Over the last 5 or 6 years …Papaya Globals Sim Online… functions on the provider side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide 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 rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to type 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 raining here it’s really extremely bleak and I wish I was somewhere else at this moment in time fine 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 managing Global payroll why business maintain separate
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and prompt payroll payments is a complex obstacle for businesses running internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, find out how companies anticipate payroll costs to enhance working capital, and find how improving international payroll payments can change them from a burdensome job into a tactical asset.
Managing payroll worldwide is a daunting job due to different policies, compliance requirements, information security concerns, and banking guidelines. The large variety of employees and businesses contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems often result in manual processes, information silos, and an absence of integration, causing inconsistencies and ineffectiveness. Despite residing in an age of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to provide insights and options to streamline and enhance worldwide payroll payments.
about it to offer you a concept 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 honestly the more a company spends on worldwide payroll the less of an image they see a lack of exposure likewise reaches payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of worldwide services have actually expressed 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 data data entry errors improperly interacted hires and terminations in addition to absence management and system setups and then when you round it all off and the information is delivered to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t need to be included ideal and what does
it need to be considered there’s varying 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 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 anywhere you look ideal eventually building a knowledge base is absolutely important however all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link 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 permitting us to type of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and financing groups work closer together than ever um I’m always amazed when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone 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 a market accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure 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 third parties so with the
world we live in and wellness being more and more crucial to add to type of the level of complexity there’s increasingly more benefits being organ or being used by organizations across the world so once again you’re simply aiming to add a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine obstacles or real tough type of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of years I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to produce extra handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you know that we are operating in today there is no reason that we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an impact viewpoint on workers it is absolutely vital that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive effect on people’s well-being and numerous other elements if people aren’t paid uh I have actually always been impressed entering into this Market type of the last 5 to ten years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only discover when things go wrong. However, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally as well. For that reason, it is essential to make sure that tasks like Wi-Fi Global and other vital matters are done properly. Utilizing the first International Payments first payroll payment option is a terrific preliminary action towards supplying a thorough payroll service for workers worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and bank accounts essential for international payroll are crucial factors in achieving organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things do not go as prepared. Ultimately, we do not do it for the appreciation.
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 procedures and likewise so imagine sorry I’m simply I was simply gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions envision getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and kind of try to return to everyone so carrying on look why do business select to main different bank accounts there are Papaya Globals Sim Online organizations out there doing precisely this for specific nations and I have actually worked in a business or numerous organizations doing exactly that I can state it does not always feel effective and it does create more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we do not need to and anyone that’s handling 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 think many reasons one is it’s the standard I believe individuals have got so used to we require a brand-new checking account we open an entity and rightly so you require 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 requirement and the norm the people have adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I think this is a process that requires looking at it requires altering but ultimately individuals are very stuck to what they recognize
with ideal um modification is a hard thing we all don’t like change um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having preserving multiple savings account but there’s a huge quantity of complexity opts for establishing a savings account preserving it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is big however I believe the truthful response is change um individuals haven’t been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to change but we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might nearly be identified to be the next Century approximately there is a lot to track and this method does position several challenges um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so
I just recently made a change to our Enterprise 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 acquired another CFO, and with this improved 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 commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Papaya Globals Sim Online