Over the last five or 6 years …What Is The First Thing You Do On Papaya Global… roles on the supplier side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds approximately 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 kind of like see where everybody comes from and I actually do hope it’s much sunnier than it is 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 extremely very dreary and I want I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies maintain different
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is especially useful for global organizations with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and prompt payroll payments is a complex difficulty for companies 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 expenses to optimize working capital, and discover how improving international payroll payments can change them from a challenging task into a tactical asset.
Handling payroll internationally is a complicated job due to various guidelines, compliance requirements, data security issues, and banking guidelines. The sheer variety of staff members and services contributes to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically result in manual procedures, information silos, and an absence of combination, causing inconsistencies and ineffectiveness. In spite of residing in a period of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to supply insights and options to streamline and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that offers me sleepless nights and rather frankly the more an organization invests in international payroll the less of an image they see a lack of exposure likewise reaches payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global organizations 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 errors are due to time reporting poor HCM information data entry errors inadequately interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the data 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 cash around the globe payroll and payments don’t run efficiently if they depend on the essential multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re making payments to workers or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t need to be consisted of best and what does
it need to be thought about there’s varying 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 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 customer’s own in-country account so there’s intricacy wherever you look right ultimately building a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 absolutely essential and technology is permitting us to type of move forward with that it likewise as well to add to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely important that payroll and finance teams work closer together than ever um I’m constantly impressed when people say I’ve divided 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 computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to add to kind of the level of intricacy there’s increasingly more benefits being organ or being offered by services across the world so once again you’re simply aiming to add more and more payments to this already complex landscape so if you sort 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 real difficulties or genuine difficult kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would certainly state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding details 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 doesn’t necessarily require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason why we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any service has from a cost perspective from an effect point of view on staff members it is absolutely crucial 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 most significant damaging impact on people’s wellness and numerous other factors if individuals aren’t paid uh I’ve always been amazed entering this Market type of the last five to ten years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only observe when things fail. However, when things go right, it’s seen as just a routine task. This is how it’s viewed externally also. For that reason, it is necessary to guarantee that jobs like Wi-Fi International and other crucial matters are done correctly. Using the very first International Payments very first payroll payment service is a terrific initial step towards providing a detailed payroll service for workers worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and checking account required for worldwide payroll are crucial consider accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things don’t go as planned. Ultimately, we do not do it for the appreciation.
anyhow we know how how important 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 processes and also so think of sorry I’m just I was just gon na state picture the amount 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 numerous thousands potentially Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and really see what was going on and kind of try to get back to everyone so moving on appearance why do business choose to main separate savings account there are What Is The First Thing You Do On Papaya Global organizations out there doing exactly this for particular countries and I’ve worked in a service or numerous services doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not developing additional work for anyone where we do not need to and anybody 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 amount that we are I think many reasons one is it’s the standard I believe individuals have actually got so utilized to we require a new checking account we open an entity and rightly 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 just been the standard and the norm the people have actually adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I think this is a process that requires looking at it needs altering however eventually people are extremely stuck to what they’re familiar
with right um change is a tough thing we all don’t like modification um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having maintaining several savings account but there’s a big amount of intricacy chooses establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the complexity is substantial however I think the truthful response is change um people have not had the ability to alter or have not had always the understanding to really make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this method does position numerous obstacles um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your achievements. What Is The First Thing You Do On Papaya Global