Over the last 5 or 6 years …Loket Papaya Globals Surabaya… roles on the supplier side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it is 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 very extremely bleak and I wish I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business keep separate
Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is especially helpful for global companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in different nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical property 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.
making payroll payments accurately effectively firmly and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how business properly anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of reasons most significantly regulations compliance information security and banking rules then there are the large numbers they add additional complexity the international Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll design there’s often a frustrating number of different systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or very really fundamental there’s no real consistency structure we’re residing in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force data 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 a photo they see a lack of presence also encompasses payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international organizations have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes poorly interacted hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the data is shipped to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they depend on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and state what is it what does not require to be included ideal and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 customer’s own in-country account so there’s intricacy wherever you look ideal ultimately building a knowledge base is absolutely critical but everywhere you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 definitely essential and technology is allowing us to kind of move on with that it also as well to add to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance teams work better 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 anybody what is payroll who doesn’t operate in the payroll profession would they split 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world places a high value on well-being and the settlement landscape is becoming increasingly complex. Companies are constantly presenting brand-new benefits and payment options, which adds to the overall complexity. Big corporations typically divide their payroll and payment processing into separate groups, which can cause inadequacies and bottlenecks. In my viewpoint, this does not have to hold true. In today’s highly innovative era, there’s no justification for keeping cumbersome procedures. Payroll, the company’s biggest expense, should be processed properly and on time. Even small hold-ups can adversely impact employees’ wellness and have far-reaching repercussions. For that reason, it’s vital to prioritize precise and timely payments.
The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just discover when things go wrong. However, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally too. Therefore, it is necessary to guarantee that tasks like Wi-Fi Worldwide and other essential matters are done properly. Using the very first Global Payments very first payroll payment solution is an excellent initial step towards offering an extensive payroll solution for staff members worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and savings account needed for global payroll are key consider accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things don’t go as prepared. Eventually, we do not do it for the gratitude.
anyway we understand 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 easy as possible for everyone that’s involved in those procedures and also so think of sorry I’m just I was just gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain 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 the number of Post-it notes you got but it would definitely be an interesting task trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and actually see what was going on and sort of try to return to everybody so carrying on appearance why do business choose to primary different bank accounts there are Loket Papaya Globals Surabaya organizations out there doing exactly this for particular countries and I have actually worked in an organization or numerous organizations doing exactly that I can state it does not constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for any person where we do not need to and anyone 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 lots of reasons one is it’s the standard I believe people have got so utilized to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs changing however eventually individuals are very stuck to what they’re familiar
with right um change is a difficult thing all of us don’t like change um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having maintaining several bank accounts but there’s a substantial quantity of complexity chooses setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is huge but I think the truthful answer is change um individuals haven’t had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to alter however we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century or so there is a lot to monitor and this approach does present a number of obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your achievements. Loket Papaya Globals Surabaya