Over the last 5 or six years …Papaya Global Helpline… roles on the provider side and also on the vendor side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating 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 everybody comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely really bleak and I wish I was elsewhere 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 challenge years of handling Global payroll why business preserve different
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining separate checking account for payroll in different countries, virtual accounts and digital wallets provide 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 strategic asset for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for services operating internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to optimize working capital, and find how streamlining international payroll payments can transform them from a difficult task into a strategic possession.
Managing payroll internationally is an overwhelming task due to different regulations, compliance requirements, data security concerns, and banking rules. The sheer variety of employees and services contributes to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically lead to manual procedures, data silos, and an absence of integration, resulting in disparities and ineffectiveness. Regardless of living in an age of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to provide insights and options to streamline and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a service spends on global payroll the less of an image they see a lack of presence likewise extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of international services have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes inadequately interacted hires and terminations in addition to absence management and system setups and after that when you round everything off and the information is delivered to the incorrect place the typical cost of an international information 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 smoothly if they depend on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t require to be consisted of right and what does
it require 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 timespan there’s payment capabilities 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 client’s own in-country account so there’s intricacy anywhere you look best ultimately developing a knowledge base is absolutely critical but all over you look with payroll payment they are like incredibly payments no if but 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 basic and innovation is enabling us to sort of move on with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work closer together than ever um I’m always amazed when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation 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 process it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more important to add to sort of the level of intricacy there’s increasingly more benefits being organ or being offered by companies throughout the world so once again you’re simply seeking to add more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine challenges or genuine challenging type of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of years I would certainly state that the bigger a company 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 teams feeding details into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you know that we are working in today there is no reason why we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any service has from a cost point of view from an impact viewpoint on employees it is absolutely important that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive effect on people’s wellness and lots of other factors if individuals aren’t paid uh I have actually constantly been impressed entering this Market sort of the last 5 to ten years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people just see when things go wrong. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s viewed externally also. For that reason, it is essential to ensure that jobs like Wi-Fi International and other essential matters are done correctly. Utilizing the first Global Payments very first payroll payment service is an excellent preliminary step towards supplying a thorough payroll service for employees worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and checking account necessary for worldwide payroll are essential factors in attaining organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things do not go as prepared. Ultimately, we do not do it for the thankfulness.
anyway we know how how crucial a function 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 easy as possible for everybody that’s involved in those procedures and likewise so imagine sorry I’m simply I was just gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job attempting to clean up 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 require days of the week to try to browse them and really see what was going on and sort of try to return to everybody so moving on appearance why do companies select to main different checking account there are Papaya Global Helpline services out there doing precisely this for specific nations and I have actually worked in a service or numerous companies doing exactly that I can say it doesn’t always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we do not need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the standard I believe people have got so used to we require a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I believe this is a process that requires taking a look at it requires altering however eventually people are really stuck with what they recognize
with best um modification is a tough thing all of us do not like change um so I believe it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having keeping several checking account however there’s a substantial quantity of complexity goes with setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual individuals so the intricacy is substantial however I think the truthful answer is modification um individuals haven’t had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could almost be determined to be the next Century or two there is a lot to keep track of and this technique does pose numerous difficulties um so Johnny might you tell us about those challenges yeah of course 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 gotten another CFO, and with this improved ability, I have effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your achievements. Papaya Global Helpline