Over the last 5 or six years …Papaya Global Customer Survice Email… functions on the company side and also on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everybody okay 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 type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody 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 very very gloomy and I want I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business maintain different
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is particularly useful for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining different savings account for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and prompt payroll payments is a complex difficulty for services operating globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to enhance working capital, and find how enhancing global payroll payments can change them from a troublesome task into a strategic property.
Managing payroll internationally is a complicated task due to various policies, compliance requirements, data security issues, and banking guidelines. The sheer number of workers and companies contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently result in manual procedures, data silos, and a lack of combination, leading to disparities and ineffectiveness. Regardless of residing in a period of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to supply insights and solutions to simplify and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a service spends on global payroll the less of a photo they see a lack of exposure also reaches payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide businesses 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 because of time reporting bad HCM data information entry errors improperly communicated hires and terminations along with lack management and system configurations and then when you round everything off and the information is shipped to the wrong location the typical cost of an international data 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 count on the essential numerous procedures 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 business face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t require to be consisted of ideal and what does
it need 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 time frames 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 intricacy any place you look best eventually constructing a knowledge base is definitely vital however all over you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a 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 fundamental and innovation is permitting us to sort of progress with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely essential that payroll and financing groups work closer together than ever um I’m constantly astonished when people say I have actually divided 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 computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more essential to add to type of the level of intricacy there’s a growing number of benefits being organ or being provided by organizations across the world so again you’re simply wanting to add more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine challenges or real tough kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to develop extra handoffs at the same times that we operate in they just make them more timely they make them less efficient and they do not make them what they need 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 needs to be agreed and appropriately as you said payroll is the single most significant liability that any company has from a cost viewpoint from an impact point of view on staff members it is absolutely crucial that it’s done properly and on time so what we suggest 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 harmful result on individuals’s wellness and lots of other elements if people aren’t paid uh I have actually constantly been surprised coming into this Market sort of the last 5 to ten years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only observe when things fail. However, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally as well. For that reason, it is essential to ensure that jobs like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the first Global Payments first payroll payment service is an excellent preliminary step towards offering an extensive payroll service for workers worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and savings account essential for global payroll are crucial consider attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things do not go as planned. Eventually, we do not do it for the thankfulness.
anyway we understand 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 simple as possible for everybody that’s associated with those processes and also so picture sorry I’m simply I was just gon na say imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and really see what was going on and type of shot to return to everyone so proceeding look why do business select to main different bank accounts there are Papaya Global Customer Survice Email services out there doing exactly this for particular countries and I’ve worked in an organization or lots of businesses doing precisely that I can say it doesn’t always feel effective and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for anyone where we do not have to and any person that’s handling that process 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 standard I think 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 variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I think this is a procedure that requires looking at it needs altering but eventually people are extremely stuck with what they recognize
with ideal um change is a hard thing we all do not like change um so I think it’s simply 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 clearly the benefits of having keeping multiple checking account but there’s a big amount of intricacy opts for establishing a savings account preserving it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is huge however I think the honest response is modification um people haven’t had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century or so there is a lot to keep an eye on and this method does position a number of challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this improved capability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Customer Survice Email