Over the last 5 or 6 years …Cannot Upgrade Papaya Global… functions on the supplier side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone originates 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 raining here it’s really extremely dreary and I wish I was elsewhere at this moment in time alright so let’s get started our agenda 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 conventional savings account for handling payroll payments. This is especially beneficial for global organizations with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving separate checking account for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and timely payroll payments is a complex challenge for services operating worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, discover how companies anticipate payroll costs to optimize working capital, and find how enhancing worldwide payroll payments can transform them from a difficult task into a tactical possession.
Managing payroll internationally is a challenging task due to numerous guidelines, compliance requirements, data security issues, and banking guidelines. The large variety of staff members and services contributes to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual processes, information silos, and a lack of combination, causing disparities and inadequacies. In spite of residing in a period of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to provide insights and services to simplify and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a company invests in international payroll the less of an image they see an absence of presence likewise reaches payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide organizations have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors improperly interacted hires and terminations as well as lack management and system configurations and after that when you round it all off and the data is shipped to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they depend on the needed numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges business face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t need to be included ideal and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is enabling us to kind of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely crucial that payroll and financing teams work closer together than ever um I’m always astonished when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to contribute to type of the level of intricacy there’s more and more benefits being organ or being offered by services across the world so again you’re simply wanting to include more and more payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real difficulties or real tough sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would definitely say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we need to create additional handoffs while doing sos that we run in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and an age that you know that we are working in today there is no reason we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single most significant liability that any business has from a cost perspective from an effect perspective on employees it is definitely vital that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful impact on individuals’s well-being and lots of other aspects if people aren’t paid uh I have actually constantly been amazed entering this Market sort of the last 5 to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just observe when things fail. However, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally as well. For that reason, it is necessary to ensure that jobs like Wi-Fi Worldwide and other important matters are done correctly. Using the very first Worldwide Payments very first payroll payment option is a terrific initial action towards offering a comprehensive payroll solution for employees worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and checking account necessary for global payroll are crucial factors in accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyhow we understand how how crucial a role it is which’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 associated with those procedures and likewise so picture sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of try to get back to everyone so carrying on appearance why do companies select to main separate checking account there are Cannot Upgrade Papaya Global services out there doing exactly this for specific countries and I’ve operated in a business or many businesses doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for any person where we don’t need to and anybody 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 amount that we are I think many reasons one is it’s the requirement I believe individuals have actually got so utilized to we need a new savings account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have 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 ways um to to kind of do it so I believe there’s a variety I think this is a procedure that needs looking at it requires changing however eventually people are very stuck with what they’re familiar
with ideal um modification is a hard thing all of us don’t like modification um so I believe it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having maintaining several bank accounts however there’s a big amount of intricacy chooses establishing a checking account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for specific individuals so the intricacy is big however I think the honest response is change um people have not had the ability to alter or have not had always the understanding to actually 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 understanding you understand and there is an aspect of resistance to alter but we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding 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 method does posture numerous challenges um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so
I simply did you switched our Enterprise 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 Global employees you should have a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Cannot Upgrade Papaya Global