Over the last 5 or six years …Employee Leaving Papaya Global… roles on the provider side and also on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join we all 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 kind of like see where everyone originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very dreary and I wish I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business maintain different
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is particularly useful for global companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical property 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, efficient, and prompt payroll payments is a complex obstacle for companies running globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, find out how business forecast payroll costs to enhance working capital, and find how improving global payroll payments can transform them from a burdensome job into a tactical asset.
Managing payroll worldwide is an overwhelming task due to numerous regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of workers and services adds to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically result in manual processes, data silos, and a lack of integration, causing inconsistencies and inadequacies. In spite of residing in an age of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to supply insights and solutions to streamline and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that offers me sleepless nights and rather frankly the more a business spends on international payroll the less of a photo they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide companies have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round it all off and the information is shipped to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they rely on the essential multiple processes 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 difficulties organization face when they’re paying to workers or otherwise that’s an excellent question I constantly toss this back and say what is it what does not need to be consisted of right and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity any place you look best eventually building a knowledge base is definitely critical however everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type 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 essential and technology is permitting us to kind of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and finance teams work better together than ever um I’m always surprised when individuals say I’ve split 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 estimation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of essential to add to sort of the level of complexity there’s more and more advantages being organ or being used by services throughout the world so again you’re just wanting to add a growing number of payments to this currently intricate 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 genuine difficult kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would definitely state that the larger a business 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 teams feeding information into the next function as it were that’s really handling the payment side of things however 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 produce additional handoffs while doing sos 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 operating in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an impact perspective on staff members 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 greatest harmful result on people’s wellness and lots of other aspects if people aren’t paid uh I have actually constantly been impressed coming into this Market kind of the last 5 to 10 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 been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only discover when things go wrong. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s viewed externally also. Therefore, it is vital to make sure that tasks like Wi-Fi Global and other essential matters are done properly. Utilizing the first Worldwide Payments first payroll payment solution is a great preliminary step towards providing a detailed payroll solution for workers worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and checking account needed for international payroll are crucial factors in achieving business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of problems when things do not go as prepared. Ultimately, we do not do it for the gratitude.
anyhow we know how how crucial 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 easy as possible for everyone that’s involved in those processes and likewise so envision sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job trying 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 really see what was going on and type of try to get back to everybody so proceeding appearance why do companies pick to primary different savings account there are Employee Leaving Papaya Global organizations out there doing precisely this for particular countries and I’ve operated in a service or lots of companies doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we do not have to and any person that’s managing 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 numerous factors one is it’s the requirement I believe 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 functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I believe this is a process that needs looking at it needs changing but eventually people are really stuck to what they’re familiar
with best um change is a difficult thing all of us do not like change um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having preserving numerous savings account however there’s a substantial quantity of intricacy opts for establishing a bank account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the intricacy is big however I think the sincere answer is modification um people have not been able to change or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century or so there is a lot to track and this technique does posture numerous difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you deserve a corner workplace with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Employee Leaving Papaya Global