Over the last 5 or six years …Subdomain Papaya Global… functions on the company side and also on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply offer everyone another number of uh well among 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 rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I actually 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 very dreary and I wish I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies maintain different
Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore 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 recap of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and timely payroll payments is a complex obstacle for businesses running worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, learn how business forecast payroll costs to optimize working capital, and discover how enhancing worldwide payroll payments can change them from a burdensome task into a tactical property.
Handling payroll worldwide is a challenging job due to numerous guidelines, compliance requirements, information security concerns, and banking rules. The large variety of employees and businesses adds to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million services worldwide.
Standard payroll systems typically lead to manual procedures, data silos, and an absence of combination, causing disparities and ineffectiveness. In spite of residing in an era of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to provide insights and options to streamline and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a service spends on international payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide businesses have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors poorly interacted hires and terminations as well as lack management and system configurations and then when you round all of it off and the data is delivered to the incorrect location the typical expense of an international information 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 don’t run smoothly if they count on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to staff members or otherwise that’s a great concern I constantly toss this back and state what is it what does not need to be consisted of best and what does
it require 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 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 have to pay from the consumer’s own in-country account so there’s intricacy any place you look ideal eventually building a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble incredibly payments no if but some children 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 definitely fundamental and innovation is enabling us to kind of move forward with that it also also to add to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely imperative that payroll and finance groups work closer together than ever um I’m constantly impressed when people state I have actually split payroll and payment um if you walk down the street and asked anyone 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 often 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 people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more crucial to add to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by services throughout the world so once again you’re simply seeking to add a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine difficulties or real tough sort of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of years I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s really managing the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to create extra handoffs at the same times that we run in they simply make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and an era that you understand that we are operating in today there is no reason that we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any service has from an expense perspective from an effect perspective on employees it is definitely 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 greatest destructive impact on people’s wellness and many other elements if people aren’t paid uh I’ve always been amazed coming into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment service is a fantastic initial step um offering an end-to-end payroll option for your workers internationally once again I think is another huge um procedure again lining up and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of services and lowering 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 terms of of the thank yous for getting payroll done I have actually never 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 grievances where things haven’t gone quite where they’re indicated to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know how how crucial 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 also so imagine sorry I’m just I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and actually see what was going on and kind of shot to get back to everybody so carrying on appearance why do business choose to main different savings account there are Subdomain Papaya Global organizations out there doing precisely this for specific nations and I have actually worked in a company or lots of businesses doing exactly that I can say it doesn’t always feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we do not have to and anyone 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 amount that we are I believe many reasons one is it’s the standard I believe individuals have actually got so used to we require a new checking account we open an entity and rightly so you need 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 requirement and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I think this is a process that requires taking a look at it requires altering however eventually individuals are extremely stuck to what they recognize
with best um change is a difficult thing all of us do not like modification um so I think it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving numerous bank accounts however there’s a big quantity of intricacy opts for establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the complexity is huge but I believe the truthful response is modification um individuals have not had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century or two there is a lot to monitor and this approach does present a number of difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted ability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Subdomain Papaya Global