Over the last five or six years …Papaya Global Israel… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing 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 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 raining here it’s very very gloomy and I wish I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies maintain separate
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining different checking account for payroll in different countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will likewise provide a wrap-up 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 businesses operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, find out how business anticipate payroll costs to optimize working capital, and discover how improving worldwide payroll payments can transform them from a challenging task into a tactical possession.
Managing payroll globally is an overwhelming task due to numerous guidelines, compliance requirements, information security concerns, and banking rules. The sheer number of employees and services adds to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual processes, data silos, and an absence of integration, leading to inconsistencies and inadequacies. Despite residing in an age of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to offer insights and options to streamline and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that offers me sleepless nights and rather frankly the more a company invests in worldwide payroll the less of a picture they see an absence of presence also reaches payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of global services have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors poorly interacted hires and terminations in addition to lack management and system setups and then when you round all of it off and the information is shipped to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they count 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 company face when they’re making payments to workers or otherwise that’s an excellent question I always toss this back and state what is it what does not require to be included right and what does
it need 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 need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity any place you look ideal ultimately building a knowledge base is definitely crucial but all over 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 take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is permitting us to type of progress with that it also as well to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and financing groups work closer together than ever um I’m constantly impressed when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from computation 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 anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more important to add to sort of the level of complexity there’s more and more advantages being organ or being offered by services across the world so again you’re simply wanting to include more and more payments to this already complex landscape so if you type 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 real obstacles or genuine challenging type of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of decades I would definitely state that the larger 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 teams feeding information into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason why we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any organization has from an expense point of view from an impact viewpoint on employees it is definitely crucial that it’s done properly and on time so what we mean 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 destructive result on individuals’s well-being and numerous other aspects if people aren’t paid uh I’ve constantly been astonished entering into this Market kind of the last 5 to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people only see when things fail. However, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally too. For that reason, it is essential to make sure that jobs like Wi-Fi International and other important matters are done correctly. Using the very first Worldwide Payments first payroll payment service is a great preliminary step towards offering a comprehensive payroll option for employees worldwide. Standardization, worldwide processes, and decreasing the variety of tools, platforms, and checking account necessary for global payroll are key consider achieving organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.
anyway we know how how essential a role 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 simple as possible for everybody that’s involved in those processes and likewise so envision sorry I’m just I was just gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and kind of shot to get back to everyone so proceeding look why do business select to main separate checking account there are Papaya Global Israel businesses out there doing precisely this for specific nations and I have actually worked in a company or numerous companies doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we do not have to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the requirement I believe people have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think 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 individuals have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I believe this is a process that needs taking a look at it requires changing however ultimately individuals are very stuck with what they’re familiar
with best um modification is a difficult thing we all do not like modification um so I believe it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having maintaining multiple savings account but there’s a huge amount of intricacy opts for establishing a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is substantial but I think the truthful response is modification um individuals haven’t had the ability to change or have not had necessarily the knowledge to really 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 an aspect of resistance to alter but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century or so there is a lot to keep track of and this approach does present a number of obstacles um so Johnny might you inform us about those difficulties yeah naturally 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 jobs on one platform. It feels like our CFO has acquired another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Israel