Over the last five or six years …Papaya Global &Amp… functions on the provider side and also on the vendor side from a payroll point of view so really anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely gloomy and I wish I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business keep separate
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of maintaining different checking account for payroll in various nations, virtual accounts and digital wallets use a more streamlined option. 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 also offer a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and timely payroll payments is a complex difficulty for organizations running worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, discover how business forecast payroll costs to optimize working capital, and find how improving international payroll payments can change them from a burdensome task into a tactical asset.
Managing payroll worldwide is a daunting job due to numerous policies, compliance requirements, information security concerns, and banking rules. The sheer variety of staff members and companies contributes to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems typically result in manual procedures, data silos, and a lack of combination, leading to inconsistencies and inefficiencies. Regardless of residing in an era of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to supply insights and options to simplify and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a business invests in global payroll the less of an image they see an absence of presence likewise extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international organizations have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is delivered to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they count on the required numerous procedures 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 business face when they’re making payments to staff members or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t need to be included best 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 nation there’s payment time frames there’s payment abilities so can you pay it from International or do you have 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 best ultimately building a knowledge base is absolutely important but everywhere you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 basic and innovation is permitting us to kind of move forward with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely vital that payroll and financing groups work closer together than ever um I’m always impressed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more crucial to contribute to type of the level of intricacy there’s a growing number of benefits being organ or being provided by services across the world so once again you’re just seeking to include increasingly more payments to this currently intricate landscape so if you kind 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 real difficulties or genuine difficult sort of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments operates 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 opinion and my experience that does not necessarily need to be the case you know long gone are the times where we require to develop extra handoffs at the same times that we operate in they just make them more timely 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 working in today there is no reason why we are still making this as challenging as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any service has from an expense viewpoint from an effect point of view on staff members it is definitely crucial 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 detrimental impact on people’s well-being and many other factors if people aren’t paid uh I’ve constantly been impressed entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals only notice when things fail. However, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally as well. For that reason, it is essential to make sure that tasks like Wi-Fi Global and other important matters are done correctly. Using the very first International Payments first payroll payment service is a great initial step towards providing a comprehensive payroll option for workers worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and savings account necessary for worldwide payroll are crucial factors in attaining service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things do not go as planned. Ultimately, we don’t do it for the thankfulness.
anyway we understand how how essential 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 everybody that’s involved in those processes and also so think of sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and really see what was going on and type of try to return to everyone so moving on look why do companies choose to main separate savings account there are Papaya Global &Amp organizations out there doing precisely this for particular nations and I’ve worked in an organization or many organizations doing precisely that I can say it does not constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we do not have to and anyone that’s managing 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 quantity that we are I think numerous factors one is it’s the standard I think people have actually got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I think this is a process that needs looking at it requires changing however ultimately individuals are extremely stuck with what they’re familiar
with ideal um modification is a difficult thing all of us don’t like change um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having keeping numerous savings account however there’s a huge amount of complexity chooses setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for private people so the complexity is substantial but I believe the honest answer is change um individuals have not had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might almost be figured out to be the next Century or so there is a lot to keep track of and this approach does pose several obstacles um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so
I 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 seems like our CFO has gotten 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 workplace with a parking space that is closer, considering your accomplishments. Papaya Global &Amp