Over the last 5 or 6 years …Papaya Global Services Reviews… roles on the service provider side and likewise on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just offer everyone another number of uh well one of 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 fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody 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 raining here it’s extremely really uninspiring and I wish I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business keep different
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is especially beneficial for international organizations with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving different bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and prompt payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, discover how companies forecast payroll expenses to optimize working capital, and discover how enhancing global payroll payments can change them from a difficult job into a strategic property.
Managing payroll internationally is an overwhelming job due to various guidelines, compliance requirements, information security issues, and banking guidelines. The sheer number of staff members and services contributes to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently lead to manual procedures, information silos, and a lack of integration, leading to inconsistencies and inadequacies. Regardless of residing in an era of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to supply insights and options to streamline and optimize worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more a company spends on global payroll the less of an image they see a lack of exposure also extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide organizations have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors badly interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the information is shipped to the wrong location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they depend on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re paying to staff members or otherwise that’s an excellent concern I always throw this back and state what is it what does not need to be consisted of ideal and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 client’s own in-country account so there’s complexity anywhere you look best ultimately developing a knowledge base is definitely vital but all over you look with payroll payment they resemble extremely payments no if but some children 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 basic and innovation is allowing us to kind of progress with that it also also to add to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely essential that payroll and financing groups work closer together than ever um I’m always amazed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry 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 individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being provided by businesses across the world so again you’re just aiming to add a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real challenges or genuine tough kind of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would absolutely state that the larger a business 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 groups feeding info into the next function as it were that’s in fact managing the payment side of things but you understand 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 extra handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in a period 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 needs to be agreed and appropriately as you said payroll is the single greatest liability that any organization has from an expense viewpoint from an impact perspective on workers it is definitely 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 need to be done right it has the biggest destructive result on people’s wellness and lots of other factors if people aren’t paid uh I’ve constantly been astonished coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong 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 things is absolutely essential that all of this things is done correctly so leveraging the first Global Payments very first payroll payment solution is a great first step um supplying an end-to-end payroll option for your staff members worldwide again I believe is another substantial um procedure again aligning and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of businesses and minimizing the variety of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand how how essential a function 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 involved in those procedures and likewise so think of sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and in fact see what was going on and type of shot to return to everyone so proceeding appearance why do business select to main different bank accounts there are Papaya Global Services Reviews services out there doing precisely this for particular nations and I have actually operated in a business or numerous services doing precisely that I can state it does not constantly feel efficient 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 do not need to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I believe people have actually got so used to we need a brand-new checking 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 adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I think this is a procedure that needs taking a look at it requires altering but ultimately people are really stuck to what they’re familiar
with ideal um modification is a tough thing all of us do not like change um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having maintaining multiple bank accounts but there’s a substantial amount of complexity chooses setting up a savings account keeping it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is substantial but I think the truthful answer is modification um individuals haven’t had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving 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 technique does position several challenges um so Johnny might you tell us about those obstacles yeah obviously 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 tasks 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 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Services Reviews