Over the last five or 6 years …App That Pay Papaya Global… roles on the supplier side and also on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you quite for your time everyone alright 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 these days so we’ll type of let them do that so it ‘d be quite 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 everyone originates from and I really 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 extremely extremely uninspiring and I wish I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why business maintain separate
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is especially helpful for international companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping different checking account for payroll in different nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for companies operating worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, discover how business forecast payroll expenses to enhance working capital, and discover how simplifying global payroll payments can transform them from a difficult task into a strategic possession.
Handling payroll globally is a complicated job due to various policies, compliance requirements, data security issues, and banking guidelines. The large variety of employees and businesses contributes to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems often lead to manual procedures, data silos, and a lack of integration, causing disparities and inefficiencies. Regardless of residing in a period of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to supply insights and solutions to simplify 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 organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more a company spends on international payroll the less of a picture they see a lack of visibility also encompasses payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of global services have 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 bad HCM information data entry mistakes improperly interacted hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is delivered to the wrong place the average cost 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 around the world payroll and payments don’t run smoothly if they rely on the needed several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re paying to workers or otherwise that’s a great concern I always throw this back and state what is it what does not need to be included best and what does
it require 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 timespan there’s payment capabilities 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 consumer’s own in-country account so there’s complexity any place you look best eventually building a knowledge base is definitely crucial however all over you look with payroll payment they resemble very payments no if however some infants 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 essential and technology is allowing us to kind of move on with that it also too to add to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely necessary that payroll and financing groups work better together than ever um I’m constantly surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split 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 data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to add to type of the level of intricacy there’s more and more benefits being organ or being offered by services across the world so once again you’re simply wanting to add more and more payments to this currently complex landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real challenges or real challenging kind of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s actually handling the payment side of things but you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to create extra handoffs in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an age 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 hard as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any service has from an expense perspective from an impact viewpoint on workers it is definitely crucial 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 biggest destructive effect on individuals’s wellness and numerous other factors if people aren’t paid uh I have actually constantly been astonished entering this Market kind of the last 5 to ten years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only notice when things fail. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally also. Therefore, it is essential to make sure that tasks like Wi-Fi International and other essential matters are done correctly. Using the first International Payments first payroll payment option is a terrific initial action towards supplying a detailed payroll option for staff members worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and bank accounts required for international payroll are key factors in accomplishing service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things do not go as prepared. Eventually, we do not do it for the gratitude.
anyhow we know how how essential 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 associated with those procedures and likewise so imagine sorry I’m simply I was simply gon na state imagine 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 discussing hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and really see what was going on and type of try to return to everybody so moving on appearance why do companies pick to main different savings account there are App That Pay Papaya Global services out there doing precisely this for specific countries and I have actually worked in a company or lots of services doing precisely that I can state it doesn’t always feel effective and it does create more work I understand we’re not purposely doing that we’re not creating additional work for any person where we do not need to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I believe individuals have got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a process that requires looking at it requires changing however ultimately individuals are very stuck with what they’re familiar
with ideal um change is a difficult thing all of us don’t like change um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having preserving several bank accounts however there’s a substantial amount of complexity chooses establishing a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is big but I believe the honest response is modification um individuals haven’t been able to change or have not had always the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could almost be identified to be the next Century or two there is a lot to monitor and this approach does present a number of difficulties um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. App That Pay Papaya Global