Over the last five or six years …Papaya Global Won\’t Install… roles on the service provider side and also on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind 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 type of like see where everybody comes from and I truly 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 drizzling here it’s very very gloomy and I wish I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business maintain separate
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will also offer 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 obstacle for organizations operating internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, find out how companies forecast payroll expenses to optimize working capital, and find how enhancing worldwide payroll payments can transform them from a challenging job into a tactical asset.
Handling payroll internationally is a daunting task due to numerous regulations, compliance requirements, data security issues, and banking rules. The sheer number of workers and services contributes to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems often result in manual procedures, information silos, and a lack of combination, leading to inconsistencies and ineffectiveness. Despite residing in an age of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to provide insights and solutions to streamline and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more an organization invests in worldwide payroll the less of a picture they see an absence of exposure also reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international businesses have expressed 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 because of time reporting bad HCM data information entry errors badly interacted hires and terminations along with absence management and system configurations and then when you round it all off and the information is delivered to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they count on the required several 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 business face when they’re making payments to staff members or otherwise that’s a good concern I constantly toss this back and say what is it what does not need 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 country 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 consumer’s own in-country account so there’s intricacy wherever you look best eventually building a knowledge base is definitely critical but all over you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link 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 on with that it likewise as well to add to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and financing groups work closer together than ever um I’m constantly surprised when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 procedure it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more essential to add to kind of the level of complexity there’s more and more benefits being organ or being used by businesses across the world so once again you’re just aiming to include increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine obstacles or real difficult type of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we operate in they simply make them more timely they make them less effective and they do not make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any organization has from an expense perspective from an effect viewpoint on workers it is absolutely critical that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive effect on individuals’s well-being and numerous other factors if people aren’t paid uh I’ve always been surprised entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people just discover when things go wrong. Nevertheless, 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 important to ensure that tasks like Wi-Fi Global and other crucial matters are done correctly. Using the first International Payments very first payroll payment solution is an excellent preliminary step towards supplying an extensive payroll solution for staff members worldwide. Standardization, global processes, and reducing the variety of tools, platforms, and savings account necessary for worldwide payroll are key consider attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things do not go as prepared. Eventually, we do not do it for the appreciation.
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 everybody that’s involved in those processes and likewise so picture sorry I’m just I was just gon na say think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job 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 need days of the week to try to check out them and actually see what was going on and type of shot to get back to everyone so proceeding look why do companies choose to main separate bank accounts there are Papaya Global Won\’t Install businesses out there doing exactly this for specific nations and I’ve worked in a business or many companies doing precisely that I can state it does not always feel effective and it does create 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 any person 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 individuals have actually got so utilized to we require a brand-new savings account we open an entity and rightly so you need it for payroll functions however 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 many other ways um to to type of do it so I think there’s a range I think this is a process that needs taking a look at it needs altering however ultimately people are extremely stuck with what they’re familiar
with right um modification is a hard thing we all don’t like change um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having maintaining numerous bank accounts however there’s a huge amount of intricacy goes with establishing a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for specific individuals so the complexity is huge however I think the truthful answer is change um people have not had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to alter however we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century or so there is a lot to keep track of and this technique does position numerous challenges um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you deserve a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Won\’t Install