Over the last five or six years …Papaya Global Autoupdateclient.Exe Not Found… functions on the supplier side and likewise on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I really 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 drizzling here it’s extremely very dreary and I wish I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business preserve separate
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is particularly useful for global companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping different checking account for payroll in different nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and timely payroll payments is a complex difficulty for businesses operating globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, learn how business anticipate payroll expenses to enhance working capital, and discover how improving global payroll payments can change them from a challenging job into a tactical property.
Handling payroll internationally is a challenging job due to numerous guidelines, compliance requirements, information security concerns, and banking rules. The large number of workers and services adds to the complexity, with an approximated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems typically lead to manual procedures, information silos, and a lack of combination, leading to disparities and ineffectiveness. Regardless of residing in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to supply insights and services to simplify and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that offers me sleepless nights and rather frankly the more an organization spends on worldwide payroll the less of an image they see an absence of exposure likewise reaches payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of global organizations have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors badly communicated hires and terminations in addition to lack management and system configurations and after that when you round everything off and the information is shipped to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they depend on the essential several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges company face when they’re paying to employees or otherwise that’s an excellent 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 considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities 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 client’s own in-country account so there’s complexity anywhere you look best eventually constructing a knowledge base is absolutely crucial but all over you look with payroll payment they resemble very payments no if however some infants 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 technology is enabling us to type of move on with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely vital that payroll and finance groups work closer together than ever um I’m always amazed when people 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 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more essential to contribute to sort of the level of complexity there’s a growing number of benefits being organ or being offered by organizations throughout the world so again you’re simply aiming to include a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real difficulties or genuine difficult sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of decades I would definitely say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to create extra handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and an era that you know that we are operating in today there is no reason we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single greatest liability that any service has from a cost point of view from an effect point of view on employees it is absolutely vital 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 have to be done right it has the biggest detrimental result on people’s well-being and lots of other elements if people aren’t paid uh I have actually always been astonished entering into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment service is a fantastic first step um providing an end-to-end payroll solution for your workers worldwide once again I think is another substantial um procedure again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of companies and decreasing the number of tools platforms and checking account they need for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how crucial 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 associated with those procedures and also so think of sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing 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 require days of the week to attempt to browse them and actually see what was going on and type of try to get back to everybody so moving on look why do companies select to main different bank accounts there are Papaya Global Autoupdateclient.Exe Not Found services out there doing precisely this for specific countries and I’ve operated in an organization or numerous services doing precisely that I can say it doesn’t constantly feel effective and it does create more work I know we’re not purposely doing that we’re not creating additional work for anyone where we do not need to and any person 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 believe numerous reasons one is it’s the requirement I think people have actually got so used to we require a brand-new bank 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 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 people have taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I think this is a process that needs looking at it requires changing but eventually individuals are very stuck with what they recognize
with ideal um change is a difficult thing we all don’t like modification um so I think it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having keeping multiple bank accounts but there’s a substantial amount of complexity opts for establishing a checking account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for specific people so the complexity is big but I think the sincere response is modification um people haven’t been able to alter or have not had necessarily the knowledge to truly 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 element of resistance to change but we have actually always done it that way is no genuine excuse for not taking a look 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 so there is a lot to keep an eye on and this approach does position numerous challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I simply did you switched 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 Global workers you deserve a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Autoupdateclient.Exe Not Found