Over the last five or 6 years …Papaya Global Rollback Fps… functions on the provider side and likewise on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone 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 raining here it’s extremely extremely gloomy and I want I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business preserve separate
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and prompt payroll payments is a complex difficulty for organizations operating internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to enhance working capital, and discover how improving global payroll payments can change them from a difficult job into a tactical property.
Managing payroll internationally is a challenging job due to numerous regulations, compliance requirements, information security issues, and banking rules. The large variety of employees and companies contributes to the complexity, with an approximated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically lead to manual processes, data silos, and a lack of integration, causing disparities and ineffectiveness. Regardless of residing in an age of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to offer insights and services to streamline and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that offers me sleepless nights and quite honestly the more a service invests in global payroll the less of a picture they see a lack of visibility also extends to payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international organizations have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes inadequately communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is delivered to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they count on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s a great concern I constantly throw this back and state what is it what does not require to be consisted of best and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 anywhere you look ideal eventually building a knowledge base is definitely important but all over you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is allowing us to type of move forward with that it also as well to add to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and financing groups work better together than ever um I’m always impressed 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 operate in the payroll occupation would they split the payroll payment from computation 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 data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of important to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being used by organizations across the world so once again you’re simply aiming to add more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real difficulties or genuine challenging sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we operate in they just make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and an age that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any service has from a cost perspective from an effect viewpoint on workers it is absolutely critical 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 have to be done right it has the biggest damaging result on individuals’s wellness and many other factors if people aren’t paid uh I have actually always been amazed entering this Market type of the last five to 10 years is how little thanks the
The payroll group may not have been thanked for correctly 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 essential cycle, and individuals just discover when things fail. However, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally as well. For that reason, it is essential to ensure that jobs like Wi-Fi International and other vital matters are done correctly. Using the first International Payments first payroll payment solution is an excellent preliminary step towards providing a thorough payroll option for workers worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and bank accounts needed for global payroll are essential factors in achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
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 simple as possible for everybody that’s associated with those procedures and also so imagine sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and in fact see what was going on and sort of shot to get back to everyone so carrying on appearance why do business select to main different savings account there are Papaya Global Rollback Fps organizations out there doing exactly this for particular countries and I have actually operated in a service or numerous businesses doing precisely that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we do not need to and anybody 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 believe many reasons one is it’s the requirement I believe people have actually got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I believe this is a process that needs looking at it requires altering however ultimately people are very stuck to what they’re familiar
with ideal um change is a difficult thing we all don’t like modification um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having preserving numerous checking account however there’s a substantial quantity of complexity goes with establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is substantial however I believe the honest answer is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century or so there is a lot to monitor and this method does pose several difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Rollback Fps