Over the last five or 6 years …Papaya Global Services/Employee… functions on the provider side and also on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently just 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 remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really extremely bleak and I want I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business preserve separate
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining different savings account 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 discuss why they are ending up being a strategic property for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and prompt payroll payments is a complex challenge for organizations operating internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, discover how companies forecast payroll costs to optimize working capital, and discover how simplifying global payroll payments can change them from a challenging task into a tactical asset.
Managing payroll worldwide is an overwhelming task due to different guidelines, compliance requirements, data security issues, and banking rules. The sheer variety of staff members and businesses contributes to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems often result in manual procedures, data silos, and an absence of combination, leading to inconsistencies and ineffectiveness. Regardless of living in an era of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to supply insights and services to streamline and enhance worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a business invests in worldwide payroll the less of an image they see an absence of visibility also extends to payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of international 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 due to time reporting bad HCM data data entry errors badly interacted hires and terminations in addition to absence management and system configurations and after that when you round it all off and the data is shipped to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they depend on the essential numerous procedures 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 obstacles service face when they’re paying to employees or otherwise that’s a good question I always toss this back and state what is it what doesn’t require to be included right and what does
it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 intricacy anywhere you look right ultimately constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble super payments no if but some infants 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 believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to sort of move on with that it likewise too to add to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely vital that payroll and financing groups work better together than ever um I’m always amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more important to contribute to sort of the level of complexity there’s increasingly more advantages being organ or being used by companies throughout the world so once again you’re just seeking to include increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your vast 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 indicate over the last well yeah a couple of years I would absolutely say that the bigger a company 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 details into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to develop extra handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you know that we are working in today there is no reason that we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any company has from an expense point of view from an impact viewpoint on employees it is definitely crucial that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging effect on people’s wellness and numerous other elements if individuals aren’t paid uh I’ve always been amazed entering this Market sort of the last 5 to 10 years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only notice when things fail. However, when things go right, it’s seen as just a regular job. This is how it’s perceived externally too. Therefore, it is essential to guarantee that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the first International Payments first payroll payment option is a terrific initial action towards supplying a comprehensive payroll solution for workers worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and savings account necessary for international payroll are crucial factors in achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things do not go as prepared. Eventually, we don’t do it for the gratitude.
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 everyone that’s involved in those procedures and likewise so envision sorry I’m just I was just gon na say imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting 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 attempt to look through them and actually see what was going on and sort of try to get back to everybody so carrying on look why do companies pick to main separate savings account there are Papaya Global Services/Employee companies out there doing exactly this for particular countries and I’ve worked in a company or lots of businesses doing precisely that I can state it doesn’t always feel effective and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for any person where we don’t need to and anyone 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 quantity that we are I think many factors one is it’s the requirement I think people have actually got so used to we require a brand-new savings account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs altering but ultimately people are extremely stuck to what they recognize
with best um change is a hard thing all of us don’t like change um so I think it’s just type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having keeping several checking account however there’s a substantial quantity of intricacy goes with establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private individuals so the intricacy is big but I believe the honest response is change um individuals have not been able to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century approximately there is a lot to keep track of and this method does position numerous challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I 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 actually gained another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Services/Employee