Over the last 5 or six years …Papaya Global And Hr… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everyone alright 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 these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really dreary and I wish I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies maintain separate
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is particularly helpful for global companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of preserving separate savings account for payroll in various nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and timely payroll payments is a complex difficulty for services operating globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll costs to optimize working capital, and discover how streamlining international payroll payments can change them from a troublesome job into a tactical asset.
Managing payroll worldwide is a difficult job due to various regulations, compliance requirements, data security concerns, and banking guidelines. The large number of employees and organizations contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems often result in manual processes, data silos, and an absence of integration, causing inconsistencies and inefficiencies. Despite residing in an era of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to provide insights and solutions to simplify and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more an organization invests in global payroll the less of a photo they see a lack of exposure also extends to payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of international businesses have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes inadequately interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is delivered to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they count on the essential several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re making payments to staff members or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t require to be included ideal 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 country there’s payment time frames there’s payment capabilities 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 customer’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to kind of move forward with that it also too to add to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely imperative that payroll and finance teams work closer together than ever um I’m always impressed when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually 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 likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on well-being and the settlement landscape is ending up being increasingly complex. Companies are continuously presenting new advantages and payment options, which adds to the total complexity. Big corporations typically divide their payroll and payment processing into separate teams, which can cause inadequacies and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s highly innovative age, there’s no justification for maintaining cumbersome treatments. Payroll, the company’s biggest expenditure, need to be processed properly and on time. Even minor delays can adversely affect workers’ wellness and have far-reaching repercussions. Therefore, it’s vital to prioritize precise and prompt payments.
payroll team get um so I’m not exactly sure anyone on this sort of webinar has been informed 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 employees or not um but eventually payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment solution is a fantastic first step um supplying an end-to-end payroll service for your workers internationally again I believe is another huge um procedure again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of organizations and reducing the variety of tools platforms and savings account they need for their Worldwide 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I don’t think any of us are really doing that for for the thanks
anyhow we know how how crucial 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 simple as possible for everybody that’s involved in those processes and also so envision sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions envision getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need 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 moving on appearance why do business select to primary different bank accounts there are Papaya Global And Hr services out there doing exactly this for particular countries and I’ve worked in a company or lots of businesses doing exactly that I can say it does not constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not creating additional work for any person where we don’t need to and anybody that’s managing that process 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 believe numerous reasons one is it’s the standard I think people have actually got so used to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually 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 methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs looking at it needs altering however ultimately people are extremely stuck with what they recognize
with best um modification is a difficult thing all of us don’t like modification um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having preserving numerous checking account but there’s a big amount of complexity goes with setting up a checking account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for private people so the intricacy is substantial but I think the honest answer is change um people haven’t been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to change but we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or so there is a lot to monitor and this method does posture numerous difficulties um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just did you changed 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 office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global And Hr