Over the last 5 or six years …Papaya Global Multiple Email Addresses… functions on the provider side and likewise on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I really 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 extremely uninspiring and I want I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies maintain separate
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is particularly useful for global companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
Making sure precise, effective, and prompt payroll payments is a complex difficulty for services operating internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, learn how companies forecast payroll costs to enhance working capital, and find how simplifying international payroll payments can transform them from a difficult job into a strategic asset.
Handling payroll worldwide is a complicated task due to numerous policies, compliance requirements, information security issues, and banking guidelines. The large number of workers and companies contributes to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems often result in manual procedures, data silos, and an absence of integration, leading to inconsistencies and inadequacies. In spite of living in an age of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to offer insights and services to simplify and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more an organization invests in worldwide payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global companies have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors badly interacted hires and terminations along with lack management and system setups and then when you round all of it off and the information is delivered to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they rely 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 needs to be factored into the obstacles organization face when they’re paying to workers or otherwise that’s a good question I always throw this back and say what is it what does not require to be consisted of best and what does
it require to be thought about there’s differing 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 have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity any place you look right eventually constructing a knowledge base is absolutely critical however all over you look with payroll payment they resemble very payments no if but some babies 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 recognition that payroll payments are absolutely basic and technology is permitting us to sort of move on with that it also also to contribute to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely essential that payroll and finance teams work more detailed together than ever um I’m constantly amazed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody 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 procedure it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of important to add to type of the level of intricacy there’s a growing number of benefits being organ or being used by companies throughout the world so once again you’re just seeking to add increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine difficulties or real tough sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of years I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we require to develop extra handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any organization has from a cost viewpoint from an impact point of view on staff members it is absolutely 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 need to be done right it has the most significant damaging effect on individuals’s well-being and many other aspects if individuals aren’t paid uh I have actually always been astonished entering this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment option is an excellent first step um providing an end-to-end payroll service for your workers globally once again I believe is another big um procedure again lining up and ensuring you have standardization International procedures all of those things are absolutely essential to success success of businesses and minimizing the number of tools platforms and checking account they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks
anyway we know how how crucial 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 easy as possible for everyone that’s associated with those procedures and also so envision sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and kind of try to return to everybody so carrying on look why do business choose to main different savings account there are Papaya Global Multiple Email Addresses organizations out there doing precisely this for specific nations and I’ve operated in a service or many organizations doing exactly that I can say it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not producing extra work for anyone where we do not have to and anybody 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 lots of factors one is it’s the standard I believe individuals have got so utilized to we need a new checking 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 just been the standard and the norm the people have adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I think this is a procedure that needs looking at it requires altering however eventually individuals are very stuck with what they’re familiar
with best um change is a difficult thing we all do not like change um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having preserving numerous checking account but there’s a big amount of intricacy chooses establishing a checking account keeping it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the intricacy is big however I think the truthful answer is modification um people haven’t been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might practically be figured out to be the next Century or so there is a lot to monitor and this technique does position several challenges um so Johnny could you inform us about those challenges yeah obviously 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 gotten another CFO, and with this improved capability, I have successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Multiple Email Addresses