on and sort of try to get back to everybody so proceeding appearance why do companies pick to main different savings account there are Papaya Global 28.02 companies out there doing exactly this for particular countries and I’ve operated in a company or lots of services doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for any person where we don’t have to and any person that’s managing 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 believe numerous factors one is it’s the standard I believe individuals have actually got so used to we need a new savings account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I believe this is a process that needs taking a look at it requires changing however eventually people are very stuck to what they’re familiar
with best um change is a difficult thing we all don’t like change um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having keeping numerous bank accounts but there’s a substantial quantity of intricacy chooses setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the complexity is huge however I think the sincere response is change um individuals have not had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might almost be determined to be the next Century or so there is a lot to keep an eye on and this method does pose numerous obstacles um so Johnny might you inform us about those difficulties yeah obviously 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 staff members you should have a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global 28.02