Over the last five or six years …Papaya Global Global Payroll… roles on the supplier side and likewise on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or two 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 everybody is um it’s nice to to type of like see where everyone 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 drizzling here it’s very extremely bleak 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 looking at the difficulty years of managing International payroll why business keep different
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of preserving different checking account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for organizations running globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, find out how companies forecast payroll expenses to enhance working capital, and find how simplifying worldwide payroll payments can transform them from a burdensome job into a tactical property.
Handling payroll globally is an overwhelming job due to different guidelines, compliance requirements, information security issues, and banking rules. The sheer number of workers and companies contributes to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems typically result in manual procedures, data silos, and an absence of integration, leading to inconsistencies and inadequacies. Despite residing in an era of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to supply insights and options to simplify and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a service invests in global payroll the less of an image they see a lack of visibility also encompasses payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal almost half of global companies have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the information is delivered to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they count on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they’re paying to staff members or otherwise that’s a good concern I constantly toss this back and say what is it what does not need to be included right 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 country there’s payment time frames 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 customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble very payments no if but some infants 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 acknowledgment that payroll payments are definitely fundamental and technology is allowing us to type of move forward with that it also also to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely important that payroll and finance groups work closer together than ever um I’m always impressed when people state 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 profession would they divide the payroll payment from computation I would say no so why do we as a market 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 information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of essential to contribute to sort of the level of complexity there’s more and more benefits being organ or being offered by organizations across the world so once again you’re simply looking to add increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real obstacles or genuine difficult type of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s in fact managing the payment side of things but you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to create extra handoffs in the processes that we run 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 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 said payroll is the single most significant liability that any service has from a cost viewpoint from an impact point of view on employees it is absolutely vital 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 have to be done right it has the most significant damaging result on individuals’s well-being and many other factors if people aren’t paid uh I’ve always been surprised entering this Market kind of the last five 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 terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just observe when things fail. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s viewed externally also. For that reason, it is important to make sure that jobs like Wi-Fi International and other vital matters are done properly. Using the first Global Payments very first payroll payment solution is an excellent preliminary step towards supplying a detailed payroll solution for workers worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and savings account necessary for international payroll are key factors in attaining organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things do not go as planned. Ultimately, we don’t do it for the appreciation.
anyhow we know how how important a function 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 everyone that’s involved in those processes and likewise so think of sorry I’m just I was just gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and type of shot to return to everybody so proceeding appearance why do business pick to main separate checking account there are Papaya Global Global Payroll companies out there doing exactly this for specific countries and I have actually operated in a business or numerous organizations doing exactly that I can say it doesn’t always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we do not have to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I think individuals have got so used to we require a brand-new checking 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 believe it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I think this is a process that needs looking at it requires altering but ultimately people are extremely stuck with what they’re familiar
with right um modification is a tough thing we all do not like modification um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having preserving multiple checking account however there’s a substantial amount of complexity opts for setting up a savings account keeping it ensuring it can send International transfers ensuring it’s established with the right user accesses for individual people so the complexity is big however I think the sincere answer is modification um people have not had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might practically be figured out to be the next Century or so there is a lot to keep track of and this method does position several obstacles um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you are worthy of a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Global Payroll