Over the last 5 or six years …Papaya Global 6P Out… roles on the company side and also on the vendor side from a payroll point of view so really eagerly 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 so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting 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 everyone originates from and I truly 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 extremely really gloomy and I wish I was somewhere else 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 obstacle years of managing International payroll why business maintain different
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and timely payroll payments is a complex challenge for services running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to optimize working capital, and find how improving international payroll payments can transform them from a difficult task into a tactical asset.
Managing payroll worldwide is a challenging task due to numerous guidelines, compliance requirements, data security issues, and banking rules. The sheer number of workers and services adds to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems often result in manual processes, information silos, and a lack of combination, resulting in inconsistencies and inefficiencies. Regardless of living in a period of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to provide insights and solutions to simplify and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business invests in worldwide payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of international organizations have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors poorly communicated hires and terminations as well as lack management and system setups and after that when you round it all off and the information is delivered to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they depend 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 requires to be factored into the challenges company face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and say what is it what does not need to be included right 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 amount of time there’s payment abilities 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 complexity any place you look best ultimately building a knowledge base is absolutely important 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 type of link in 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 innovation is allowing us to sort of move forward with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work better together than ever um I’m always amazed when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from computation 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 data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more essential to add to kind of the level of complexity there’s increasingly more advantages being organ or being provided by services across the world so again you’re just aiming to include more and more payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real obstacles or genuine tough sort of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of years I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we run in they simply make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason that we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from an expense point of view from an impact point of view on workers it is absolutely critical 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 destructive result on individuals’s well-being and many other elements if people aren’t paid uh I’ve constantly been impressed coming into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view 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 properly so leveraging the first Global Payments first payroll payment solution is a fantastic initial step um offering an end-to-end payroll solution for your employees worldwide again I believe is another big um procedure again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of businesses and minimizing the number of tools platforms and checking account they need for their Global 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’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I do not think any of us are actually doing that for for the thanks
anyway we know how how important 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 easy as possible for everyone that’s associated with those procedures and also so imagine sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely 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 was the case um you ‘d need days of the week to try to check out them and in fact see what was going on and type of try to get back to everyone so moving on appearance why do business pick to main different bank accounts there are Papaya Global 6P Out services out there doing precisely this for particular countries and I’ve worked in an organization or numerous businesses doing exactly that I can say it does not constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we don’t have to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the requirement I think individuals have actually got so used to we require 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 think it’s simply been the requirement and the standard individuals have adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I believe this is a process that needs taking a look at it requires changing however eventually people are very stuck to what they recognize
with right um change is a challenging thing we all do not like modification um so I think it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having maintaining numerous checking account but there’s a substantial quantity of complexity goes with establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private individuals so the intricacy is substantial but I believe the honest response is modification um individuals have not had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to alter but we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century approximately there is a lot to keep track of and this method does pose numerous difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this improved ability, I have effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global 6P Out